Blog
Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and ensure that they are on the right track in their compliance efforts. Here are […]
The following post is authored by Juan Francisco Echevarria, Senior Researcher, America Economia At AméricaEconomía, our goal is to be the leading source of news for businesses operating in Latin America. With a monthly regional publication and country-specific editions in Chile, Brazil, Ecuador, Bolivia, Paraguay, Peru, Mexico and Central America we’re constantly talking to businesses […]
In a perpetually evolving tax landscape, tax administrators are constantly pushing the traditional bounds of the collection responsibility of taxpayer. The most recent developments are set against the backdrop of the current “physical presence” standard and state and federal attempts to repeal or overturn the Supreme Court case of Quill v. North Dakota. Quill and […]
Final Disposition of DMA v. Brohl Litigation Could Pave the Way for Vendor Notice Rules. On December 12, 2016 the United States Supreme Court denied certiorari to review the Tenth Circuit’s holding in Direct Marketing Association v. Brohl, No. 12-1175 (10th Cir. Feb. 22, 2016). By denying cert the Court essentially let stand the lower […]
Financial Institutions grappling with the advent of the Common Reporting Standard (CRS) will need to stay abreast of another important piece of new UK legislation that will come into force at the same time next year and which will be a further test of their compliance procedures and systems. The Criminal Finances Bill sets out […]
The implementation of automated electronic audits in Mexico is a pivotal transition in global compliance. Triggered anytime there is a discrepancy between a company’s tax payments and its e-invoicing, fiscal reporting or vendor/customer records, these audits have the dual benefit to Mexico’s government of eliminating error-prone manual processes and minimizing the resources needed to conduct […]
Organizations will have until July 1, 2017 to go live. The much anticipated CFDI v.3.3 has finally been mandated by the Mexico SAT. This is one of the biggest changes to the CFDI schema since 2011. Versions 3.2 and 3.3 will apply simultaneously during the first half of 2017. Some of the new validations for […]
With one month to go before the Common Reporting Standard (CRS) comes into force in the UK, delegates attending the 3rd Sovos AEOI Networking Event welcomed the opportunity to question a speaker from the HMRC on the progress being made and hear what the financial regulator might be expecting from financial institutions. Entitled ‘Fail to […]
With a month to go before the Common Reporting Standard comes into force in the UK, Sovos organised four financial institutions to hear first-hand from the UK’s financial regulator, the HMRC, and get a 360 degree view on how to prepare for CRS. In 2017, fifty four ‘first wave’ jurisdictions will begin automatically exchanging data […]
Welcome to our monthly summary of Value Added Tax news and insights curated and summarized by the Sovos Compliance Tax Research Team. Here is the country-by-country report for November 2016. European Council Adopts Conclusions on Cross-Border VAT Rules On November 8, 2016, the Council of the European Union officially adopted a set of draft conclusions […]
Effective November 1, 2016, the District of Columbia (DC) is imposing a paint recovery fee (also known as a PaintCare fee) on qualifying architectural paint products. This new PaintCare fee will make compliance slightly more difficult for paint retailers accustomed to the current size-based product fee structure. History PaintCare fees are nothing new in the […]
Mexico’s tax authority, the SAT, announced its implementation of real-time, electronic audits earlier this year. Since going live with this initiative in September, it recently issued a new statement regarding its progress and goals for the program. Designed to speed up the auditing process and minimize the time it takes for taxpayers to correct compliance […]
On October 26, 2016, Colombia’s DIAN (Dirección de Impuestos y Aduanas Nacionales) announced the successful completion of its e-invoicing pilot program, meaning that mandated participation will soon begin to roll out. As the leader in Latin American electronic invoicing and fiscal reporting, Sovos participated in Colombia’s pilot program with key customers. With the announcement of […]
What are companies’ most valuable assets? Is it the machinery and materials (tangibles) used to produce products, or the people, ideas and tasks (intangibles) that drive business value? Over the past few decades, the answer has shifted, with intangible assets generating 85% of business value, according to a recent CFO article. The article’s author, William […]
A region of opportunity for businesses, Latin American countries offer multinationals affordable labor, low infrastructure costs and incentives. Despite the rewards, this region also serves as one of the most complex environments for businesses to operate due to governments’ mandated e-invoicing and tax reporting compliance initiatives. Over the last decade, LATAM’s largest economies – specifically […]
The Internal Revenue Service (IRS) made two important announcements regarding the information reporting requirements imposed under the Affordable Care Act (ACA) in Notice 2016-70, released on November 18, 2016. Specifically, the IRS announced: That it was extending the due date for furnishing statements to recipients (Forms 1095-B and 1095-C) That it was extending good faith […]
Thank you to all who attended our third “VAT Compliance in a Digital Age” event on November 3 at the beautiful Sofitel – Legend the Grand in Amsterdam. The standing-room-only gathering included an interactive discussion focused on the digital developments around SAF-T reporting. Our guest speaker, Daniel Kroesen from Ernst & Young, shared his insights […]
Wondering if your online retail business is ready for tax compliance during this year’s holiday season? Be sure to check out these top seven tips from Matt Walsh, Vice President of Tax at Sovos Compliance. Read Matt’s entire article on Website Magazine.