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Unclaimed property results from the everyday functions of a company’s operations. As state budget deficits continue to grow, companies should expect unclaimed property compliance and related audits to continue and possibly increase. So, who is responsible for handling the process of Unclaimed Property management and escheatment to the state and keeping their company compliant? Tax […]
Over the past week, countries around the world continued to release more information about and changes to FATCA, CRS, and CDOT regulations. Take a look at our roundup below of the latest global updates, compiled by our Sovos team of tax experts. Finland Publishes CRS & DAC2 Detailed Instructions (Finnish Draft) Finland recently published a draft […]
In an interview with Spend Matters this week, Andy Hovancik, CEO of Sovos Compliance, advised businesses to take time to think through the implications of Brexit and assess how their business may be affected. The next step is to put mitigation plans in place for how your organization will respond to possible changes. “Brexit didn’t […]
In the wake of the UK’s unprecedented decision to leave the European Union, multi-national companies are left wondering, “What does it mean for us?” The good news is businesses will likely have at least two years to prepare, and potentially longer if the UK delays the process until October to select a new Prime Minister. […]
When the European Commission abolished the internal fiscal borders of the European Union in 1992, they were quite aware of one particularly difficult matter – drop shipments. These are “triangular” transactions where the buyer is different from the recipient, also known as, when the bill-to party is different from the ship-to party. Now, after almost […]
Entities of all kinds are struggling with the first year of mandatory ACA reporting, including municipalities. Take for instance, The City of Oak Creek in Wisconsin. Marie Lenda is the Benefits Coordinator who has been the primary contact for handling the HR/benefits for the city’s employees and retirees for almost all of her 20 year […]
On Sunday, June 26, the Star Tribune published “Top Workplaces 2016,” a list of the best places to work in Minnesota. Based on the number of high quality workplaces that participated, 150 Top Workplaces were recognized and also a list of an additional 110 companies that met the national standards to be designated a Top […]
At Sovos, we are committed to keeping current with VAT compliance updates from around the world. Check out these recent changes compiled by our dedicated research team. European Union Council Adopts VAT Rules on Vouchers On June 27, 2016, the Council of the European Union adopted a directive aimed at harmonizing VAT rules for vouchers. The directive […]
Brexit is no longer just a catchy phrase. The United Kingdom has voted to withdraw from the European Union. In a nation-wide referendum of June 23, 2016, which saw near-record turnout, the “Leave” campaign won 52% of the public vote, compared to 48% for “Remain.” This historic decision has had immediate ramifications: one day after […]
As countries continue to refine their processes and make FATCA changes, they are also clearing up some CDOT issues and gearing up for CRS to come online for the first time next year. Our expert research team has compiled the relevant updates from all over the map for your viewing pleasure this week. South […]
In December of 2015, the six member states of the Gulf Cooperation Council (GCC) – Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the United Arab Emirates – agreed in principle to implement a regional Value Added Tax (VAT) system, intended to bolster and diversify Gulf Coast state economies following a drop in global oil prices. […]
Earlier this month, the SAT, Mexico’s tax authority, announced changes in its e-invoicing, payroll receipts (nomina) and payment receipt (comprobantes de pago) processes. In a recent web session by the SAT, here are the adjustments being discussed: Automatic RFC validation. The SAT will validate the recipient’s RFC (tax identification number) on all invoices paid to […]
Did you know that on December 18, 2015 the Protecting Americans from Tax Hikes Act, or PATH Act, was signed, causing new regulations and compliance requirements? What is the PATH Act, and how will it impact your organization? What steps must be taken to ensure compliance in the future? Join our group of experts from […]
The Arizona Department of Revenue (DOR) has been working toward the objective of simplifying the way that taxpayers report the Arizona Transaction Privilege Tax (TPT) for all localities (program and non-program) within the state. Arizona intended for the state DOR to become the single point of licensing, filing and payment for all localities on January […]
This week’s global update focuses primarily on FATCA with one CDOT press release and alternative reporting regime template change announced by the HRMC for Bermuda. Check out the compilation this week from our expert research team. (Btw, last week’s rumblings about the IRS changing the withholding requirement deadline was just that, a rumor.) Slovenia Publishes […]
Effective January 1, 2017, there will likely be new VAT obligations for foreign sellers of electronic services to customers in Russia. On June 15, 2016, the State Duma (the lower chamber of the Russian Parliament) has approved Bill № 962487-6 in the third reading. The Federation Council (the upper chamber) will now consider the bill. […]
Recent corporate trends designed to reduce costs and streamline operations are fundamentally at odds with the global movement of governments toward intervention in corporate operations. As global enterprises move toward single instances of their ERPs, shared service centers and cloud-based solutions, local governments worldwide are introducing legislation requiring corporations to comply with detailed processes for […]
From June 7-9, Sovos was at the Internet Retailer Conference and Exhibition (IRCE) in Chicago. Technology solutions abounded over this three-day conference, solving everything from order management to email campaigns. One common thread in the breakout sessions and exhibition hall was: Automate! Retailers are looking to accomplish more with fewer resources – and focusing their […]