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AIR System 101: Testing and Preparing for the First Year of Required Reporting, Transmittals to the IRS Who Must Use the New IRS AIR System? Starting in 2016, applicable large employers (ALE), those with 50 full-time employees or more who work at least 30 hours a week (or FTE equivalent), have a whole new tax […]
Increasing globalization has significantly changed the corporate tax function, with constantly shifting regulations and stakeholder demands. In a recent report, “Reshaping the Tax Function of the Future,” PricewaterhouseCoopers (PwC) details several critical factors that will drastically impact the way companies do business worldwide – trends we’ve especially seen in the complex Latin American compliance landscape. […]
As FATCA rolls on, countries are now starting to pay attention to CRS and recognizing that it isn’t simply a bigger version of FATCA. Australia, for example, is seeing that meeting the tax reporting requirements for FATCA was an arduous task for Australian financial institutions. However, they are preparing themselves for the broader scope of CRS, […]
Want to Improve Your VAT Processes’ Efficiency and Productivity? Strategically Implement Lean Management Techniques Applying the Lean Concept to Finance The holy grail of efficiency paired with cost effectiveness can be found in many management principles, yet the lean concept has found appreciation far beyond manufacturing in areas such as finance. When applying lean finance […]
With less than 100 business days until the mandatory reporting deadline arrives for ACA 1094 and 1095 forms, it is critical that human resource (HR) departments implement an ACA reporting solution to deal with this new and complex tax obligation. But what exactly is involved? Understand Your Obligations From figuring out your business determination obligations […]
Sovos Compliance is pleased to announce the acquisition of WineDirect Compliance, a product of WineDirect. This compliance tool will be integrated into ShipCompliant’s offerings, which is part of the Sovos Compliance suite of SaaS regulatory compliance products. Moreover, Vin65 clients will now have access to the benefits of working with ShipCompliant, including free, unlimited support […]
For those of you responsible for sales tax compliance in the retail industry, the month of August can be somewhat challenging. As detailed in previous blogs and in our Sales Tax Holiday infographic, the complexity associated with making sure your stores process transactions correctly during all applicable sales tax holidays requires retailers to expend significant […]
Expands Sovos’ beverage alcohol compliance platform September 2, 2015 ― Sovos Compliance, an industry leader in tax, compliance and regulatory reporting, has acquired WineDirect Compliance, a Napa-based compliance reporting and tax solution for wineries. The acquisition of WineDirect Compliance comes on the heels of the April acquisition of ShipCompliant, the leading compliance and tax solution […]
In the past several years, we’ve seen an increasing trend of multinational corporations moving to a single global instance of SAP to maintain better visibility into operations around the globe and improve corporate governance. At the same time, governments throughout Latin America have implemented regimented e-invoicing and e-accounting requirements. The goals of each of these […]
The U.S. Foreign Account Tax Compliance Act has made impressions all over the globe. While many countries are signing on to FATCA agreements with the U.S. government in an attempt to uncover hidden foreign accounts, there are some countries that are going a step further and establishing tax compliance regulations of their own. This is […]
In August 2015, Peru published new legislation that mandates electronic invoicing as the standard starting in 2016. Over the last few years, the SUNAT (Peru’s Tax Authority) has announced a number of e-invoicing waves; however, this latest legislation focuses exclusively on large and medium organizations classified as PRICOS (principal contribuyentes nacionales). Listen to the webinar […]
Americans in charge of financial accounts overseas will have to report on those accounts to the Treasury Department a little earlier than expected next year. However, the flip side to that is that extensions are likely, making tax compliance a little easier. When President Barack Obama signed the Surface Transportation and Veterans Health Care Choice […]
Seamless integration between business systems is critical to creating efficiency and profitability. To achieve this, it is crucial that adapters between different software programs work well. For instance, having an adapter that correctly links your enterprise resource planning (ERP) platform to your sales and use tax information reporting tool can help create vital data flow […]
Below is an update to our previous blog on Uruguay as the Tax Authorities (DGI) announced last month new requirements for electronic invoicing according to the Resolution 3012/2015. The Uruguayan Tax Authorities (DGI) recently announced the following mandates for electronic invoicing based on two deadline in 2016: All taxpayers whose revenue in 2015 is equal […]
The Bahamas is taking the last formal steps necessary to comply with the U.S. Foreign Account Tax Compliance Act before the law’s reporting deadline of Sept. 30. The U.S. law requires foreign financial institutions to report certain information on accounts belonging to U.S. citizens. The information financial institutions are required to turn over includes identities, […]
Louisiana has a sales tax at both the state and the parish (county) level. The state rate is 4%, while the parish rates vary. In most states, the locals mirror the exemptions provided by the state, which makes compliance a bit easier. Louisiana is not one of these states. The parishes in Louisiana follow the […]
In recent weeks, we’ve examined the rapid expansion of business-to-government compliance in countries that rely on VAT tax income. While Latin America is the current hotbed for such legislation, similar mandates are cropping up worldwide as countries prove the effectiveness of financial legislation in maximizing tax revenues. The reach of these mandates is far – affecting […]
The 2015 reporting deadline for the U.S. Foreign Account Tax Compliance Act is Sept. 30, and governments around the globe are doing what they can to gather information of U.S. citizens who have accounts in their financial institutions and report it back to the U.S. government. FATCA, as it is commonly known, requires foreign financial institutions […]