Blog
On July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. This law requires retailers that do not have sales tax nexus but make $100K or more in annual sales to Colorado customers to report transactions to the state as well as notify purchasers of their use tax obligation. […]
Senate leadership released a discussion draft of the Better Care Reconciliation Act of 2017 – its version of the House’s American Health Care Act (AHCA) intended to repeal and replace the Affordable Care Act. Although this legislation would nullify penalties for the individual and employer mandates, it would not repeal IRS reporting obligations under IRC […]
Companies should take note of shifting 1099-K thresholds at the state level. The explosive growth of the “sharing economy” — including peer-to-peer business transactions for goods and services — has attracted attention from governments looking for their piece of the market, which is estimated to grow to $335 billion by 2025. These businesses may have […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos Regulatory Analysis team continually monitors new regulations and updates across the globe and publishes them in our Regulatory Feed. Here are some important changes that occurred in recent weeks: OECD Gets First Results from Disclosure […]
Senate Majority Leader Mitch McConnell has announced that leadership plans to release a “discussion draft” of their version of the AHCA bill on Thursday June 22^nd^, with a vote to be held on a final bill one week later. The Congressional Budget Office is expected to release a report concerning the Senate bill early next […]
The German BZSt (Tax Office) has published an Infobrief to address some final matters before the start of this year’s FATCA filing season. The BZSt online portal will be available for FATCA transmittals beginning on June 19. Both mass data interface (ELMA) and manual data entry will be operational from this date forward. However, the […]
California recently released an updated version of Publication DE-154, Electronic Funds Transfer Bulk Filer Setup Guide. The purpose of this guide is to provide instruction for payroll agents who use the ACH Debit method to electronically pay the Payroll Tax Deposit using Form DE-88. This publication also provides detailed information on formatting files to submit […]
Earlier this week, the House of Representatives passed the Verify First Act – which would serve as an amendment to the premium tax credit under the Affordable Care Act (ACA) and to the premium assistance credit under the proposed American Health Care Act (AHCA). The bill provides that an individual is not entitled to advance […]
An Interview with Sovos President and CEO Andy Hovancik As governments around the world turn to technology to close tax and regulatory loopholes and address the revenue collections challenges of revenue, businesses are finding it harder to keep up with today’s more complex regulatory environment. The ever-increasing pace and complexity of tax compliance and business-to-government […]
Now that the sting of winter tax season has passed, teams charged with tax information reporting obligations have returned to business as usual. With several months until next tax season, many companies take a vacation from 10-Series reporting processes during summer, but this traditionally seasonal process is ripe for a new approach. The IRS recently […]
Regulatory and legislative updates to 1099 form requirements that took place in recent weeks. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. The Sovos Regulatory Analysis team continually monitors and documents each of these updates in our Regulatory Feed. Here are several recently updated […]
Maine Revenue Services has made available the draft versions of the 2018 MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding. There are sets of specifications for both original filings and amended filings – which will become effective the first quarter of 2018. There are certain revisions to the specifications of which […]
California recently released an updated version of Form DE-9, the Quarterly Contribution Return and Report of Wages. This form is issued by the Employment Development Department, and is used by employers in California to report wages and withholdings on a quarterly basis. This new version makes no changes to the form itself. However, the instructions […]
Senate negotiations regarding the fate of the American Health Care Act are continuing in spite of the discord among and between Democrats and Republicans on a number of provisions in the bill. Much of the roadblocks at this point are procedural in nature regarding the Reconciliation rules. A failure to comply with Reconciliation requirements would […]
The Isle of Man recently issued an AEOI Industry Advisory Notice. Therein, the Treasury reminded filers that FATCA and CRS reporting will be due June 30. The notice also stated that filing entities should be registered to file by June 21. Doing so after that date might not allow the Treasury enough time to complete […]
The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compliance Validation (ACV) System, which is now expected to be implemented in May 2017. Employers should be aware that this delay does not impact their reporting obligations and potential liabilities for penalties. The ACV system’s purpose is to determine compliance […]
The amended American Health Care Act (AHCA) passed by the House expanded upon the prior version, but made certain adjustments providing individual states more flexibility in shaping and regulating their own insurance markets. The new bill also appropriates $8 billion over five years to subsidize coverage for pre-existing conditions in an attempt to offset the fiscal impacts of permitting […]
If the American Health Care Act (AHCA) becomes law, the IRS would expect employers to report as they did under the ACA. The IRS would also continue to enforce penalties for late, missing, inaccurate and incomplete information returns. Even with the bill’s nullification of Employer Mandate penalties, reporting would remain mandatory in its current form […]