The taxability of food products is one of the most complicated sales and use tax issues for vendors and can be equally perplexing for customers. However, in 2010 the legislation made an already complex issue even more so. Prior to the legislative action in 2010, the state of Colorado followed the federal SNAP program definition […]
It is common knowledge (or maybe only to the ever-multiplying hordes of beer enthusiasts) that the Czech Republic makes some of the finest beer in the world. Perhaps less obvious is the fact that the average-sized central European country also ranks at the top of world in beer consumption per capita. Consequently, one would naturally […]
FATCA reporting is well underway, but lately Canada has begun to balk at its reporting obligations. Recently, the government’s Canada Revenue Agency (CRA) transferred 155,000 documents to the IRS in compliance with FATCA, but some are not happy at how the records were transferred. As a result, a study and a hearing will be conducted […]
Over the past week, countries have continued to change rules and regulations surrounding FATCA, CDOT, and CRS. Check out this week’s FATCA update roundup, straight from our team of tax and compliance experts. Estonia Releases Amended Tax Information Exchange Act Estonia has released an amended Tax Exchange Information Act. There are a few notable changes: A […]
As countries across the globe seek to curb corporate tax avoidance with country-by-country reporting, some Latin American countries aren’t waiting for these reports to be submitted, they are using their current e-invoicing tools to pave their way to greater tax revenues. For years, governments in Latin America have lured companies through incentives and tax breaks. […]
Even though spring just started, warmer days, cookouts, and trips to the beach are just a few reasons to look forward to the summer. However, in the world of transactional tax, it can be one of the busiest times of the year. In addition to the various sales tax holidays which occur during the summer, […]
The Complexities of VAT Simply put, the Value Added Tax (VAT) system is complicated. US organizations doing business in Europe are often exposed to significant risk if they don’t know how to handle VAT in each EU country. VAT might appear familiar given some of the superficial similarities to Sales and Use Tax, but it’s […]
The March 15th deadline for form 1042-S has come and gone, but the memories of 1042-S challenges feel like they will last forever. However, the reality is they don’t last forever. As process owners begin preparing for their tax season review to internal stakeholders, most are left trying to recollect their notes and determine how to present […]
Each year there are hundreds of tax rules and rates changes and 2015 was no different. All over the US, changes are made every year about everything from rate changes to what is taxable and of course, sales tax holidays. Was your company able to keep up? The problem of having an incorrect rate active in […]
E-invoicing requirements in Latin America began as a way for individual countries to track tax obligations within their own borders, but now efforts are underway to prevent tax evasion on a more comprehensive, global basis. Not only are similar e-invoicing mandates popping up worldwide, in places like Indonesia and Vietnam, but countries are also examining […]
Complimentary Webinar: VAT Automation and the Rise of e-audits by Tax Authorities with Guest Speaker Daniel Kroesen, Partner Indirect Tax at EY One of the major new trends in indirect tax is the focus on transparency by tax authorities. Is your organisation prepared? On the 29th of March at 10am GMT+1, Sovos Compliance will provide […]
The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, you may now be penalized up to $260 per record if you are late or inaccurate in all tax information, 10-series, and ACA form reporting requirements. Background Around This Increase You may be thinking, “Again? Didn’t these penalties just increase last year?” Not […]
Over the past week, there have been changes to FATCA not only in the United States, but all around the globe. Check out our summary of the major updates to FATCA, CDOT, and CRS, straight from our very own tax and compliance research team in this week’s FATCA roundup below: Croatia Releases Update to Web […]
VAT Now Scheduled to Take Effect on June 1, 2016 Puerto Rico’s Treasury Department issued Administrative Determination DA16-04 on March 8, 2016, officially postponing the effective date of the VAT (IVA in Spanish) from April 1, 2016, until June 1st, 2016 and may suspend VAT implementation altogether. According to the Treasury Department, the delay was effectuated, […]
Recently, the Sovos company, ShipCompliant had their annual report highlighted in the Washington Post. As the article points out, “The very existence of a firm such as ShipCompliant highlights the difficulties of direct shipping. Forty-three states allow it in some form or other, up from 17 in 1998, but state laws and regulations differ, creating […]
Latin America has long been at the forefront of business-to-government compliance requirements, and nations across the globe have taken note of how countries in this region have successfully cracked down on tax fraud. Now, the U.S. has introduced two new requirements – public sector e-invoicing and country-by-country reporting – with themes parallel to Latin America […]
The culmination of Mexico’s e-invoicing and e-accounting mandates begins as of September 2016 in the form of electronic audits. Now that the government has standardized invoicing and reporting formats, electronic audits are a natural transition designed to further increase Mexico’s tax revenues. Simply by closing the leaks in its tax collection processes with greater visibility […]
Have you ever thought about just how much it will cost your organization to comply with mandatory ACA reporting? What will Affordable Care Act reporting cost you in terms of time and impact? Let’s take a minute and break down the economics. The IRS estimates that it will take 12 minutes to fill out each […]