On Feb. 2, President Barack Obama presented his budget proposal for fiscal year 2016, which included a number of provisions that would impact tax reporting. One key point is the proposed budget would expand the IRS’ enforcement budget, giving the agency the funding it needs to close the tax gap and bolster the Treasury Department’s […]
The Organization for Economic Cooperation and Development (OECD) has continued to net more jurisdictions under its common reporting standard (CRS) for the automatic exchange of tax information (AEOI). Since the OECD published the CRS in early 2014, many countries have signed on to use this model for their cross-border tax treaties. According to Delaney Partners […]
Many analysts have offered their opinions on what will come of the IRS’ enforcement and assistance abilities as a result of a large budget reduction Congress passed in 2014. Mark Everson, former IRS commissioner, is the latest person to chime in on the issue, noting the effects will extend beyond the 2015 tax season woes […]
Keeping up with the tax rules in every jurisdiction can be a daunting and time consuming task. With hundreds of State, City, County and District rates to worry about, it is easy for changes to slip through the cracks resulting in filing errors, fines and penalties. “As we started selling into new states, the burden […]
Tax season is often an extremely stressful time for compliance teams, so companies should use technology to their advantage to get through tax season. Whether companies are keeping track of receipts or completing forms to send to payees, technology is their go-to resource for tax information reporting. Keep everything on hand with compliance technology Technology […]
The IRS’ Criminal Investigation (CI) Division and Her Majesty’s Revenue & Customs (HMRC) from the U.K. recently collaborated on a symposium held over three days in the District of Columbia. The event focused on international financial crimes and cross-border tax evasion, indicating governments are putting a lot of effort into preventing these crimes. Both IRS CI […]
If your organization hasn’t sent out certain tax forms, you’re running short on time. Many tax information reporting deadlines are approaching, and you must have these necessary documents postmarked by the appropriate dates. While the due dates for sending copies to the IRS are further out, the recipient deadlines are more pressing. Some forms were […]
The March deadline to transition to version 3.1 of Brazil’s Nota Fiscal process is quickly approaching. As the largest change to NFe since the 2010 introduction of 2.0, the new mandates pose a significant challenge to companies operating in Brazil. There is no room for error in the transition – support for 2.0 will be […]
With tax season well underway, some organizations may be scrambling to determine whether certain individuals they hired throughout the year were employees or independent contractors. If they are caught misclassifying workers, organizations can face serious legal actions. According to AccountingWeb, this practice is not a problem that goes unnoticed. Nick Fortuna, partner at law firm […]
When a company is determining which enterprise resource planning (ERP) solution it will choose, one would think its tax department would be involved in this decision. However, many organizations leave their tax professionals out of the discussion, according to AccountingWeb. Companies of all types and sizes are regularly faced with new tax information reporting legislation. […]
While tax information reporting season is a time when your business is thinking about its deadlines for federal filing, you must also remember the approaching cutoffs for state, Canada and Puerto Rico reporting. To help you more accurately meet your obligations, Convey Compliance Systems is offering a February Reporting Requirements webinar on Wednesday, Feb. 4 […]
Corruption is not an issue that’s confined to any one country or part of the world. It takes place virtually everywhere and authorities are cracking down on the practice by penalizing companies and lawmakers who run afoul. Recent electronic invoicing legislation and eAccounting reporting will bring further transparency to fraud as the legislation takes full effect […]
Since the Affordable Care Act (ACA) first took center stage, a lot of questions have been raised regarding what the health care law requires. During the 2015 tax season, which is the first time taxpayers will need to comply with the ACA’s tax information reporting rules, employers and insurers will likely need to help their […]
The IRS has kicked off the 2015 tax season, and it recommends that taxpayers file electronically. While this advice is aimed at individual taxpayers, it does indicate how budget constraints will slow services this year. “We encourage people to use the tools and information available on IRS.gov, particularly given the long wait times we anticipate […]
Are you prepared for the Foreign Account Tax Compliance Act (FATCA)? You’ve probably heard this question before, but have you been able to reply with a confident yes? If not, be sure to check out Convey Compliance Systems’ Implementing FATCA webinar, which will take place Wednesday, Jan. 28 at 1:00 p.m. CST. During this one-hour […]
Tax information reporting research is a difficult endeavor for many organizations, especially when new regulations are continually coming to light. To help with your non-wage tax legislation research, Convey Compliance Systems is hosting a free Simplify Your Non-Wage Reporting Research webinar Jan. 21 at 1 p.m. CST. With the 2015 tax season underway, organizations may […]
The IRS announced it launched its International Data Exchange Service (IDES) Jan. 12. This system allows foreign financial institutions (FFIs) and tax administrations to report on certain U.S. accounts to the agency under the Foreign Account Tax Compliance Act (FATCA). “The opening of the International Data Exchange Service is a milestone in the implementation of […]