Blog

ACA Update: IRS Tweak to Individual Reporting – What It Means

Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]

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The Architectural Benefits of Signing

The use of electronic signatures for the purpose of fulfilling legal requirements for authenticity and integrity (A&I) in electronic or e-invoicing has been discussed extensively in recent years and has resulted in high-quality signatures being either mandatory (e.g. in Latain America, Russia, Turkey and China) or a well-defined option (as in the European Union) for […]

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Wisconsin’s Milwaukee County Applies “Exposition Tax” on Prepared Food

The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities. Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room tax, a 7 percent additional […]

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Mexico Cracks Down on Exports with “Complemento Comercio Exterior” Requirement

Despite major initiatives to increase visibility into commercial transactions within its borders, Mexico’s tax authority, the SAT, has been dealing with a gap in information on exports. Current e-invoices and reporting requirements are not enough to identify and link Mexican exporters with foreign customers, but that will soon change. Starting on July 1, 2017, companies […]

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Remote Sellers: What You Can Do to Prepare for Pending Legislation

Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules detailing when sellers […]

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[SAPInsider Webinar] How to adapt your SAP landscape to Mexico’s new payment and invoicing regulations

In December 2016, Mexico announced the largest update to its e-invoicing schema in years. CFDI v3.3 is now a reality, and companies doing business in Mexico have until July 1, 2017, to go live with these significant changes. To meet this deadline, companies must begin preparing for these new government standardizations now. Are you prepared […]

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India Now Expected to Move to a GST on July 1, 2017 – Businesses Must Get Ready

India has debated moving to a Goods and Service Tax (GST) for over 16 years. However, recent developments — many of which have been reported in this blog — strongly point toward the country adopting a GST in the next several months. Since the Government ratified the GST Constitution Amendment Act on Sept. 16, 2016, […]

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AEOI Updates: Jan. 21 – Feb. 3

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Several Countries Sign Model 1 […]

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Compliant Archiving Post #3: Encryption Hype in the GDPR Era

Enterprises conducting business in the EU are currently analyzing the impacts and organizational changes required to comply with the General Data Protection Regulation that will, from May 2018, redesign the legal framework in privacy. The changes will substantially affect risk management processes and privacy requirements will become essential in product development and IT infrastructure design […]

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New Report: Leading Financial Institutions Weigh in on Tax Reporting Best Practices

Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs. With this in mind, Sovos commissioned a survey to better understand how organizations are handling these challenges and […]

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E-Reporting in Spain: Is Everything Ready?

As informed in previous posts, from 1 of July of 2017, big taxpayers in Spain will be obliged to report invoice data on inbound and outbound invoices to the tax authority under the new SII system. Taxpayers subject to this system must communicate extracted data from issued invoices within four (4) business days following the […]

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1099 Updates: Jan. 2017

Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate […]

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Sovos VAT Streamlines Global VAT Compliance for Invoiceware Clients

In June 2016, Sovos Compliance acquired Invoiceware International, supplementing our Latin American regional compliance platform with its global solutions. Our shared clients, such as The Coca-Cola Company, Brown-Forman, and Sun Chemical are already benefitting from the centralized solutions provided by this alliance. While Sovos offers a variety of products that benefit businesses small to large, […]

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Expert Q&A: What Does Trump’s Executive Order Mean for Employers?

President Trump took immediate steps to fulfill his campaign promise to repeal the Affordable Care Act on his first day in office. The President signed an executive order on Friday, which he said was intended to “ease the burdens of the Affordable Care Act.” The broad-reaching order is the manifestation of Trump’s plan to begin […]

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AEOI Updates: Jan. 6 – Jan. 20

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: IRS Releases New FFI Agreement […]

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Mandatory E-Invoicing on the Horizon in Costa Rica

One Latin American country that currently does not mandate e-invoicing, Costa Rica, will soon join the 10 countries where this business process is required. The country is currently running a voluntary e-invoicing program as it works toward implementing its own e-invoicing system.

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Three ACA Replacement Plans Emerge

The future of the Affordable Care Act is coming into focus. Last week, the Senate and House of Representatives held “budget blueprint” votes, setting the stage to dismantle the ACA during the budget process. However, the incoming Trump administration and Congress continue to disagree on some of the “repeal and replace” specifics, including timing. These […]

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Breaking News: Movement to GST in India Likely to Take Place in July

India’s GST Council announced changes early this week that make movement to GST on July 1 likely, providing much needed clarity for business preparing for the change. The announced measures include the following: State authorities will assess 90% of the GST registrants with annual turnover of Rs 1.5 Crores or less. The Centre will assess […]

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