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A Year of Changes in Brazil (Part 2): New Digital Bookkeeping Mandate – REINF

REINF Defined

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Expert Answers to HR Professionals’ Questions about ACA Reporting

Despite multiple repeal attempts, the Affordable Care Act (ACA) is alive and well. Employers still have to report ACA information or face increasing penalties. With ACA reporting still on HR professionals’ agenda, Sovos regulatory experts answer selected questions posed by viewers during a recent Society of Human Resources Management (SHRM) webinar. Their answers are here, […]

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VAT Newsletter: August 2017

Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from August: International News OECD: OECD Publishes Comments on Model Tax Convention On August 11, the Organisation for Economic Co-operation and Development published comments to its newly-released 2017 Model […]

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Changes Ahead for Travel and Expense Management in a World of Real-Time Tax Controls?

Anyone who travels for work knows the pain of sorting through weeks’ or months’ worth of receipts and completing clumsy spreadsheets. If you work in a company’s financial administration and are on the receiving end of these messy expense reports, you’re not much better off. It should not be a surprise that the market for […]

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Costa Rica E-Invoicing: Top 8 Requirements to Know

After 8 years of voluntary e-invoicing, Costa Rica has begun its transition to mandatory e-invoice submissions. The first 10 companies began compliance in March 2017 as a pilot, and the DGT, Costa Rica’s tax authority, will continue to roll the program out to additional enterprises over the next two years via email notifications. Like other […]

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Are You Considering Outsourcing Your Unclaimed Property Processes?

Managing an organization’s unclaimed property can be a full-time job. With the complexities of regulatory requirements, the numerous due diligence and dormancy tracking rules by property type and state, along with due diligence requirements, also varying by state, record retention needs in case of an audit, as well as reporting to multiple states, the process […]

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Norway Prepares for SAF-T eAccounting

Norway will soon require SAF-T (Standard Audit File for Tax), electronic submissions of transaction-level accounting records, joining a growing number of European countries that are adopting eAccounting. Across the world, the wave of change continues to sweep over more countries, as governments move to require real-time or near-real-time transactional reporting. Tax administrators in 69 countries […]

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IoT Real-Time Tax Controls for Russian B2C Transactions

Recently, most medium and large retail businesses across Russia shifted to internet-connected cash desks that every day, in real-time, report to the Federal Tax Administration approximately 70 million B2C transactions. According to official sources, since July 1st 2017 when the mandate entered into force, over 6 billion B2C electronic receipts have been issued so far […]

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What HR Professionals Need to Know to Avoid Big ACA Reporting Penalties

The Affordable Care Act (ACA) is still the law of the land, having survived attempts to both repeal and replace the legislation. It now has real teeth, with the dollar amounts of financial penalties having doubled in recent years. Here is what HR professionals need to know to prepare for the upcoming filing season and […]

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How Manufacturing Leaders Overcome Sales and Use Tax Audit Challenges – INFOGRAPHIC

The current regulatory environment for manufacturers is laden with risk. In a recent Aberdeen Group survey, 50 percent of manufacturers indicated they saw a significant increase in audit scrutiny and frequency over the past two years, with another 60 percent believing audit frequency and scrutiny will continue to accelerate over the next three to five […]

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2017 Marks Year of Changes in Brazil (Part 1): Brazil Overhauls NFe and CTe

A Closer Look at NFe 4.0 Nota Fiscal (NFe) version 4.0 marks the first new release of Brazil’s e-invoicing schema in two years, and companies can expect a major change from their previous compliance processes. NFe 4.0 requires a new XML structure, new fields, new data, new communication protocols and new web services, impacting both […]

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What Tax Professionals Need to Know about the Dark Web

If you don’t know much about the dark web, you’re not alone. Maybe 5 percent of internet users are on it (at a stretch), but it’s anywhere from 6 to 500 times larger than the consumer web. And it can definitely affect your job as a tax professional. Anything and everything is for sale on […]

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2017 Marks Year of Changes in Brazil: Brazil Overhauls NFe and CTe

Already known as a worldwide leader in technology-driven tax compliance, Brazil has announced several changes and additions to its requirements starting in 2017. These changes, designed to close reporting loopholes and gather even more information to improve validations, affect Brazil’s e-invoicing and transportation tracking processes, as well as introduce new measures to monitor social security […]

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Hungarian Invoice Data Reporting – Real-Time in 2018?

Earlier this year we reported about the soon-to-be Hungarian invoice data reporting export requirement, and more importantly, about unanswered questions at the time. This summer, a draft regulation (modifying Decree 23/2014. (VI. 30.) NGM) was published, shedding some light on many of those questions: When is the obligation entering into force? As expected, the previous […]

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Webinar Recap: Your Sales Tax Amnesty Questions Answered, with James Thomson of The Prosper Show

By Alex Koral, Sovos Industry Outreach Adviser  This week begins the 2-month open application period for Sales Tax Amnesty. During this window, ecommerce sellers can apply to have more than 20 states waive back taxes, penalties and interest. In a live webinar earlier this week, James Thomson of the Prosper Show joined me to answer […]

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PATH Act Deadlines Create Problems for Financial Institutions

Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals: Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases New developments in […]

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An Update on the Global Dialogue of Real-Time Government Controls

We have been writing about the rapid emergence of ‘clearance’ systems worldwide for some time now. Our annual white paper and the 2017 Billentis market report provide more detailed analysis of different real-time controls that tax administrations are experimenting with. It’s happening everywhere, from Rome to Rio and from Seoul to Saint Petersburg. Some call […]

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Financial Institutions Struggle with First UK CRS Transmittal

The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]

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