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IRS Commissioner John Koskinen recently wrote a letter to U.S. Senate Finance Committee Chairman Ron Wyden detailing his concerns that the 2015 tax filing season will be delayed if Congress doesn’t take action on extenders. These are tax provisions that expired at the end of 2013, and the commissioner said Congress needs to decide whether to extend […]
Sales and Use Tax Nexus – A Continually Moving Target One of the most interesting (some would say frightening) developments in the sales tax world over the last several years has been the concerted efforts by several states to expand the scope of activities that would compel an organization to collect and remit tax their […]
When it comes to having a favorable business environment, few would associate more regulations as being the answer. Increasingly complicated compliance issues often create more red tape, which makes it that much harder to accomplish things in the most cost efficient way possible. \ With this in mind, business owners who operate in Latin America […]
Taxware Product Management is very pleased to announce the release of the Oracle R12 Adapter v8.4.0! This release, relevant for Oracle E-Business Suite R 12 users, will not only provide Oracle EBS integration for Taxware clients, but also offer the functionality and recommended best practices for optimal performance. This adapter is a part of Taxware’s larger initiative to provide […]
It’s been a year of heightened regulatory scrutiny for Latin American business owners, as laws are now on the books that require entrepreneurs to establish an electronic invoicing system in many countries. Thus far, it’s turning out to be a program that’s paying off for governments, most notably in Mexico.
Puerto Rico Revises the Title of the Forms to Report and Declare the Sales and Use Tax on Imports Yesterday, October 8, 2014, the Treasury Department of Puerto Rico (the Hacienda) issued Tax Policy Informative Bulletin 14-02, wherein the Hacienda provided that in order to avoid confusion among merchants and importers at the time they […]
Cloud Computing: Part 4 – Cloudy With a Chance of Sales Tax – An Overview of State Tax Schemes Being Applied to Cloud Based Transactions This is the fourth and final part of our blog series addressing issues related to the taxation of cloud based transactions. Previously, we addressed what the cloud is, why businesses should concern […]
What Do Tax Managers Really Do? According to wisegeek, Tax managers prepare the required government documents concerning taxes, ensure the accuracy of these documents, and offer solutions to pressing tax problems. Tax managers must be familiar with international, domestic, state, and local tax laws. That got us thinking about what Tax Managers really do. So […]
Taxware Enterprise (TWE) 8.4 Has Achieved Oracle Validated Integration with Oracle E-Business Suite Financials 12.2! Oracle E-Business Suite 12.2 users will now have full access to Taxware’s determination and reporting tools to help streamline sales and use tax compliance. Through this integration, Oracle E-Business Suite 12.2 users have full access to Taxware’s determination and reporting […]
A recent survey sponsored by document management firm RR Donnelly and published by CFO Research found information security often takes a backseat compared to productivity. In regard to tax reporting, the implications of the survey have serious ramifications, as security breaches could lead to the loss of tax identification numbers (TINs) and other sensitive data. The researchers […]
Value-Added Taxes Are Complex Value-Added Tax (VAT) is tax that is levied at every stage of the supply chain, on both goods and services. Every major economy except the United States (US) levies a form of VAT and each does so with its own set of rules for compliance and reporting. Apart from compliance, processing, […]
Recently, Puerto Rico made some important changes to their filing processes that affect all businesses selling goods and services into that territory. The changes are happening so rapidly that we set up an online Puerto Rico Sales Tax Changes Resource Center with news updates, FAQs and white papers to help businesses to better understand the latest rules […]
At times, errors in tax compliance processes are simple mistakes rather than misguided ideas about regulations or negligence. While these are honest mistakes, they can still lead to penalties from the IRS. A recent study that will be published in the Journal of Applied Psychology determined the chances of employees forgoing key compliance rules increases as they […]
View our Puerto Rico Sales Tax Changes Resource Center with news updates, FAQs and whitepapers to help you to better understand the latest rules and regulations. New Sales Tax Filing Alternative in Puerto Rico Announced September 19, 2014 Due to technical difficulties in the new Portal Integrado del Comerciante (PICO) system and other factors, the Treasury Department […]
As in other Latin America countries, the transactional signing of standardized XML is always implemented with a corresponding reporting element. Brazil has Nota Fiscal and SPED. Chile has DTE and Libros. And now Mexico has CFDI and electronic books.
Here is another answer in our Ask a Tax Expert Series, where our team of 40+ Tax Experts respond to your questions. Question: Charging Puerto Rico Sales Tax When Using 3rd Party Carrier? “We are an internet retailer that uses a third-party carrier to deliver products to Puerto Rico residents. Due to the recent Tax […]
A little more than a month after the IRS released draft versions of tax information reporting forms under the Affordable Care Act (ACA), the agency has published draft instructions for the forms. When the forms were released, several industry groups awaited the arrival of the accompanying instructions so they could better understand their reporting obligations, The […]
The Permanent Internet Tax Freedom Act (PITFA) was passed by the U.S. House of Representatives on Jul. 15 and called for a permanent extension on the moratorium on taxes levied on Internet access. This moratorium is set to expire Nov. 1, and a coalition of 42 national and state organizations have urged the U.S. Senate […]