Tuesday’s presidential election spurred hyperbolic talk about potential implications to Affordable Care Act (ACA) legislation, leaving businesses wondering if they would still need to comply with this legislation and what it may look like going forward. First, it is important to remember that ACA is still in effect and will continue to be in effect […]
Tuesday, November 8th was Election Day in the United States. Federal, state and local offices and ballot questions brought millions of American’s to the polls. As with every election there were results that were expected, some surprises and many changes that will impact the business community in the coming years. Sovos will be monitoring all […]
With arguably the most complex business regulatory environment in the world, Brazil presents challenges to global enterprises that go well beyond systems integrations and updating compliance interfaces. The requirements in Brazil – including NFe, SPED, Block K and eSocial – necessitate not just a technological solution, but changes to operational process and business strategies as […]
Voters in Missouri are to decide on a Constitutional amendment restricting sales taxes on services. Synopsis: Missouri is voting on a constitutional amendment that could severely impact sales tax policy for generations. The Election This election season we are electing a new president, seats in the U.S. House of Representatives and Senate are up for […]
Understandably, one of your clients’ biggest concerns related to the Affordable Care Act (ACA) is incurring penalties from incorrect reporting. You can help them avoid these costly mistakes by providing information they need to navigate this tax season. Below we’ve shared two resources to assist you. First is a link to a recent Sovos webinar […]
One of the things that make Unclaimed Property Reporting so complex is the aspect of Dormancy. According to the National Association of Unclaimed Property Administrators’ (NAUPA) website, Dormancy is “the period of time during which the owner of the property does not take action on his property”. This sounds simple enough except for the fact […]
Welcome to the Sovos Compliance monthly summary of Value Added Tax news and insights curated and summarized by our Tax Research Team. Here is the country-by-country summary for October 2016. Belgium: VAT on Feminine Hygiene Products On October 5, 2016, a bill was introduced in the Belgian Chamber of Representatives which, if adopted, would zero-rate […]
Here is a summary of news and updates related to value-added-tax in the European Union during the month of October 2016. Publication of Draft Improvements to Cross-Border VAT Rules On October 7, 2016, the European Council published a set of draft conclusions regarding potential improvements to current VAT rules on cross-border transactions. The Council stated […]
On October 14, tax authorities in the United States and Mexico agreed to a new transfer pricing framework that will ease compliance burdens for some U.S.-based manufacturers with operations in Mexico. Those designated as maquiladoras – a special tax status allowing the tax-free import of materials and equipment used to assemble and manufacture exports – […]
Last year Vermont enacted legislation to be exempted from taxation sales of cloud computing (also known as remotely accessed prewritten software, Software-as-a-Service, “SaaS”, or ASP). A Brief Legislative History In 2010, Vermont issued a technical bulletin that interpreted existing law as imposing tax on prewritten software regardless of how the software was accessed. Act 143 […]
The fight against tax evasion was front-and-center at the 2016 G20 Hangzhou Summit, which brought together twenty global leaders of the nations with the largest economies. In the wake of the “Panama Papers” leak earlier this year, tax transparency was slated to take on a much more significant role than it had during previous G20 […]
Update from Charles Maniace, Director of Tax Research at Sovos: On October 14, 2016 the Internal Revenue Service issued an announcement stating, “…to ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. “In the next few […]
On September 27, we wrote about the Mexican Supreme Court’s recent decision upholding amparos. While the court granted that these legal stays for eContabilidad compliance could continue, it also ruled that the country’s fiscal email, e-accounting and electronic audits are fundamentally constitutional. We anticipated that the SAT, Mexico’s tax authority, would move quickly to address […]
Overview of common tax gap theme at the recent 2016 Sales Tax Symposium and the 2016 Value Added Tax Symposium, both sponsored by the Institute of Professionals in Taxation I recently had the distinct pleasure of attending both the 2016 Sales Tax Symposium and the 2016 Value Added Tax Symposium, both sponsored by the Institute […]
Update from the IRS as of October 24th Revised Date Information for e-Service Users To ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS plans to have discussions with […]
Overview Sovos Compliance kicked off its networking series with in New York on September 22nd with an event focused on Automatic Exchange of Information (AEOI) reporting. The agenda included a panel discussion with Alex Crenshaw from Wells Fargo, Chris Liguori from State Street, and Josh Herrera from Morgan Stanley. Lani Chou (Pricewaterhouse Coopers) and Fred Cibelli (Ernst […]
Louisiana has two upcoming changes effective October 1 that were not highly publicized. Changes in taxability have become almost routine in Louisiana over the past few months. While most of the major changes were completed as of July 1, 2016, additional adjustments that have not been well-publicized will go into effect on October 1, 2016. […]
When Mexico announced its eContabilidad (eAccounting) legislation in 2014, several multinational companies filed a lawsuit, stating that the requirements were unconstitutional, technically unsound, and unfeasible. Many were granted amparos – legal stays delaying the electronic filing requirement – and the case recently made its way to the Supreme Court. In its July 2016 verdict, the […]