CFDI, which stands for Comprobantes Fiscal Digital por Internet, is the electronic billing schema defined by the Mexican federal tax code. It has been mandated for companies doing business in Mexico since 2011. The goal of CFDI is added visibility into companies’ tax liabilities, so that the government can ensure it is receiving accurate payments, […]
The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can be arduous. Is your organization […]
We frequently talk about the challenges inherent in Brazil’s e-invoicing mandate, often in terms of its effect on shipping, logistics and the risk of operational shut downs. But there are separate concerns facing service vendors and procurement. In many ways, service invoices (NFSe) are simpler for both parties than those for goods (NFe) since shipping, […]
New research from Aberdeen Group and Sovos Compliance shows confidence, but gaps in accuracy and mounting fears of fall out as FATCA, CRS, and CDOT regulations grow in scope. August 16, 2016, Wilmington, Massachusetts — A new report shows that, while most financial institutions feel prepared for the current requirements related to the automatic exchange […]
This past week we continued to see a stream of updates to global regulations around the world. Check out our weekly roundup of global updates, straight from our Sovos Compliance tax experts. Sweden Will Use CRS Schema This morning the OECD’s jurisdiction page was updated to indicate that Sweden will require its Reporting FIs to use […]
Does your company have an AP (accounts payable) tax compliance process in place? Why is this critical? If you don’t have a complete process in place, you may be at risk for audit and penalties. What is a Reverse Audit? A reverse audit is typically undertaken by tax practitioners and is similar in many ways to […]
In less than 12 months, Sovos Compliance developed and delivered to market Sovos ACA, a software to support businesses with their ACA compliance requirements. In less than 12 months, Sovos Compliance, a global leader in tax and business-to-government compliance software, successfully delivered to market Sovos ACA, a new product to support Affordable Care Act (ACA) […]
Besides the Treasure department considering changing the IGA statuses of jurisdictions that are currently “In Effect” to “In Force” here are the other changes going on throughout the world in our global roundup compiled by our expert researchers. Cyprus Releases New FATCA Filing Notice Cyprus has released a new FATCA filing notice reminding Financial Institutions and […]
Compliance with Brazil’s e-invoicing mandate isn’t as simple as receiving an NFe (e-invoice) and sending payment; layers of complexity affect enterprises at all levels, especially when it comes to logistics. Brazil’s compliance legislation includes several core required documents related to logistics and receiving, including: DANFe – This physical representation of the e-invoice must accompany shipments. […]
General Taxability Changes On March 14, 2016, House Bills 61 and 62 (Acts 25 and 26 respectively), were signed into law by Louisiana Governor, John Bel Edwards, as part of the First Extraordinary Session of the Louisiana Legislature. This legislation expanded the sales tax base in Louisiana to encompass nearly every previously excluded and most […]
Sovos becomes the first software provider to integrate a hold-harmless database with an approved e-file software solution application to help reduce the sales and use tax compliance burden on businesses by automating accurate tax calculation and state and local filing. Boulder, Colorado, August 4, 2016 — Sovos Compliance, a global leader in tax and business-to-government […]
The IRS recently released long-awaited guidance for filers regarding TIN solicitation. The IRS proposed regulations for 6055 contain a number of clarifications for providers of health insurance. The most recent guidance—Notice 2015-68—filers received was released last September, just shy of a year ago. The proposed regulations discussed comments from filers regarding necessary changes to TIN […]
This week, the Treasury Department published Announcement 2016-27 detailing its plan to reevaluate jurisdictions whose FATCA Intergovernmental Agreement (IGA) status is treated as “in effect.” This means that Foreign Financial Institutions (FFIs) in jurisdictions whose IGA is currently signed or considered in substance may face changes to how they report their FATCA returns to the […]
Every year jurisdictions all over the country have sales tax holiday periods for all types of different items. Often, these holidays are scheduled for near the end of the summer and usually include many types of school supplies, textbooks, some computer purchases and clothing. There are also sometimes sales tax holidays at other times of […]
Recently, we attended the 2016 CRTRA Conference in Vail, Colorado. Along with the beautiful scenery, we were very impressed with the level of engagement at the Chain Restaurant Total Rewards Association and thoroughly enjoyed our time talking to people throughout the industry. We understand that Fair Labor Standards Act (FLSA) is a hot topic right […]
The principle of open borders between European Member States, leading to a single, united economy, is at the very heart of the European Single Market, including the Czech Republic, which is a member. But the lack of cross-border trade barriers has hidden drawbacks. Since its inception, the Single Market has been vulnerable to a type […]
Here is this week’s FATCA recap. Catch up on this week’s roundup compiled by our research team. Bahamas Releases Updated Portal Help Guide and FAQs Bahamas released an updated portal help guide and FAQs. The guide is substantially the same as the previous version, with the exception of a few removed FAQs. The Portal Help guide […]
The global focus on curbing tax fraud is shifting into high gear, as reporting deadlines under the Organization for Economic Co-operation’s new Common Reporting Standard draw nearer. What started within individual countries to maximize tax revenues within their own borders has grown into regional – and now global – alliances to share information that will […]