While many others were out enjoying summer, a major acquisition has taken place that affects the enterprise sales tax reporting industry. Oracle has acquired the e-commerce software company NetSuite. In a deal worth $9.3 billion, NetSuite was one of the first “cloud” companies. Larry Ellison, the chairman of Oracle chairman, was an early investor and […]
Have all your forms been filed? Have you send in your transmittal? If you haven’t, you need to file as soon as you can because penalties will only increase the longer you delay. This year, the IRS is looking for a timely furnishing and filing by organizations as part of a good faith effort to […]
Here at Sovos, we are committed to keeping current with VAT compliance updates from around the world. Check out these recent changes compiled by our dedicated expert research team. European Union European Commission Launches Consultation on Electronic Publications The European Commission has asked interested parties to share their views on the VAT treatment of electronic publications (e-publications). […]
Can you believe it has been another week already? FATCA revisions and updates keep rolling in and here at Sovos we are here to bring them to you. Catch up on this week’s roundup compiled by our research team. Cyprus Releases Instructions for Correcting FATCA Reports Cyprus has released instructions for all Financial Institutions that […]
E-invoicing is now a reality in Colombia, with 58 companies volunteering to begin e-invoicing earlier this year in the pilot program. Eventually ~50,000 companies will be required to shift to e-invoicing in the next few years. Companies in Colombia are faced with creating a comprehensive compliance strategy to avoid the fines and penalties resulting from […]
Many organizations, like Texas Capital Bank, struggle with handling their tax reporting obligations. It is a necessary function that can easily be overlooked because revenue producing initiatives come first. However, failing to properly handle these requirements can end up costing you more, put you at risk for incurring large penalties, dissatisfaction amongst your customers and […]
Synopsis: As Brexit is now becoming a reality with a new Prime Minister and more formal discussions, what will this mean for your organization? It may impact how you pay taxes and when as well as cross-border transactions. You will most likely have to change your internal tax compliance processes to account for the UK […]
On July 12, 2016, Gulf News Journal, an online news journal covering business and innovation in the Gulf Region, published an article highlighting how Sovos Compliance understands how implementing a value added tax (VAT) system in the member of states in the Gulf Cooperation Council (GCC) may affect businesses in the region who will now have to […]
This week we bring you a dozen FATCA updates from the Middle East, South America, Asia, the Caribbean and Europe. Sip your coffee and catch up on the weekly roundup compiled by our research team here at Sovos. Belgium Announces New Business Rules Belgium FPS Finance announced new business rules. The new rules were adopted to […]
Recently, we were at the SHRM Annual Conference & Exposition 2016 in Washington D.C. The three days offered HR and Benefits professionals all types of opportunities for learning, hearing from industry experts and a chance to network and share their experiences concerning the first year of mandatory ACA reporting. Based on this feedback, here are […]
With the success of Mexico’s CFDI e-invoicing mandate, the country is once again setting a new standard for global tax compliance as it implemenst real-time electronic audits in September 2016. Mexico’s tax authority will now be able to immediately identify errors or discrepancies in tax liability calculations, and conduct immediate, automated audits as a result of its […]
The OECD (Organisation for Economic Cooperative Development) has released its schema for providing feedback related to CRS filings. This schema provides the standardized IT format by which error messages and notifications for incorrect or incomplete information will be sent between the Competent Authorities. As the OECD states, “With the first exchanges under the Common Reporting […]
Countries from all over are still working on laying out FATCA and CRS guidelines. Check out this week’s global round-up from our tireless experts on the tax team. IRS Publishes New FAQ Regarding Submission of Form 8809-I The IRS has released a new FATCA FAQ relative to filing Form 8809-I, which is the application for […]
After lengthy preparations for ACA processing year 2016, your ACA forms have finally been submitted to the IRS and as a filer you are ready to breathe easy. Unfortunately though for filers, your ACA duties may not yet be fulfilled. The IRS recently clarified that, although it’s a good faith filing year, filers are still […]
Unclaimed property results from the everyday functions of a company’s operations. As state budget deficits continue to grow, companies should expect unclaimed property compliance and related audits to continue and possibly increase. So, who is responsible for handling the process of Unclaimed Property management and escheatment to the state and keeping their company compliant? Tax […]
Over the past week, countries around the world continued to release more information about and changes to FATCA, CRS, and CDOT regulations. Take a look at our roundup below of the latest global updates, compiled by our Sovos team of tax experts. Finland Publishes CRS & DAC2 Detailed Instructions (Finnish Draft) Finland recently published a draft […]
In an interview with Spend Matters this week, Andy Hovancik, CEO of Sovos Compliance, advised businesses to take time to think through the implications of Brexit and assess how their business may be affected. The next step is to put mitigation plans in place for how your organization will respond to possible changes. “Brexit didn’t […]
In the wake of the UK’s unprecedented decision to leave the European Union, multi-national companies are left wondering, “What does it mean for us?” The good news is businesses will likely have at least two years to prepare, and potentially longer if the UK delays the process until October to select a new Prime Minister. […]