The IRS has published a revised version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Although the IRS designated the update for the 2015 tax year, the change includes some information that is relevant to the 2014 tax year. The agency noted the delayed revision resulted from steps to provide more […]
The Holy See has reached a Model 1 intergovernmental agreement (IGA) in substance to comply with the Foreign Account Tax Compliance Act (FATCA). Even though the overall reporting is expected to be small, this represents a big win for the expanding international tax legislation as the jurisdiction has a history of maintaining secrecy. In fact, […]
When virtual currency is used to purchase other items or services, a semi-taxable “barter” transaction has arisen in New York. Bitcoin and other virtual currencies have been a hot topic as of late, and it seems that New York has decided to address this issue with respect to sales tax. Previously, the IRS had held […]
It’s that time of year again where business owners look back on the past 12 months, take an assessment of where they are and what they should prepare for the 12 months that are yet to come. While 2014 had a lot to do with compliance, given the heightened regulatory climate, that theme will continue […]
The U.S. Treasury Inspector General for Tax Administration (TIGTA) has released its latest Semiannual Report to Congress, which covers April 1 to Sept. 30 and cites the Affordable Care Act (ACA) as the IRS’ most significant undertaking. While the report recapped many of the agency’s challenges, including the implementation of the Foreign Account Tax Compliance […]
Risk management is a key component of a business’s structure. Compliance is one of the ways in which companies deal with these risks, which can come from a variety of sources. Some of these mechanisms are required for businesses to engage in commerce over state lines or overseas, but there are also internal compliance schemes […]
International law officials are cracking down on corporations and firms that break the rules by bribing legislators and governmental leaders. The latest example comes out of Texas, where a well-known aircraft maintenance company confessed to having participated in a backroom deal that aimed to skirt the Foreign Corrupt Practices Act. Dallas Airmotive, Inc, which specializes […]
IRS Commissioner John Koskinen has made another announcement about how the agency’s budget cuts, which Congress included in the The Tax Increase Prevention Act, will present noticeable consequences. Following his announcement that the funding reduction has led to a hiring freeze, he has now said the agency could experience a two-day shutdown. This isn’t the […]
The Foreign Corrupt Practices Act is the law of the land. In order for multinational companies to engage in business, they have to be sure that the regulation is adhered to. Though companies that run afoul of the FCPA typically aren’t household names, that certainly wasn’t the case for Hewlett-Packard, the Palo Alto, California-based information […]
Rounding vs. the Sales Tax Bracket System We all learned about rounding in grade school. If you have something, that calculates out to less than 0.5 cents you round down. If it’s 0.5 cents you round up to the next penny. If you multiply a purchase price of .74 cents by a 6% sales tax rate […]
Cloud computing has grown by leaps and bounds in the fairly short period of time in which it’s been around for public consumption and use. Yet despite improved understanding of what the cloud is, there are a number of half-truths and misunderstandings about it, resulting in an uninformed consumer. “Cloud computing, by its very nature, is […]
Supply chain finance is a system of business operation that, to use a common term, knocks out three birds with one stone. In other words, it benefits the buyer, seller and financing institution involved in a deal, enhancing overall efficiency so everyone walks away from a deal happy. In fact, as financial information website Investopedia describes […]
The U.S. Treasury Inspector General of Tax Administration (TIGTA) has published a report detailing weaknesses in the IRS system for collecting tax information returns related to the Affordable Care Act (ACA). Specifically, TIGTA examined the ACA Information Returns (AIR) Release 1 Project. TIGTA generated the report to determine how well the IRS can mitigate risk […]
The Mexico SAT has doubled down on their eAccounting requirements with a focus on corporations. While 2014 data is no longer required, the core requirements are now more detailed. So while the go-live date has transitioned from January 25 to March 3rd, this doesn’t mean you should delay your implementation.
Taxability of Goods and Services Sold Online As recent election results have shown, there are few things that states can agree on and the taxability of goods and services sold online is no different. As brick and mortar stores continue to compete with online sales, state legislatures are starting to catch up with laws regarding […]
Tax season is upon us and proactive organizations are now taking the necessary steps to prepare their tax information reporting processes. Here are the top five steps organizations can take in preparation for a successful tax season: – Compliance research: In the world of tax information reporting, regulatory changes and updates are frequent and impact […]
For those who are new to the Latin America reporting requirements, I think it is important to understand that the issue goes beyond SAP application updates. More importantly, it is critical to understand that no ERP vendor can provide a reporting solution for every single one of their customers. This is not just an SAP […]