AP automation is supposed to save SAP customers money, but developments in digital tax could derail its benefits and actually create further liabilities. With tax authorities all over the world seeking to increase revenues and close tax gaps, IT professionals and AP system administrators face new challenges in indirect tax compliance. Among those challenges are […]
In the increasingly complex world of IPT, understanding, assessing and applying the right taxes to new insurance products can be a challenge for insurers when complying with fragmented regulations. As new risks continue to emerge, so do new insurance products. But how can insurers ensure insurance premium tax (IPT) is correctly applied? The three questions […]
It’s very possible that US companies are breaking laws governing storage of electronic invoices in the EU without realizing they’re putting themselves at risk for financial penalties. The EU is an entity that, as the Brexit debate has shown, can frustrate and baffle its own citizens. In the US, the EU is frequently misunderstood. The […]
The tax information reporting event of the year is coming in October! Sovos will present the 2019 GCS Intelligent Reporting Summit in San Antonio Oct. 28-30. You can’t afford to miss it! Here’s why: NEW! Unclaimed Property Regulations: De-mystify unclaimed property reporting and learn how to protect your company from risk you might not even […]
California Governor Gavin Newsom is poised to sign into law a bill that would recategorize gig economy workers such as ride-share drivers from being independent workers to full-time employees. The bill, California AB5, could have a profound impact on tax withholding and information reporting at state levels, with other states closely monitoring California’s activity. It […]
Retailers with e-commerce channels have a lot to gain during Cyber Monday or Cyber Week. According to BlackFriday.com, Cyber Monday spending is anticipated to grow 20% this year, with consumers spending nearly $9.5 billion online. Cyber Monday also falls on December 2 this year, one week later than last, giving consumers fewer weeks before Christmas […]
EU and local legislation Location of risk is one of the key criteria an insurer must identify and consider before thinking about insurance premium taxes. It’s important to understand the location of risk rules and apply them correctly to be able to settle insurance premium taxes compliantly and to the correct tax authority. Whilst location […]
Using reduced VAT rates to influence consumer buying choices Charging VAT and other consumption taxes rarely has a significant effect on a nation’s economy. The impact is felt at a specific industry sector level and more acutely when applied to goods and services in the B2C environment where any additional tax burden can impact price […]
Almost every state has moved away from paper reporting in favor of electronic reporting, welcoming the unclaimed property reporting process into the digital age. Many of the slow-moving processes can be easily streamlined and brought up to date with simple, intuitive technology. First, let’s describe the difference between the two types of filings as many […]
Far from being a burden, Peru’s electronic invoicing mandate has helped medium-size businesses embark on digital transformation while also catalyzing a broadening of the country’s tax base. The International Monetary Fund (IMF) will release this fall a study detailing the impact mandatory e-invoicing in Peru, which began in 2014 and has since moved to a […]
As a result of an e-invoicing mandate currently rolling out in Argentina, small and medium-size businesses (SMBs) are or will soon be required to use a specific form of invoice when billing larger companies. Companies classified as SMBs (or PyMEs in Spanish) by AFIP, the Argentine tax administration, are required to use the Facturas de […]
You operate a lean tax compliance and reporting team. Maybe your company has reduced staff over the past 5-10 years while continuing to grow its business through organic means as well as merger and acquisition. But now your staff of 10 is down to four or five. What was once a manageable manual process of […]
If you have no new unclaimed property records for a particular state this filing year, does that mean you are off the hook? Well, not necessarily. Most states want you to file with them each year. If you’ve reported in the past, they want to hear from you even in the years when you […]
Article written By Bill Dadmun, Records and Receipts Manager, State of Virginia How many of you use the aggregate function when reporting? Does it make your life easier? Listen to this scenario and tell me if it sounds familiar. You get a call from someone that is due $49.95 from a credit balance. […]
This isn’t the first time I’ve blogged about the dangers of reciprocal filing, but I feel like it is a topic worth covering again for those who may have missed it. Reciprocal or exchange filing means reporting records to a state even though the last known addresses for the records are not in that state. […]
Have you ever been confused about which property code to use for a certain type of property? We have all been there. NAUPA, the National Association of Unclaimed Property Administrators, has a list of standard codes that you can view here starting at the bottom of page 17. Property Types There are many types […]
Due Diligence is the act of sending letters to lost owners or publishing their names in newspapers. Almost every state and every jurisdiction within a state requires companies to perform due diligence. Benefits Due diligence not only benefits owners of unclaimed property, it can also benefit your business. Many of your lost owners are customers […]
Many of you know Illinois is now operating under new legislation. If you haven’t had a chance to review the legislation, you’ll want to do so before filing this year’s unclaimed property report. One change to take note of is the repeal of the general business-to-business exemption. Not only is the exemption no longer allowed, holders […]