When a company is determining which enterprise resource planning (ERP) solution it will choose, one would think its tax department would be involved in this decision. However, many organizations leave their tax professionals out of the discussion, according to AccountingWeb. Companies of all types and sizes are regularly faced with new tax information reporting legislation. […]
While tax information reporting season is a time when your business is thinking about its deadlines for federal filing, you must also remember the approaching cutoffs for state, Canada and Puerto Rico reporting. To help you more accurately meet your obligations, Convey Compliance Systems is offering a February Reporting Requirements webinar on Wednesday, Feb. 4 […]
Corruption is not an issue that’s confined to any one country or part of the world. It takes place virtually everywhere and authorities are cracking down on the practice by penalizing companies and lawmakers who run afoul. Recent electronic invoicing legislation and eAccounting reporting will bring further transparency to fraud as the legislation takes full effect […]
Since the Affordable Care Act (ACA) first took center stage, a lot of questions have been raised regarding what the health care law requires. During the 2015 tax season, which is the first time taxpayers will need to comply with the ACA’s tax information reporting rules, employers and insurers will likely need to help their […]
The IRS has kicked off the 2015 tax season, and it recommends that taxpayers file electronically. While this advice is aimed at individual taxpayers, it does indicate how budget constraints will slow services this year. “We encourage people to use the tools and information available on IRS.gov, particularly given the long wait times we anticipate […]
Are you prepared for the Foreign Account Tax Compliance Act (FATCA)? You’ve probably heard this question before, but have you been able to reply with a confident yes? If not, be sure to check out Convey Compliance Systems’ Implementing FATCA webinar, which will take place Wednesday, Jan. 28 at 1:00 p.m. CST. During this one-hour […]
Tax information reporting research is a difficult endeavor for many organizations, especially when new regulations are continually coming to light. To help with your non-wage tax legislation research, Convey Compliance Systems is hosting a free Simplify Your Non-Wage Reporting Research webinar Jan. 21 at 1 p.m. CST. With the 2015 tax season underway, organizations may […]
The IRS announced it launched its International Data Exchange Service (IDES) Jan. 12. This system allows foreign financial institutions (FFIs) and tax administrations to report on certain U.S. accounts to the agency under the Foreign Account Tax Compliance Act (FATCA). “The opening of the International Data Exchange Service is a milestone in the implementation of […]
Don’t forget Brazil – the leader in compliance regulations. It is important to remember that Brazil has just as many mandates coming down the pipe this year. As you evaluate your solutions approach to this mission critical economy, make sure you are addressing the inbound Nota Fiscal process known as Manifestação do Destinatário, especially if […]
2014 brought many new forms and regulatory updates to the world of tax information reporting, and some of these changes will be pertinent during the 2015 tax season. Many organizations should review the new regulations to ensure compliance in 2015 and the following years. Here is a look back at some of the big updates that […]
The Mexico eAccounting mandates are set to take effect on March 3rd, 2015 and there is still no end to end solution from SAP. Actually, there are some very glaring gaps to take into consideration. You still have time to address these issues with end to end solution providers. Continuing to wait puts you at […]
2015 will bring the first data transfers under the Foreign Account Tax Compliance Act (FATCA), which is a major milestone for the international tax legislation. However, some analysts have questions about whether the IRS will be able to effectively use this data due to recent IRS budget cuts. CPA Practice Advisor noted the agency is primed […]
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 […]