The Bahamas Finance Ministry has selected Convey Compliance (now a Sovos Compliance Company) and EY (Ernst & Young) to work in conjunction to put the country’s solution for the Foreign Account Tax Compliance Act (FATCA) in place. The two companies will work with the Finance Ministry to create a secure process for submitting tax information for […]
We have a new name! As many of you already know, last year, Convey, Taxware and VAT Resource came together as one organization. We now have a new corporate name: Sovos Compliance. This new name represents a broader vision and scope for the combined business. The name Sovos is inspired by the roots of Greek words, […]
Hybrid Cloud Solutions Provide Real-Time Day-to-Day Support In the third part of our series examining how the transition to Brazil Nota Fiscal Version 3.1 can be simplified using a hybrid cloud compliance model, let’s review how managed services offer economies of scale to reduce annual support costs. On-premise solutions force you to monitor, design and […]
Shipping Issues and Audit Risks now back to 2009 are key areas of potential business impact Companies over the last 6 months have been working diligently on upgrading Brazil Nota Fiscal environments to version 3.1. And while the IT projects is almost over, the business impact has yet to begin. Are you at risk of not […]
Even in the initial years of a new tax information reporting requirement, filers hope to meet their obligations with as few errors as possible. However, one Affordable Care Act (ACA) health care exchange made a large mistake in sending 100,000 incorrect 1095-A forms, The Los Angeles Times reported. The error lies in a discrepancy for […]
The Hybrid Cloud Compliance Model Eliminates Failure Points and the Need for Constant Monitors As we continue to examine the benefits of leveraging a hybrid cloud model for Latin American e-invoicing compliance in preparation for the transition to Nota Fiscal (NFe) Version 3.1, let’s take a look at the traditional failure points that can be […]
The IRS has posted the latest edition of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, Individual Retirement Accounts (IRAs), Insurance Contracts, etc., as well as new instructions, which also cover Form 5498, IRA Contribution Information. The form has only one change, which is related to the Foreign Account Tax Compliance Act (FATCA). […]
Understanding the Proposed Changes To the Puerto Rico Consumption Tax System On February 11, the Governor of Puerto Rico introduced PS 1304. The intent of this bill is to fundamentally change the Puerto Rico tax system. According to the Governor, dramatic change is necessary as the current tax system is considered to be rife with […]
The IRS doesn’t just say that it will fight cross-border tax evasion – it produces results from its enforcement actions. This was one key point from an IRS release recounting the success the agency has had thus far. “The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help […]
The deadline for the first data transmission under the Foreign Account Tax Compliance Act (FATCA) is coming soon, and some countries are still scrambling to get their processes and agreements in order. India is among these jurisdictions, as it will soon try to extend its timeline for signing a formal intergovernmental agreement with the U.S. […]
In recent years, banks across the globe have been placed under a microscope as authorities seek to curb cross-border tax evasion. Many organizations have faced penalties, fines and reputational damage as a result of this crackdown. In the latest case, one multinational bank’s operations in Switzerland helped numerous wealthy individuals evade taxes. This revelation came as […]
How Do I Tax Thee? Let Me Count the Ways… Valentine’s Day is just around the corner,and that means teddy bears, roses, and, of course, candy! Crazy facts about the amount of candy purchase can be found everywhere. According to National Confectioners Association (NCA), about 40 million heart-shaped chocolate boxes are expected to be sold for […]
On Feb. 2, President Barack Obama presented his budget proposal for fiscal year 2016, which included a number of provisions that would impact tax reporting. One key point is the proposed budget would expand the IRS’ enforcement budget, giving the agency the funding it needs to close the tax gap and bolster the Treasury Department’s […]
The Organization for Economic Cooperation and Development (OECD) has continued to net more jurisdictions under its common reporting standard (CRS) for the automatic exchange of tax information (AEOI). Since the OECD published the CRS in early 2014, many countries have signed on to use this model for their cross-border tax treaties. According to Delaney Partners […]
Many analysts have offered their opinions on what will come of the IRS’ enforcement and assistance abilities as a result of a large budget reduction Congress passed in 2014. Mark Everson, former IRS commissioner, is the latest person to chime in on the issue, noting the effects will extend beyond the 2015 tax season woes […]
Keeping up with the tax rules in every jurisdiction can be a daunting and time consuming task. With hundreds of State, City, County and District rates to worry about, it is easy for changes to slip through the cracks resulting in filing errors, fines and penalties. “As we started selling into new states, the burden […]
Tax season is often an extremely stressful time for compliance teams, so companies should use technology to their advantage to get through tax season. Whether companies are keeping track of receipts or completing forms to send to payees, technology is their go-to resource for tax information reporting. Keep everything on hand with compliance technology Technology […]
The IRS’ Criminal Investigation (CI) Division and Her Majesty’s Revenue & Customs (HMRC) from the U.K. recently collaborated on a symposium held over three days in the District of Columbia. The event focused on international financial crimes and cross-border tax evasion, indicating governments are putting a lot of effort into preventing these crimes. Both IRS CI […]