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Premium taxes shouldn’t be overlooked as pressure mounts for insurers to protect profit margins. The UK insurance market in recent years has achieved on average a combined ratio of 95%, meaning that for every £100 of premium income written, the insurer makes an underwriting profit of £5. If you then consider that the standard rate […]

Background Generally, under Internal Revenue Code 3406(a)(1)(A), when a payer of US source income fails to collect a US tax identification number (TIN) in the manner required for the type of payment being made, 24 percent backup withholding is applicable at time of payment. Filers are required to remit those amounts to the IRS and […]

With more companies focusing on global integration, cross-border supply chains and expanding ecommerce, governments across the globe are introducing new ways to enforce tax rules and close their tax gaps. The evolving global regulatory environment produces unique tax determination and reporting challenges in the United States and additional VAT and e-invoicing compliance challenges around the […]

Some insurance premium tax regimes operate a kind of prepayment mechanism, whereby insurers are required to pay an amount to the tax authorities in anticipation of future tax liabilities.  This credit is then drawn down on or adjusted as and when actual tax liabilities crystallise.  Prepayment should not, therefore, represent an additional cost to insurance […]

In December 2018, the state of Colorado made substantial changes impacting the sales tax collection and remittance requirements imposed on both in-state and remote sellers. The state extended a grace period for companies to comply with these requirements through May 31, 2019. Beginning June 1, 2019, under the new rules, most companies will be required […]

Of course it is! A lost dog wandering the streets is fairly easy to identify as lost, and his location doesn’t change your ownership. You know that the lost and found box at the front desk is there to reunite you with something you misplaced, but how do you identify what is ‘abandoned’ or ‘unclaimed’ […]

Pawel Smolarkiewicz, chief product office at Sovos, will speak on the digital transformation of tax and its effect on SAP S/4HANA at next week’s SAPPHIRE conference in Orlando.   As countries make continuous tax compliance the new normal, businesses are finding that they have to respond by putting tax compliance functionality at the core of […]

The great corporate awakening Many corporations that previously saw e-invoicing mandates as a developing country problem are now realizing that invasive transaction-based digital tax controls are popping up everywhere around the world. Teams of experts and executives across finance, IT, tax and other functions are being pulled together by leading enterprises to define ways to […]

For the second time in less than a year, members of Congress have sent a letter to the IRS imploring the agency to provide guidance on its policy for cryptocurrency taxation and related tax information reporting. This time, there is a deadline for the IRS to respond. Led by Minnesota Republican Tom Emmer, 21 members […]

Some organizations might have been surprised recently to receive a correction letter from the Social Security Administration (SSA) requesting corrected information on Form W-2 due to a name-social security number (SSN) mismatch. Although there is no penalty associated with the SSA letter, it could serve as a warning to help organizations stave off penalty notices […]

The Danish government has introduced new law creating a state-owned insurance scheme for compensation for losses arising from a terrorist attack using chemical, biological, nuclear and radioactive (CBNR) weapons. The scheme comes into effect on 1 July 2019. There had been concerns that CBNR terror coverage available in the market was limited and, as it […]

For more than 33 years, EY has been at the forefront of identifying game-changing business leaders and celebrating ingenuity through its Entrepreneur of the Year Awards program. The firm recently named Andy Hovancik, CEO, as a semifinalist in its Entrepreneur Of The Year 2019 New England Awards program, billed by EY as the world’s most […]

SAP Central Finance is driving migration to SAP S/4HANA as companies look to deliver value to their finance and accounting organizations, as well as improve on the configuration of previous financial systems. And for most companies making the transition, tax compliance is a priority. In a recent survey by SAP Insider, 74 percent of SAP […]

A draft circular, published by the Ministry of Treasury and Finance of Turkey on 15 May, has proposed an extension to the deadline for the mandatory issue of e-waybills. Whilst the circular still needs to be formally approved, the new deadline is expected to be 1 January 2020.  The postponement to the transition period gives […]

SAP S/4HANA is the promised land for SAP customers: an entire suite of ERP functionality in one place with a single data store. The ability to run all ERP capabilities, both from SAP and non-SAP systems, from a single source represents delivery of a model IT professionals and SAP administrators have sought for years. Getting […]

Marketplace Facilitators and Payment Processors Find Themselves in the Global Tax Compliance Crosshairs – Part II As we discussed in part I, “Marketplace Facilitators and Payment Processors – The New Taxpayers?” an indirect tax trend the past several years is an effort to expand the number of types of businesses responsible for collecting tax, such […]

With the issuance of Resolution 5/2019 by the Ministry of Labour and Production, Argentina has implemented the electronic credit invoice, a credit instrument intended to speed up payments and finance of small and midsize companies. The electronic credit invoice is an invoice that the supplier issues to the buyer. The supplier will then also fiscally […]

Tax Year 2018 brought important and likely unwelcome changes for organizations filing Forms 1099. At the same time the IRS eliminated the 30-day extension of time (EOT) for filing Forms W-2 and 1099-MISC reporting non-employee compensation, the agency also increased penalty amounts for late or incorrect filings. Accurate information and corrections on Forms 1099 is […]