Blog

The Common Reporting Standard (CRS) is fast becoming the global standard for tax information reporting outside the United States. As more countries adopt CRS, and as penalties for late, incorrect or missed CRS filings become more severe, financial institutions need to know what their compliance requirements are. Following are clarification and detail about what insurers […]

Implications of OECD VAT Guidance for Businesses On Oct 24, the Organisation for Economic Co-operation and Development (OECD), released further guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. Business should take particular note of this development as history proves that OECD guidance, particularly in this space, […]

The ISO Invoice Tax Report and SAF-T specifications for online tax administration invoice controls exemplify fundamentally different directions in the rapidly evolving electronic invoice compliance space; these models affect businesses in very different ways. If you want to know if trading parties respect indirect tax requirements in their dealings, there are essentially two ways to […]

Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]

Currently, companies in Brazil must submit two separate types of invoices to the tax authority – product invoices (NFe) and service invoices (NFSe). Product invoices for goods and raw materials are standardized throughout the country, allowing companies to centralize their compliance processes; however, service invoices vary heavily depending on the city.

It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]

In both the House and Senate, Congress is looking to change the thresholds for Form 1099-MISC and Form 1099-K reporting. Form 1099-MISC, which is used to report miscellaneous income, currently has a general threshold of $600 with some exceptions (e.g. royalties of $10 or more, or direct sales of at least $5,000 of consumer products […]

Changes to global FATCA and CRS compliance requirements happen frequently.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Cyprus Extends Country-by-Country Reporting Deadlines for CRS Cyprus recently announced that the submission […]

The Peruvian Tax Administration SUNAT recently authorised the first two e-invoicing operators that will eventually take over the current centralised clearance service at SUNAT: Peruvian/Danish owned eFact and Chilean/US owned Paperless/SOVOS. SUNAT’s new model is a distributed one, named “OSE” (Operador de Servicios Electrónicos) in Peru and has both similarities and differences with the Mexican […]

A recent move by the IRS to reject 1040 forms that don’t properly indicate taxpayers’ health-insurance status shows that the Affordable Care Act is both still in effect and relevant to tax reporting. After a summer of attempts to repeal the ACA, the law survived, as did the tax information reporting requirements it carries.  Now, […]

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

The European Commission recently made a big communications splash about what’s literally being positioned as the ‘final’ EU VAT system. The change in the logic to be applied as to the ‘place of supply’ is indeed fundamental to the VAT system and its legal underpinnings, and it will affect companies in their administrative practices. So […]

Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2017 Version of Form […]

Keep current with VAT and B2G Reporting news without having to sift through the news every day. Here are the most significant happenings in the world of VAT and B2G Reporting from September: UK HMRC Opens Consultation for Further “Making Tax Digital” Legislation Last week, Her Royal Majesty’s Revenue and Customs (HMRC) announced the opening of a […]

Although financial institutions (FIs) certainly struggled to comply with the Foreign Account Tax Compliance Act (FATCA) during its first reporting season in 2015, panelists at SIFMA’s Global Tax Symposium in New York City agreed that FATCA is far less complex than the Common Reporting Standard (CRS). One panelist noted that the biggest challenge in complying […]

This week we look at three interesting sales tax compliance articles from around the Web you may have missed while manually looking up tax rates, entering exemption certificates for new customers or submitting IT help requests for changes to your ERP. 1. Over at FEI Daily, Tom Nicolosi and Carey Oven discussed the many reasons […]

Colombia has aggressively promoted the adoption of e-invoicing since 2015. That year, Decree 2242 introduced mandatory e-invoicing in XML format through regulated schemas, use of digital signatures and real-time invoice controls by the tax authority DIAN as a clearance point. This model, which represents a significant departure from the previous ‘classic’ VAT invoicing scheme, can […]

NFe 4.0 Introduces Unprecedented Product Traceability NFe 4.0 ushers forth new requirements that make a new level of product tracking possible. Specifically, the SEFAZ, Brazil’s tax authority, requires companies subject to sanitary regulations or recall cases, as well as those that produce agricultural pesticides, veterinary products, dental products, medicines, beverages, bottled waters, food packaging, etc., to […]