It has been several years since California changed its unclaimed property reporting process, yet many holders are still unsure how to remain compliant. This is because California’s reporting cycle includes two different reports. Below are the steps to submitting those reports and remaining compliant in California: Step 1: Holder Notice Report The first report is […]
The following is an excerpt from “Trends in Continuous Global VAT Compliance,” the 11th edition of the industry’s most comprehensive guide to e-invoicing, e-archiving and VAT reporting. The full report is available for download. To reduce the VAT gap, countries are pushing taxable organizations to comply with VAT requirements and enforcing different types of legal […]
The International Chamber of Commerce (ICC) has released the new 2020 version of the Incoterms. Incoterms are important business shorthand and understanding their express meaning and intended usage is incredibly important in minimizing business risk and ensuring compliant VAT reporting. The following information provides some basic guidance for tax compliance professionals looking to refresh their […]
HMRC administers the whole of the tax system for the UK and Northern Ireland. Although there are some 5.7 million active businesses in the UK, less than half a percent are responsible for 40% of the tax HMRC collects (approximately £217 billion in 2017). So, how well those businesses manage their tax compliance will make […]
A recent joint webinar with ASUG, “How the Wayfair Ruling Will Impact Your SAP S/4HANA® Journey,” covered the effects of Wayfair, including changing economic nexus thresholds, challenges for sellers and buyers brought on by the ruling, and how to plan for SAP S/4 HANA. Impact of Wayfair and economic nexus Since the Wayfair decision, when […]
Mexico is introducing a tax reform to be enforced on 1 January 2020, implementing a general anti-abuse rule. Its aim is to increase governmental control over the transactions carried out by taxpayers. To counter abuse of tax law, the anti-abuse rule will allow tax authorities to adjust the nature of the operations reported and, consequently, […]
Historically, the IRS required 1099 filers of 250 or more forms to file electronically (e-file). For businesses filing fewer than 250 forms, the IRS allowed paper filings. However, the 1099 reporting process will soon be almost completely electronic. The state of Oregon made a similar change in 2018, and the trend is about to go […]
For those following the ongoing tax control reform in India, 2019 has been a very eventful year for Indian e-invoicing. Starting last spring, a group of government and public administration bodies have convened regularly with the mission of proposing a new way of controlling GST compliance through the introduction of mandatory e-invoicing. Given the vast […]
Despite what you may have heard, the Affordable Care Act (ACA) tax reporting requirements are not dead. In fact, enforcement of the Employer Shared Responsibility Provisions (ESRPs) under IRC 4980H is very much alive at the federal level. And states are enforcing the individual mandate. Federal Enforcement of ESRPs Many employers and other filers of […]
Mandatory SAF-T (Standard Audit File-Tax) reporting will be introduced in Norway from 1 January 2020. Use of SAF-T, a standardized XML format containing exported accounting information, remains voluntary until that date. SAF-T is designed to reduce compliance and administrative costs for businesses and revenue bodies and enhance audit outcomes. Its standardized, easily readable layout and […]
For the first time in state history, the Illinois state legislature has enacted form 1099-K reporting requirements as part of the FY20 Budget Implementation Act. This change is a new direct state reporting requirement for payers of income made to Illinois residents. For 2019 reporting, Illinois requires form 1099-K reporting to be submitted to them […]
As we sit on the cusp of 2020, we find ourselves living in a world where almost every state imposes tax collection and remittance obligations on remote sellers (an increase of 50 percent from last year) and where a majority of states have enacted rules that impose new tax collection and remittance responsibilities on third […]
First legislation of the myDATA The requirement for the mandatory submission of tax data to the Independent Authority for Public Revenue (IAPR) has finally been established in law, specifically in the new tax bill approved by the Greek parliament just a few days ago. The tax bill further mandates the IAPR to finalize, by way […]
Companies are dealing with a fundamental shift in the way they do business with trading partners. In a rapidly increasing number of countries, there’s a third party inserting itself into every transaction. It’s the government, and it’s wedging its way into every order a company ships or receives. In an effort to close a massive […]
When people think of sales and use tax, Alaska is generally not top of mind. Alaska is the “A” in “NOMAD,” an acronym typically used to describe the states that do not impose sales tax. While it’s true that Alaska is one of the few states without a state-level sales tax, many of the state’s […]
We are now more than 16 months removed from the groundbreaking Supreme Court decision of South Dakota v. Wayfair. This decision unlocked the ability for U.S. states to impose a sales tax collection and remittance responsibility on remote sellers based solely on their economic connection to that state. Within that time, virtually every state imposing […]
In Europe, Poland seems to be the first country to move away from the traditional VAT return replacing it with a detailed Standard Audit File for Tax (SAF-T). This is basically an expansion of the SAF-T system already used in Poland since 2016. Large enterprises must start working with the expanded SAF-T system from April […]
Since July 2018, taxpayers in Hungary have been obliged to disclose the data of electronic invoices issued for transactions with accounted VAT exceeding HUF 100,000 (approximately €300). This data must be transmitted to the National Tax and Customs Administration of Hungary (NAV) in a structured manner once the electronic invoice has been issued. This fiscal obligation […]