Blog

ACA Season Preparation: Deadlines and Penalties Get Serious

The Affordable Care Act (ACA) survived an onslaught of resistance and repeal attempts last summer, and ACA reporting for tax year 2017 reporting is definitely happening. This year, unlike in years past, extended filing deadlines are unlikely and financial penalties are very real. For filers, both the complexity and the risk of ACA filings are […]

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1099 Compass Regulatory Update: Week of Nov. 6, 2017

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. South Carolina Publishes 2017 Instructions & […]

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Unlucky 7: New IRS Guidance Reveals Why 1099-MISC Forms Could Be at Risk

IRS Publication 1220 contained a potentially nasty little surprise for 1099-MISC filers. The trouble centers on Box 7, the area of the form where filers signify non-employee compensation. For tax year 2016, forms with information in Box 7 are due Jan. 31, 2018, although the IRS will extend the deadline to March 2 upon request. […]

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1099-Krazy: Why Tax Reporting in the Sharing Economy Is about to Get a Lot More Difficult

Two trends have converged to create a nightmare for tax information reporting. First, the sharing economy has redefined work and taxation of wages. Second, the IRS has decided that it needs to bridge the gap between revenues and taxes paid—a divide that the sharing economy has only made wider. The result is a nightmare scenario […]

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AEOI Compass Update: Week of Oct. 30, 2017

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. Singapore Releases Updated CRS FAQ Singapore has updated its CRS FAQ.  The updated […]

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A Guide to CRS Reporting Requirements for Insurance Companies

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 […]

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Evaluate Your Tax Team for Regulatory and Business Change

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 […]

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Building a Tax Team to Meet Future Compliance Requirements

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 […]

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Congress Mulling Altering Thresholds for Forms 1099-MISC and 1099-K

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 […]

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AEOI Compass Update: Week of Oct. 16, 2017

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 […]

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Building the Tax Team of the Future to Navigate the Regulatory Storm – Webinar

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 […]

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New IRS 1040 Requirement Shows ACA Reporting Is Very Much Alive

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, […]

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1099 Compass Regulatory Update: Week of Oct. 9, 2017

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 […]

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How Financial Institutions Should Respond to the Challenges of CRS

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 […]

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Handle SAF-T once and for all

Norway’s tax administration recently advised Sovos regarding its previous plan to make the new SAF-T regulations mandatory by January 1, 2018, which it now says is unrealistic. Sovos’ Jeroen Wensveen discussed this development in our webinar at the beginning of September, ‘Helping companies meet their eAccounting obligations is what we do. Next up is Norway […]

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AEOI Compass Update: Week of Oct. 2, 2017

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 changes in AEOI reporting from this week. New Zealand Updates Guidance Notes for Reportable Accounts and Collective Investment […]

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3 ACA Reporting Issues You Need to Prepare For Since the Graham-Cassidy Bill Fizzled

The Affordable Care Act and its associated reporting requirements remain the law of the land after the Senate announced it will not hold a vote on the Graham-Cassidy bill. Here are three things businesses need to keep in mind when planning for ACA reporting season: You’re on the hook for reporting. Senate Republicans have tried […]

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1099 Compass Update: Week of September 25, 2017

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 2018 Draft Form 1098-T, […]

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