Norway’s government planned to officially require SAF-T reporting beginning in January 2017, but pushed the deadline back to 2018 as it finalizes details. With the 2018 deadline looming, companies need to start implementing their Norway SAF-T compliance solution now, or risk fines, penalties and business disruptions. SAF-T mandates have already been implemented in several EU […]
Why the First Year of CRS Reporting Isn’t Really Over Yet Don’t break up your Automatic Exchange of Information (AEOI) team just yet. The first round of reporting under the Common Reporting Standard (CRS) might be over, but jurisdictions themselves will soon begin exchanging information using the Common Transmission System (CTS). For financial institutions (FIs), […]
The changes in state tax reporting thus far in 2017 reflect much of what we learned in 2016: State governments want more information, and they want it sooner than before. Some examples of this phenomenon can be found in states such as Iowa, Maryland, Oklahoma, and Connecticut. Iowa now requires both W-2 and 1099 reporting […]
The employer mandate could be repealed if Senate Republicans push through their newest attempt to repeal and replace the Affordable Care Act, but it appears as though ACA reporting requirements under IRC 6055 and 6056 would remain intact. Republicans introduced the Graham-Cassidy Plan in recent weeks. The Senate has until September 30 to pass the […]
Overview: Sovos AEOI Event in New York City Sovos recently hosted its AEOI Global Compliance Series event in New York with an event focused on Automatic Exchange of Information (AEOI) reporting. Speakers for the event included Jennifer Sponzilli from KPMG, Darren Rykers from Ernst & Young, Chris Orchard from Hansuke and Lanu Chou from Pricewaterhouse […]
Note: This blog was updated on September 3, 2021. According to the Treasury Department’s American Families Plan Tax Compliance Agenda, the most recent assessment of the gross tax gap for tax year 2019 is approximately $580 billion. Recently, Treasury Deputy Assistant Secretary Mark Mazur testified before Congress that the projected tax gap could balloon to […]
Note: This article on 1099 B and P notices was updated on September 14, 2021. Sovos recently held a webinar on best practices for dealing with “B” Backup Withholding and “P” Penalty notices related to name and taxpayer identification number mismatch errors in 1099 reporting. Here, Sovos regulatory experts answer questions from webinar viewers on IRS B […]
Despite multiple repeal attempts, the Affordable Care Act (ACA) is alive and well. Employers still have to report ACA information or face increasing penalties. With ACA reporting still on HR professionals’ agenda, Sovos regulatory experts answer selected questions posed by viewers during a recent Society of Human Resources Management (SHRM) webinar. Their answers are here, […]
The Affordable Care Act (ACA) is still the law of the land, having survived attempts to both repeal and replace the legislation. It now has real teeth, with the dollar amounts of financial penalties having doubled in recent years. Here is what HR professionals need to know to prepare for the upcoming filing season and […]
If you don’t know much about the dark web, you’re not alone. Maybe 5 percent of internet users are on it (at a stretch), but it’s anywhere from 6 to 500 times larger than the consumer web. And it can definitely affect your job as a tax professional. Anything and everything is for sale on […]
Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals: Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases New developments in […]
The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]
Financial services companies are now forced to tackle a new breed of 1099 reporting requirements for corporate clients. Federal and state governments are increasing audit frequency and requiring more detailed data, and new rules are putting companies’ reputations on the line. Tax leaders at financial services companies have bigger burdens on their shoulders these days, […]
Amidst questions coming out of last week’s Senate vote-a-rama, one thing is clear: Information reporting obligations for Applicable Large Employers and providers of health insurance coverage will remain in place for the foreseeable future. Congress and the Administration are divided on how to proceed after multiple health care bills failed last week in the Senate. […]
The first talks on renegotiating NAFTA begin this month, and with continual discussions of a U.S.-first trade agenda, multinational companies with operations in Mexico are left uncertain on what these talks might entail. While no one knows exactly where these negotiations may land, multinationals should have some answers by the end of 2017, as all […]
New numbers suggest the PATH Act deadline for filing W-2 and 1099-MISC forms is continuing to cause havoc for employers. The PATH Act, enacted in late 2015, moved the filing deadline from March 31 to Jan. 31. Filers are struggling to meet the new deadline and avoid financial penalties, which are attached to both late […]
The Connecticut Legislature has passed new legislation that will move up certain Form 1099 deadlines and require additional Form 1099 reporting. Some of the essential changes can be found below. Effective January 1, 2018, Connecticut will require payers of pensions or annuity distributions, including distributions from an employer pension, an annuity, a profit-sharing plan, a […]
The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period will begin – with reports being due to SAT […]