Tax information reporting research is a difficult endeavor for many organizations, especially when new regulations are continually coming to light. To help with your non-wage tax legislation research, Convey Compliance Systems is hosting a free Simplify Your Non-Wage Reporting Research webinar Jan. 21 at 1 p.m. CST. With the 2015 tax season underway, organizations may […]
The IRS announced it launched its International Data Exchange Service (IDES) Jan. 12. This system allows foreign financial institutions (FFIs) and tax administrations to report on certain U.S. accounts to the agency under the Foreign Account Tax Compliance Act (FATCA). “The opening of the International Data Exchange Service is a milestone in the implementation of […]
Don’t forget Brazil – the leader in compliance regulations. It is important to remember that Brazil has just as many mandates coming down the pipe this year. As you evaluate your solutions approach to this mission critical economy, make sure you are addressing the inbound Nota Fiscal process known as Manifestação do Destinatário, especially if […]
2014 brought many new forms and regulatory updates to the world of tax information reporting, and some of these changes will be pertinent during the 2015 tax season. Many organizations should review the new regulations to ensure compliance in 2015 and the following years. Here is a look back at some of the big updates that […]
The Mexico eAccounting mandates are set to take effect on March 3rd, 2015 and there is still no end to end solution from SAP. Actually, there are some very glaring gaps to take into consideration. You still have time to address these issues with end to end solution providers. Continuing to wait puts you at […]
2015 will bring the first data transfers under the Foreign Account Tax Compliance Act (FATCA), which is a major milestone for the international tax legislation. However, some analysts have questions about whether the IRS will be able to effectively use this data due to recent IRS budget cuts. CPA Practice Advisor noted the agency is primed […]
The IRS has published a revised version of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. Although the IRS designated the update for the 2015 tax year, the change includes some information that is relevant to the 2014 tax year. The agency noted the delayed revision resulted from steps to provide more […]
The Holy See has reached a Model 1 intergovernmental agreement (IGA) in substance to comply with the Foreign Account Tax Compliance Act (FATCA). Even though the overall reporting is expected to be small, this represents a big win for the expanding international tax legislation as the jurisdiction has a history of maintaining secrecy. In fact, […]
When virtual currency is used to purchase other items or services, a semi-taxable “barter” transaction has arisen in New York. Bitcoin and other virtual currencies have been a hot topic as of late, and it seems that New York has decided to address this issue with respect to sales tax. Previously, the IRS had held […]
It’s that time of year again where business owners look back on the past 12 months, take an assessment of where they are and what they should prepare for the 12 months that are yet to come. While 2014 had a lot to do with compliance, given the heightened regulatory climate, that theme will continue […]
The U.S. Treasury Inspector General for Tax Administration (TIGTA) has released its latest Semiannual Report to Congress, which covers April 1 to Sept. 30 and cites the Affordable Care Act (ACA) as the IRS’ most significant undertaking. While the report recapped many of the agency’s challenges, including the implementation of the Foreign Account Tax Compliance […]
Risk management is a key component of a business’s structure. Compliance is one of the ways in which companies deal with these risks, which can come from a variety of sources. Some of these mechanisms are required for businesses to engage in commerce over state lines or overseas, but there are also internal compliance schemes […]
International law officials are cracking down on corporations and firms that break the rules by bribing legislators and governmental leaders. The latest example comes out of Texas, where a well-known aircraft maintenance company confessed to having participated in a backroom deal that aimed to skirt the Foreign Corrupt Practices Act. Dallas Airmotive, Inc, which specializes […]
IRS Commissioner John Koskinen has made another announcement about how the agency’s budget cuts, which Congress included in the The Tax Increase Prevention Act, will present noticeable consequences. Following his announcement that the funding reduction has led to a hiring freeze, he has now said the agency could experience a two-day shutdown. This isn’t the […]
The Foreign Corrupt Practices Act is the law of the land. In order for multinational companies to engage in business, they have to be sure that the regulation is adhered to. Though companies that run afoul of the FCPA typically aren’t household names, that certainly wasn’t the case for Hewlett-Packard, the Palo Alto, California-based information […]
Rounding vs. the Sales Tax Bracket System We all learned about rounding in grade school. If you have something, that calculates out to less than 0.5 cents you round down. If it’s 0.5 cents you round up to the next penny. If you multiply a purchase price of .74 cents by a 6% sales tax rate […]
Cloud computing has grown by leaps and bounds in the fairly short period of time in which it’s been around for public consumption and use. Yet despite improved understanding of what the cloud is, there are a number of half-truths and misunderstandings about it, resulting in an uninformed consumer. “Cloud computing, by its very nature, is […]