New Year’s Day 2016 brought numerous indirect tax changes to the state of Maine. These changes were varied and intended to complement reductions in the state’s income tax. One of the biggest changes that became effective January 1, 2016 relates to the sale of food and now there are new snack food taxes. In the […]
The Benefits to Adhering to the Original ACA Reporting Timeline for Tax Year 2015 Although the IRS has extended the deadlines for the first year of mandatory ACA filing, it is still possible to fulfill your obligations early—and doing so will greatly benefit your employees and organization in the process. Help Your 1040 Filers You […]
On Wednesday, January 27th, the US Justice Department announced that it had reached its final non-prosecution agreement under Category 2 of its Swiss Bank Program, this completing the Swiss Bank Program phase 2. The NPA was signed with HSZH, a one-time UBS acquisition. The Department of Justice (DOJ) launched its Swiss Bank Program in August […]
Once again, there was a variety of changes to FATCA over the past week. Take a look below to see the most recent updates, gathered by our expert compliance and research team. Ireland Revenue Temporarily Suspends Online FATCA Filing Ireland has temporarily suspended online FATCA filing. Beginning January 29, 2016, and continuing until early April, […]
The IRS recently announced significant modifications to FATCA reporting duties, affecting Chapters 3 and 4 of the Internal Revenue Code. Read more about this update, among others, in this week’s global recap from the Sovos expert compliance and research team. IRS Post Notice 2016-08 Announces Amendments of Chapter 3 and 4 Regulations The IRS posted […]
Tax information reporting presents many challenges for organizations due to the high demands of compliance regulations in addition to the frequent changes that need to be continually monitored and absorbed into current systems and processes. How organizations approach these challenges and the priority they place on tax compliance activity is a critical component to managing […]
One of the more interesting and important things in tax research is learning about the imposition of new fees and taxes on specific and somewhat unexpected items. These taxes allow us to keep our research skills sharp as well as point us in the right direction of exciting new client possibilities. Recently, we are seeing […]
CMO, Troy Thibodeau, Discusses the Challenges of Complying With FATCA and the Harbinger of CRS In the first quarter issue of Risk & Compliance e-magazine for 2016, Troy Thibodeau, CMO of Sovos provides an update on the progression with regards to the implementation FATCA, the challenges that the IRS has encountered, and what this could […]
Countries around the globe are making major movements towards FATCA compliance from Spain to Iceland to Anguilla. Check out this week’s recap from our compliance and research team of experts: Anguilla Releases Tax Information Exchange (International Co-Operation) Act of 2015 Anguilla has released the Tax Information Exchange (International Co-Operation) Act of 2015. The Act […]
IRS Releases Announcement 2016-03: Limited Penalty Relief for Filers of Form 1098-T As tax season is upon us, the IRS has released Announcement 2016-03 providing notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the 2015 calendar year solely because […]
Since the holidays, there have been changes all around the world with regards to FATCA. Here is a quick recap compiled from our expert compliance and research team of the latest updates that have been issued from different jurisdictions: Portugal Extends Reporting Due Date for Tax Year 2014 Portugal extended its Tax Year 2014 reporting […]
Not unexpectedly, the IRS has released new schemas for 1094-B, 1094-C, 1095-B, and 1095-C Affordable Care Act Information Returns (AIR) right as Tax Year 2015 season kicks off for the first year of ACA mandatory reporting. This means your organization is now required to update systems appropriately or confirm that your ACA reporting vendor is […]
Have you heard? The Internal Revenue Service just announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be: March 31st, 2016 (from January 31st) for printing and mailing 1095 Forms to recipients and; June 30th, 2016 (from April 30th) for sending the […]
While everyone has been out holiday shopping, or following the current presidential race, last week Congress passed a bill. And not just any bill, but a big one, a major piece of legislation that once again averts a government shutdown. H.R. 2029, Consolidated Appropriations Act, 2016 (the Omnibus Spending Bill), was enacted Friday, December 18th […]
Many organizations who have 1099 filing requirements point to a common problem: the difficulty of understanding their compliance obligations. Maintaining compliance is essential for businesses to thrive and grow. Therefore, tax information reporting must remain a high priority for internal tax and finance teams. Encountering Limited Compliance Expertise First of all, tax information reporting is […]
Affordable Care Act reporting deadlines are just around the corner. This complicated law has significant tax implications for businesses. There are many ACA obligations that are a part of the ACA legislation that organizations must fulfill, including those for reporting as a large employer. The IRS will be monitoring businesses’ compliance with these reporting requirements. […]
Sovos Compliance was the premier gold sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held on November 10th and 11th in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world. The 2015 AEoI Congress was dedicated to achieving compliance for Global Information […]
As the deadlines for the first year of ACA mandatory reporting to the IRS quickly approach, organizations should have already identified their ACA reporting obligations under IRC 6055 and/or 6056. No matter your organization’s specific obligations for the ACA under those codes, one thing remains consistent: The AIR System electronic transmittal to the IRS. The […]