Most countries that impose an eInvoicing mandate require taxpayers to report not only issued invoices, but also eInvoices received from their suppliers. With Colombia’s eInvoicing requirement reaching all taxpayers by January 1, 2019, and many prior to that date, companies operating in Colombia are asking whether the country is following this same pattern. Inbound eInvoicing: […]
Singapore was one of the early adopters of e-invoicing in the Asia Pacific region. Since 2008, e-invoicing has been mandated for all e-invoicing business to government (B2G) transactions. But, when it comes to B2B e-invoicing in Singapore – as a country with a legal system based on common law – has until now focused mainly […]
Last Tuesday, the Supreme Court heard oral arguments in South Dakota vs. Wayfair which challenges a precedent most recently articulated in the 1992 case of Quill vs. North Dakota. Quill affirmed that a business must be physically present (loosely defined as people or property) in a state before it can be compelled to collect and […]
Several nations worldwide are following in the footsteps of pioneering Latin American countries, leveraging data and automation to ensure compliance with tax regulations. Building on early requirements for VAT reporting and eFiling, many countries are now focusing on transactional data with real-time electronic accounting, ledger, invoice and receipt mandates, paving the way to reach the […]
As a Magento Select Technology Partner, Sovos will help streamline sales and use tax compliance for rapidly growing e-commerce businesses of all sizes. April 20, 2018 — Sovos, a global tax compliance and reporting software leader, announced today that it has been named a Magento Select Technology Partner to improve sales tax determination and filing […]
Sovos, a global leader in tax compliance and regulatory reporting software, today announced it will be a Gold-level sponsor at SuiteWorld18, an annual celebration of NetSuite customers and partners. Now in its 8th year, SuiteWorld is the preeminent Cloud ERP conference where users, partners, and developers can share insights and new ideas about growth across […]
On 27 September 2017, Italy submitted a formal request for derogation from two provisions in the European Union VAT Directive – a formal hurdle and legal necessity to be able to roll out the ambitious e-invoicing mandate for all domestic Italian invoices. While waiting for the decision from the EU Council, Italy proceeded with legal […]
La Dirección de Impuestos y Aduanas Nacionales (DIAN) emitió una nueva resolución 000010/2018 el 6 de febrero que requiere que los grandes contribuyentes emitan y presenten facturas electrónicas antes del 1 de septiembre de 2018. En Colombia, esta resolución era esperada ya que la DIAN había emitido un borrador de la misma en el último […]
La mayoría de los países que imponen un mandato de facturación electrónica requieren que los contribuyentes informen no solo las facturas emitidas, sino también las facturas electrónicas recibidas por parte de sus proveedores. Dado que el requisito de facturación electrónica de Colombia llega a todos los contribuyentes antes del 1 de enero de 2019 y […]
Mandatory eInvoicing in Costa Rica is becoming a reality in 2018. Initially targeted toward service providers, Costa Rica is rolling out the requirement to additional companies later this year, and they must prepare now for the change in processes and operations. Summary of the Law In late 2017, Costa Rica announced mandatory eInvoicing for service […]
Only two months remain until Hungary’s new real-time VAT reporting requirements kick in on July 1, 2018, and businesses must be prepared to comply with a fully automated process. Spain was the first country in Europe to adopt a Latin American-style VAT reporting model with its Immediate Supply of Information (SII), which requires companies to […]
Many businesses engage in special sweepstakes or other forms of promotion marketing to create more visibility to their brands. While this is a great way to improve lead generation and conversion, companies must consider the tax information reporting obligations. This is not only important so businesses avoid IRS penalties by submitting the appropriate forms, but […]
Form 1099-SA, Distributions From a Health Savings Account (HSA), Archer Medical Savings Account (MSA) or Medicare Advantage MSA, and Form 5498-SA, HSA, Archer MSA or Medicare Advantage (MA) MSA Information, are tax information reporting documents related to health savings accounts. These forms are tied together because Form 1099-SA is used to report distributions to an […]
Sales and use tax exemption certificate management is critical to creating an effective tax compliance process for manufacturers and wholesalers. As states move forward with employing technology-driven compliance requirements and enforcement measures to maximize revenues, manufacturers and wholesalers can expect an impact to their bottom lines and profitability due to penalties, interest and fees if […]
Sovos experts will join their peers from the IRS and the tax industry at the 2018 Tax Reporting and Withholding Conference April 23-25 in Arlington, Virginia. The conference, which will take place at the Pentagon City Ritz-Carlton, will cover a wide range of issues related to tax compliance and regulations. On April 24, Sovos Solution […]
Costa Rica is currently in the process of transitioning to mandatory e-invoicing by 2019. The use of e-invoicing will help the Costa Rican government strive toward its goal of digital inclusion, but also help combat tax evasion by optimising tax controls. Its strategy will place it alongside other Latin American countries, including Mexico, Brazil, and […]
John Sileo, who has spoken at the Pentagon and to Visa, Pfizer and the FDIC – among many other institutions – will headline the Sovos Intelligent Reporting Summit in Denver in October. A leading expert on cybersecurity and identity theft, Sileo draws on his experience as a victim of identity theft to entertain and teach […]
Real-time electronic audits are increasingly common throughout Latin America, requiring companies to maintain 100% accuracy in their electronic documents and record-keeping. This process all starts with the eInvoice – audits are triggered if an invoice isn’t submitted correctly or if it is inconsistent with eAccounting reports and other electronic filings from a company’s buyers and […]