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Tax Considerations for Good Corporate Citizens

The COVID-19 pandemic has fundamentally changed the business landscape of our country in a matter of weeks. The demand for products such as paper products and hand sanitizers have overridden the ability of suppliers to fulfill orders. And perhaps most alarmingly, we have learned that our critical services such as hospitals, clinics and first responders […]

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Beyond Tax Reliefs: The Impact of Covid-19 on E-Archiving

The economic impact and consequences of coronavirus are unprecedented as it spreads across different countries. To protect their markets, many countries have reacted by loosening obligations and lowering rates. While most of these initiatives have an immediate impact on a business’s cashflow and are welcome they also, in many cases, have a long-term impact on […]

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Prepare for Errors with Form 5498

The IRS extended the individual income tax filing due date to July 15, 2020. The IRS also extended the time period an individual can contribute to their IRA and still apply those contributions to the 2019 calendar year. However, the IRS has not extended the issuing and filing due date for Form 5498 by the […]

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Norway and the Trend to Taxing Low Value Goods

From 1 April 2020, Norway will require non-resident suppliers of “low value” goods to Norwegian consumers to charge VAT on such supplies. Norway is the latest in a series of countries to take this step ahead of similar changes scheduled to begin in the European Union next year. Around the world, countries impose VAT style […]

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Turkey’s Digital Transformation and E-Invoicing Landscape

For companies operating in Turkey, 2019 was an eventful year for tax regulatory change and in particular, e-invoicing reform. Since it was first introduced in 2012, the e-invoicing mandate has grown, and companies are having to adapt in order to comply with requirements in 2020 and beyond.  According to the General Communique on the Tax […]

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EU VAT Measures in Response to Coronavirus

Countries worldwide are introducing indirect tax measures intended to mitigate the economic consequences of the coronavirus pandemic. Prospective measures by EU Member States include:   Austria Austria has announced that taxpayers can seek elimination of default interest and penalties for late submissions resulting from coronavirus.  Belgium Belgium has announced that businesses encountering financial difficulties can […]

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Overcome the Latest Challenges of Form 1042-S

The 1042-S form is one of the most complex IRS forms. Our recent webinar: “Form 1042-S: Turn Stress into Success” discusses updates to the 1042-S for the 2019 filing year, obstacles to filing and how your business can stay compliant. Below are the key takeaways from the webinar. What is the 1042-S The primary difference […]

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US Supreme Court will Hear ACA Challenge: What are the Ramifications for Tax?

On March 2, the Supreme Court announced it would consider a challenge to the Affordable Care Act (ACA), more commonly referred to as Obamacare. The legal challenge, brought by the Attorney General of Texas and before the Supreme Court as California v. Texas, seeks to overturn the landmark healthcare law. The challenge proposes that since the […]

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Virginia Lowers Reporting Threshold for Third-Party Settlement Organizations

The Virginia legislature recently passed legislation which makes significant changes to the reporting obligations of gig economy participants and specifically third-party settlement organizations (TPSOs). SB 211 stipulates that TPSOs must issue Form 1099-K to report payments made to their payees. And TPSOs must report payments made to participating payees with a Virginia address if those […]

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How to Prevent a Delaware Unclaimed Property Audit

Did your business receive a letter from the Delaware Secretary of State (SOS) Office? On February 20th, the Delaware SOS office sent “over 100 letters to various companies…that have been identified as likely being out of compliance with Delaware law, 12 Del. C. ch. 11, as it relates to reporting dormant, abandoned, or unclaimed property.” […]

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Prepare to Pay Taxes on Crypto Held in Foreign Accounts

The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. The GAO’s Recommendation However, a portion of the report was directed at the IRS and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. […]

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IRS Agrees to more Clarity on Crypto Information Reporting

The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. In the report, the GAO offered three recommendations for the IRS, and an additional recommendation for the Financial Crimes Enforcement Network (FinCEN), a bureau of the […]

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ECOFIN Speaks on EU VAT Reforms

Pivotal projects in the development of EU VAT The EU’s Economic and Financial Affairs Council (“ECOFIN”) issued a report in December. This followed its review of EU tax policies and developments since Finland took over Presidency of the Council of the European Union in July 2019.  In a previous article we summarised their status review […]

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Insurance Trends: The Reshaping of the Insurance Market

The insurance market for 2019 was marked by two key trends:  insurers implementing post-Brexit strategies, and the continuous rise of insurtech companies. But classic and more traditional insurance companies and captives have not surrendered. A hard Brexit has been anticipated by UK insurers British insurance companies have carefully planned for the different flavours of Brexit […]

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Will AB5 Become a National Trend?

California’s Assembly Bill 5 (AB5) has sparked a national trend towards increased regulations on the gig economy. New York, New Jersey and Illinois have followed California’s lead, attempting to pass their own versions of AB5. What is AB5? Triggered by the landmark Dynamex ruling, California’s AB5 requires businesses that hire gig workers to treat those […]

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Sovos Makes Back-to-Back Statutory Reporting Acquisitions with Purchase of Booke

In 2019, Sovos acquired Eagle Technology Management (ETM) for its history of innovation in statutory reporting and other key compliance solutions for U.S.-based insurance companies. Today, Sovos announced the acquisition of Booke, which provides critically important educational seminars to employees of American insurance companies and the Internal Revenue Service (IRS) on topics across property, casualty, […]

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Ongoing Trends in VAT Determination and Reporting

2019 was an exciting year for VAT and, given the ever-increasing pressure on governments to increase revenues, it’s likely that 2020 will be just as eventful. Although VAT is an ever-shifting landscape, below are three recent trends that we believe are poised to continue in 2020 and beyond: 1.  VAT obligations for remote sellers Globally, […]

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Starbucks Shakes Up the Banking World

Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value card liabilities and Starbucks’ investments in crypto. It also removed the word coffee from its signboard. Billions in value card liabilities Starbucks customers generate a massive amount of money purchasing […]

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