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2020 GCS Speaker Spotlight Series | Cointracker

Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency industry. In this segment, we welcome Sheehan Chandrasekera of Cointracker, who will be attending & presenting at our upcoming conference in early October. In this segment of the “Speaker Spotlight” […]

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2020 GCS Speaker Spotlight Series | KPMG & Zions Bancorporation

Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series kicks off with the introduction to two brilliant women in the world of tax, Kelli Wooten of KPMG LLP and Susie Jensen of Zions Bancorporation, who will be attending & presenting at our upcoming conference in early October. These two professionals are particularly well-versed in […]

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Updated Publication 1220 Pushes States Towards Direct State Reporting for Form 1099-NEC

The IRS has released the 2020 version of Publication 1220. One of the most notable changes is that Form 1099-NEC (Nonemployee Compensation)—which was previously reported on Form 1099-MISC utilizing Box 7—will not be a Combined Federal/State Filing (CFS) form. This means that Form 1099-NEC cannot be filed with the states through the CFS Program. The […]

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Five Tips to Ensure You (and Your 1099 Service Provider) Are Prepared to Report on Form 1099-NEC (and MISC) This Tax Season

The 2020 tax information reporting season is rapidly approaching and the changes we know about so far are pretty complex. A primary example lies in the new Form 1099-NEC which was reintroduced by the IRS last fall and is required to be used for reporting 2020 nonemployee compensation payments (formerly reported in Box 7 of […]

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A New EU Country Code on the Horizon for Northern Ireland

Since 31 January 2020, the UK is officially no longer part of the EU but is considered a third country to the union although EU legislation will still apply to the country until the end of 2020. Although Northern Ireland is part of the UK, the region will remain under EU VAT legislation when it […]

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2020 GCS Speaker Spotlight | Government Accountability Office

The Government Accountability Office (GAO) will speak about gig economy tax issues at Sovos’ virtual GCS Intelligent Reporting conference.  Jessica Nierenberg from the U.S Government Accountability Office (GAO) and Caroline Bruckner from American University’s Kogod Tax Policy Center will host a session discussing details from the office’s report recently released to the U.S. Senate Finance […]

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Turkey Continues to Protect Employees from Effects of COVID-19

The Turkish government continues to minimize the effects of the COVID-19 pandemic on companies. A Presidential decree has extended the deadline for the Ban on Layoffs and Cash Wage Support from 17 July 2020 until 17 August 2020. This measure, which protects both employees and employers, is extended until 30 June 2021 and will be […]

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EC Considers Indirect Carbon Tax for Carbon Border Plan

The European Commission recently opened a public consultation on a carbon border adjustment mechanism (CBAM) to maximise the impact of tax in meeting the EU’s climate goals. A CBAM would reduce the risk of carbon leakage, which occurs when production is moved to countries with less robust climate policies, by ensuring that import prices better […]

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GAO Urges IRS to Overhaul 1099 Reporting for the Gig

A couple of weeks ago, the Government Accountability Office (GAO) released a report to the Senate Finance Committee describing the issues the IRS faces in enforcing income tax compliance for gig economy workers. The report highlighted long-standing issues the government has been grappling with in receiving tax information necessary to enforce compliance along with specific […]

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Tax IDs and List Checks: The New Trend

VAT gaps can generally be found in countries that collect indirect taxes. This hiatus has led many tax administrations to implement Continuous Transaction Controls (CTCs), through which transactional and accounting data are monitored in real-time or near real-time. However, even countries with sophisticated CTCs may encounter fraud involving missing traders and non-existent supplies. This creates […]

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Turkey: Penalties for Noncompliance with the Mandatory Electronic Document Framework

For rules to carry any real weight, the rule-maker must combine compliance with that rule with either a carrot or a stick. In the field of tax legislation, the rule-maker, in this case, the legislator or the tax authority, almost always goes down the route of the stick in situations of noncompliance. And the penalties […]

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New Educational Course: Tax Compliance and Accounting for Captive Insurers

Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance.  Captive insurance companies are yet another niche within that, which only narrows the […]

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Digital Services Tax Debate Intensifies

On 18 June 2020 European officials announced that an EU-wide digital services tax (DST) will be introduced if the US’s recent withdrawal from global tax negotiations stops international agreement. The US’s withdrawal follows the United States Trade Representative’s (USTR) initiation of Section 301 investigations into DSTs adopted or proposed in the EU and nine countries. […]

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Different Class: New Varying Approaches to Customs Administration from UK and EU

A touch of CLASS: simplifying access to customs tariff data CLASS – short for Classification Information System – is the new single point access search facility from the European Commission. It provides access to tariff classification data of goods entering or leaving the EU and is the latest step in developing an integrated approach to […]

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Industry First: Businesses and Government Partner on New Digital VAT Compliance Principles

For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm.  The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]

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E-Delivery Note Usage Scenarios

The General Communiqué no. 509 (communiqué) established the date of transition to the e-delivery note application and the full scope of the mandate. Whilst the communiqué addressed the general use of the application and the basic practices, it didn’t contain all the information businesses require and although the FAQ and information from the Turkish Revenue […]

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E-invoicing Trends Across the Middle East and North Africa

The concept of e-invoicing as a vehicle for increased tax control and cost reduction, continues to spread into new areas of the world. The number of countries adopting e-invoicing regimes are rising in the Middle East and North Africa as both governments and businesses by now are well-aware of the benefits. While some countries in […]

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Key Facts About Turkey’s E-Arşiv Invoice System

The era of paper invoices is coming to an end. With the e-arşiv invoice system, you can issue an electronic invoice, even to non-registered e-invoice taxpayers. This regulation enables companies to send invoices directly to the end-user via e-mail removing the need for paper invoices. Due to the official statement from the Turkish Revenue Administration […]

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