1099
Why the IRS Needs to Release Cryptocurrency Tax Guidance
Despite IRS Commissioner Charles Rettig’s promise of “within the next 30 days” more than 30 days ago to Congress regarding the release of forthcoming cryptocurrency
Category: Tax Compliance
1099
The IRS Is Allowing TIN Masking on Form W-2. Here’s Why It’s a Good Idea
At last, the IRS is allowing payers to truncate, or effectively mask, tax identification numbers (TINs) on Forms W-2 sent to payees. The decision comes
Tax Compliance
Interpreting Insurance Tax Legislation
Tax legislation is sometimes structured, or worded, ambiguously. This leaves scope for a number of different interpretations for the treatment of tax on insurance policies,
Tax Compliance
Under the Bonnet of Motor Insurance
When it comes to motor insurance, everything is high; high tax rates, high volumes of tax administration and high levels of complexity. A thorough understanding
1099
TIGTA Report Reveals Value of TIN Matching, Problems with B Notices
The good news is that real-time TIN matching works to reduce errors in 1099 reporting. The bad news is that when errors do sneak through,
News
What the Tennessee Wine and Spirits Ruling Means for DtC Wine Shipping
Supreme Court Rules Against Tennessee’s Discriminatory Residency Requirements After months of waiting by the beverage alcohol industry, the United States Supreme Court published its ruling
1099
IRS Releases New Look W-4 to Mixed Reviews from Businesses
The IRS has released a draft version of the new 2020 Form W-4, Employee’s Withholding Allowance Certificate. It represents the most sweeping changes to this
News
HRMC Launches Consultation on the Operation of Insurance Premium Tax
Her Majesty’s Revenue & Customs (HMRC) – the UK Government department responsible for the collection of taxes – is undertaking a call for evidence to
Electronic Invoicing
Indian GST Council Confirms Plan to Roll out B2B E-invoicing System
Last week, the Indian GST Council convened for its 35th session, this time chaired by the recently appointed finance minister, Nirmala Sitharaman. As expected, the
Electronic Invoicing
Is India on a Path toward Mandatory B2B E-invoicing?
As more and more countries across the world depend on VAT, GST or other indirect taxes as the single most significant source of public revenue,
Electronic Invoicing
From E-invoicing to E-ordering: New Mandate Coming to Italy in October
Italy has been at the forefront of B2G e-invoicing in Europe ever since the central e-invoicing platform SDI (Sistema di Interscambio) was rolled out and
Sales & Use Tax
South Dakota v. Wayfair One Year Later – Retrospective and Look Ahead Webinar
Since the groundbreaking Supreme Court decision in South Dakota v. Wayfair last June, tax compliance requirements of sellers have undergone a seismic shift. In recent
Tax Compliance
Knowing When and How to Reclaim IPT
An insurer may need to reclaim insurance premium tax (IPT) from a tax authority for many reasons. These include a policy cancellation or mid-term adjustment,
Sales & Use Tax
Marketplace Sales Tax Collection Rules and Current State of Affairs
Marketplace sales tax laws are being used by states as an additional means to collect more sales tax revenue from remote sellers on marketplaces like
1099
IRS Promises Clarity on Crypto Tax Regulations This Month
For the second time in the last month, the IRS has alluded to forthcoming guidance related to cryptocurrency and digital asset transactions. IRS Commissioner Charles
Tax Compliance
France: New Mandatory Invoice Content Requirements Introduced
To help reduce delays in the payment of invoices, the French authorities by Ordinance No. 2019-359 of 24 April 2019 have clarified their invoicing rules
Electronic Invoicing
Italy’s E-Invoicing Mandate Extends to San Marino
Since Italy’s electronic invoicing mandate was introduced at the start of this year, suppliers performing cross-border transactions have been exempt from this obligation. This is
Electronic Invoicing
Why Clearance E-invoicing Is Both Inevitable and Positive for Businesses
Clearance-model e-invoicing will sweep the globe because it works – at least for tax administrations. With the VAT gap opening to more than half a