Connecting the Dots of Unclaimed Property

Most companies probably don’t understand the risks associated with unclaimed property, but they can be significant. In this eBook, learn:

  • What unclaimed property is and why it presents risks
  • How to manage state-by-state unclaimed property regulations
  • How to deal with unclaimed property compliance efficiently and effectively 

Determination & Remittance: The Two Sides of Tax

Achieving sales tax compliance is a complicated process that is growing more complex by the day. Every new regulation, law and rule must be accounted for or you run the risk of being audited. There are several steps in the process that must be accounted for and managed correctly.

First, sales tax determination is something that every business should fully understand. If you don’t know how to determine sales tax, you are already at a disadvantage in trying to meet and maintain sales tax compliance. You are likely to either over or under charge a customer which can lead to problems with regulatory authorities either way. So, take the time to understand this process and get it right from the beginning.

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Once you understand how to determine sales tax correctly, then comes the process of collecting and remitting sales tax to the appropriate regulatory authorities.

Armed with the knowledge of how to properly calculate and determine the proper amount of sales tax to charge, you can effectively process these transactions with confidence that you are doing so while in full compliance with regulatory standards.

However, collecting sales tax is only one half of the equation. To be fully compliant, you also must remit sales tax on time and use the proper forms and method. The remittance process can vary greatly state by state so it’s essential that you understand the regulatory requirements of each state you are operating in.

Some states will require paper-based submissions while others are completely electronic. Some will have multiple forms depending on the products or services you sell; others will have one standard form for all transactions. Understanding your requirements upfront will eliminate many headaches down the road.

To help you navigate this maze, we have partnered with our colleagues at LedgerGurus to provide this guide on how to successfully collect and remit sales tax. Or as we refer to it, manage both sides of your tax obligations.

We believe you will find the insights and links contained in this guide helpful as you look to better understand the process of determining sales tax obligations and managing the process through to successful remittance.

This guide is intended to inform and educate you as to the many different processes and methodologies that currently exist across the different states. When it comes to tax determination and remittance, there is no one size fits all approach, but there are some helpful resources available to you.

Understanding the Principles of Value Added Tax

If you operate a business in North America and are looking to expand into international markets you are going to need to become familiar with the concepts and implications of Value Added Tax (VAT).

VAT is the most common form of consumption tax used today, out of the 193 countries around the globe, 166 are currently operating with a VAT as a key part of their tax mix.

Overcoming the various challenges VAT offers doesn’t happen overnight, and as governments all over the world are increasingly focusing on their revenue base, compliance at first instance is vital in the face of more aggressive audits.

This guide will provide you with the necessary base understanding of VAT. It offers some valuable insights and guidance to getting started when you enter a new market that employs a VAT system of taxation and offers expert opinions on when to seek help.

Tax Identity Management 101

The Comprehensive Guide to Understanding and Complying with IRS TIN Matching Requirements

Overcome Hidden Nuances of the IRS TIN Matching Requirements

Enforcing tax identity information reporting is a priority for governments to increase revenue and reduce the current $9B tax gap. Businesses must report employees’ tax identification numbers (TINs) and names to government agencies to ensure that individuals and businesses are being reported in their database correctly and reconcile what’s being reported on 1099 and annual income tax returns.  

If reported incorrectly, the IRS can take action by issuing Notice CP2100 (“B” Notice), assessing Notice 972CG (“P” Notice) and enforcing backup withholding by issuing penalties to a business.

Knowing what the IRS requires in 2020 will minimize the liability of incorrect reporting to the IRS. This can help your business save significant time and money. 

To better understand what is being required of you, download the free Tax Identity Management 101 white paper to learn:

  • What tax identity management is and why governments care about it
  • How to minimize your risk of improper reporting
  • What backup withholdings are and how they are enforced
  • How to proactively and compliantly manage your tax identity information

Continuous Transaction Controls: Five AP Categories to consider

Multinational companies around the world are faced with the reality that tax authorities in the countries where they operate are introducing, or making major changes to digital tax mandates at an ever increasing pace.

Continuous transaction controls, often referred to as CTCs, where the tax administration pre-approves invoices in real-time via an automated data exchange with business source systems, are the leading and growing trend.

This eBook will help you to understand how your business can prepare for the growing wave of CTCs and learn why sales and purchase transactions will face increasing, and continuous, tax scrutiny.

Download your complimentary copy of Get Ready for Continuous Tax Controls to learn:

  • Traditional reasons for AP invoice scrutiny
  • New CTC obligations and risks for buyers
  • Five AP areas at risk
  • A modern approach to AP must integrate tax

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Software Procurement Guidelines for Tax Managers

The role of tax managers in software procurement is rapidly evolving. Businesses today are involving VAT and other tax professionals early in the buying process to provide expertise and ensure that every business process that needs to be integrated with real-time tax platforms is doing so in a timely and cost-effective way.

VAT compliance can only work smoothly if specific processes are made a standard function of day-to-day business operations. When leaders in finance, supply chain management, IT, client operations and others acknowledge the importance and interdependencies of each other, software procurement becomes a shared goal.

Download your complimentary copy of Software Procurement Guidelines for Tax Managers to learn more about:

  • The changing responsibilities for VAT
  • How to ensure your business is ready for continuous transaction controls
  • Guidelines for procuring transactional business applications
  • The role of tax managers in digital transformation

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Location of Risk Rules: Insurance Premium Tax

The global economy provides countless opportunities for businesses to grow however behind cross-border trade lies a complex web of systems, processes and mandates needed for effective governance.

These concepts are only too familiar to insurers who understand that the location of the underlying risk must be correctly established to determine and apply the correct tax treatment.  Writing complex multi-country policies adds to the challenge and can cause complications leading to penalties and double taxation to reputational damage.

Download this e-book to learn more about Location of Risk rules and why a robust calculation and apportionment procedure is key to compliance.

  • Political background – what prompted the rules
  • The local implementation of Location of Risk rules – common examples
  • Premium allocation – how things work in practice

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