Tax Compliance
Unclaimed Property State Exemptions: Wahoo! Free Money … Right?
Many people hear about the exemptions that states allow for unclaimed property reporting, and they get very excited. Free money, right? What could go wrong?
Category: Tax Compliance
1099
IRS Debuts Draft of 1099-NEC for 2020
In a monumental moment for tax reporting professionals, the IRS has released a draft of Form 1099-NEC, the form that will eventually replace Form 1099-MISC
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
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,
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
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,
Tax Compliance
Unclaimed Property: If You Lose Your Dog, Is It Still Yours?
Of course it is! A lost dog wandering the streets is fairly easy to identify as lost, and his location doesn’t change your ownership. You
Tax Compliance
“So What?” The Consequences of Improper Reporting
When performing accounting functions, understanding how our actions will affect the company downstream is important. For some functions, the consequences are obvious, but for unclaimed
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
Tax Compliance
Unclaimed Property Penalties
“We have less than $1,000 to submit, we’ll just do it ourselves.” Does this thought process sound familiar? The thought is if it’s a small
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