Tax Compliance
The Difficulties of Exemption Certificate Management
Managing your company’s exemption certificates can be a difficult process that many organizations find difficult to stay on top of. Exemption certificate management, or ECM,
Category: Tax Compliance
Update: State of Compliance following the March 2015 Judgment of the ECJ
EU Court Rules E-Books Are Services, Not Goods – Update to previous post. Update 8/4/2015 Sovos Compliance has continued to monitor the repercussions of the
Sovos Compliance Featured on CNBC for State Specific Tax-Free Holiday Information
On July 23rd, 2015, CNBC published an article highlighting how Sovos Compliance breaks down the complexity of sales tax holiday information. With a total of
Sales Tax Holidays: A Race to the Register
If you live in a state with a Sales Tax Holiday, you know how exciting it can be. Stores beef up inventory of the affected
New Increased Penalties Directly Affect ACA Tax Reporting
On June 29th, an update was passed to the Trade Preferences Extension Act. Not only are all 1099 filers affected, but incorrectly reporting tax information
The United States Brings India Into The FATCA Fold
India and the United States have signed an inter-governmental agreement (IGA) that will bring them into the fold of FATCA compliance. India’s Revenue Secretary Shaktikanta
A Brief Review of Sales and Use Taxability Changes Effective July 1, 2015
The Tax Department at Sovos Compliance is committed to providing our clients with timely and accurate taxability rates and rules. Simply put, for us its
1099 vs. W-2: The Overlooked Issues of Tax Compliance
Recently, a boom in “on demand” services has caused a heated debate over the issue of 1099 versus W-2 reporting. Many start-up and application-based companies
Top 10 Sales Tax Oddities for Retailers
Did you know these retail facts? They could be affecting your business! The retail industry is a major source of revenue for taxing authorities and
Puerto Rico Update: Wipes and Hand Sanitizers
Early this morning, the Secretary of the Treasury of Puerto Rico published, on their website, Administrative Determination 15-13, which announced, that due to the severe
Grand Cayman taking part in CRS
Even though the European Union called it a haven where wealthy individuals and large companies could store their funds with little or no tax levied
The IRS Is Doubling Down On Increasing Penalties For All 1099 Filers
On June 29th, an update was passed to the Trade Preferences Extension Act. These changes greatly enhance the penalties ALL 1099 filers will be subject
Supreme Court preserves Affordable Care Act’s tax subsidies
In a 6-3 decision, the U.S. Supreme Court issued a ruling June 26 in the King v. Burwell case that upheld tax subsidies as provided by
Are tax havens really going away?
There has been a wealth of discussion in recent years regarding the elimination of tax havens. Consumers and taxpayers all over the world have recognized
UAE banks willing to comply with U.S. tax laws
There has been a trend of banking growth in the United Arab Emirates, and the swelling numbers are expected to continue. According to a report
Important Sales & Use Tax (IVU) Notice For Bonded Importers In Puerto Rico
IMPORTANT NOTICE FOR BONDED IMPORTERS IN PUERTO RICO Puerto Rico recently enacted Law 72-2015 which (among other things) increased the state level Sales and Use
New tax compliance regulations for India on the horizon
As countries all over the world join forces to eliminate schemes for tax evasion, those attempting to find a safe haven to avoid compliance laws
EU, G7 countries target corporate tax evasion
The European Union and the Group of Seven nations recently announced they would take steps to ensure that multinational countries pay their fair share of