Regulatory Analysis

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Posted 20 hours ago by Paul Ogawa
Florida Enacts Bill Requiring 1099-K Filing

House Bill 7097 was recently passed by the Florida Legislature and approved by Governor DeSantis, paving the way for a new information return requirement in the state. Under Section 212.134 of the Bill, payment settlement entities and other third-party facilitators who handle payment card and third-party network transactions must file a 1099-K return with Florida […]

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Posted 1 day ago by Selin Adler Ring
Turkey: Government delays VAT obligations

Turkey introduced the Economic Stability Shield Package (Package) to lessen the impacts of COVID-19 on businesses. According to the Package there are two types of measures: measures for taxpayers that are considered to be under force majeure conditions and general measures introduced for all taxpayers. The latter are as follows; The filing date of the […]

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Posted 1 day ago by Jesse Rooney
Puerto Rico Issues Informative Filing Extension

La Hacienda, the revenue department for the island territory of Puerto Rico, has issued an additional extension for the filing of 2019.  Administrative Determination DA 20-09 has extended the due date for 2019 informatives to May 15; informatives filed with the SURI system on or before May 15 will not be subject to penalties.  Other […]

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Posted 6 days ago by Ramón Frias
Panamanian Government Enacts eInvoicing Mandate

The government of Panama has enacted Decree 115/2020 by which it mandates that all taxpayers excluded from the obligation of using electronic fiscal machines attached to their POS systems will be required to issue pre-validated electronic invoices. The decree also establishes that this mandate will be effective on August 1, 2020 but the tax administration […]

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Posted 1 week ago by Gabriel Pezzato
Portugal extends the deadline for implementation of B2G e-invoices

A recently published official decision de facto amending the timeline for full Portuguese implementation of the Directive 2014/55/EU on electronic invoicing in public procurement has been published. According to the Despacho 129/2020-XXII, the Portuguese public administration will continue to accept B2G invoices in PDF format until June 2020. Until then, such PDF invoices will be considered legal […]

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Posted 1 week ago by Joanna Hysi
Israel on the road to Continuous Transaction Controls (CTCs)

Israel is planning to introduce a Continuous Transaction Controls reform, likely in the form of mandatory clearance e-invoicing. The proposed CTC model is currently expected to include a direct connection between the Tax Authority and businesses in real time for each transaction. The Israeli Tax Authority is reviewing the proposal and liaising with interested stakeholders to […]

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Posted 1 week ago by Alex Samuel
Tennessee Enacts Marketplace Facilitator Legislation

Tennessee recently enacted legislation requiring marketplace facilitators that meet certain thresholds to collect tax on behalf of their marketplace sellers. Marketplace facilitators must collect tax when they facilitate total sales of more than $500,000 to consumers in Tennessee during the previous 12 months. Additionally, marketplace facilitators must source sales of tangible personal property on their […]

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Posted 1 week ago by Jeff Gambold
Poland delays introduction of new JPK_VAT with the declaration to 1 July 2020

We recently reported that the new “JPK with the declaration” JPK_V7M (monthly) and JPK_V7K (quarterly) periodic VAT reporting files (a combined Uniform Control File and VAT Return) were due to be implemented from 1 April 2020 for taxpayers defined under Polish legislation as being large businesses. However, as part of a new “Anti-Crisis Shield” (Tarcza […]

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Posted 1 week ago by Elliot Shulver
Germany reduced rate of IPT on drought insurance

The German Parliament last week published in its Federal Law Gazette a law to reduce the insurance premium tax applied on drought insurance from 19% to 0.03%. The reduction brings the rate for drought insurance in line with tax rates for other agricultural risks, such as hail, frost, and flood damage.  Discussions in Parliament touched […]

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Posted 1 week ago by Muazzam Malik
UK MTD for VAT Digital Links soft landing period extended to 1 April 2021

HMRC  has informed Sovos that it is extending the soft landing period for MTD digital links until 1 April 2021, for all taxpayers. The effect of this is that businesses will now have until their first VAT return period starting on or after the 1 April 2021 to have digital links in place.  Our understanding […]

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Posted 2 weeks ago by Jesse Rooney
IRS Extends FATCA Model 2 Reporting Deadline

The IRS has announced an automatic extension for filing form 8966 for FATCA returns.  Filers in Model 2 and non-IGA countries have until July 15, 2020 to make their FATCA returns.  These returns are usually due March 31 annually.  The IRS’s extension direction can be found on the FATCA FAQ page. 

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Posted 2 weeks ago by Victor Duarte
Mandatory Adoption of Hungary Real Time Reporting V. 2.0 Postponed

The Hungarian Tax Authority announced that the deadline to implement the mandatory real time reporting version 2.0 xsd is postponed from 1 April 2020 to 1 July 2020. It is important to note that 2.0 xsd can already be used live in parallel with Version 1.1 xsd. Official announcement can be found here  

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Posted 2 weeks ago by Paul Ogawa
New Jersey Passes Extension for Health Coverage Filings

The New Jersey Department of Treasury recently issued updated guidance for health coverage filings, extending the due date for coverage providers to file their 1095 health coverage forms for tax year 2019 with the Department of Taxation. Health coverage providers will now have until May 15, 2020 to provide the necessary 1095 forms to the Department of […]

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Posted 2 weeks ago by Paul Ogawa
Iowa Extends Income Tax Withholding Deposit Due Date

The Iowa Department of Revenue announced that the due date for certain withholding payment deposits will be extended in light of the evolving situation surrounding the COVID-19 pandemic. Specifically, Iowa residents or other taxpayers doing business in Iowa assigned to the semi-monthly deposit cycle will see an extension: for the period ending on March 15, […]

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Posted 2 weeks ago by Paul Ogawa
IRS Releases Updated Publication 1281

The IRS recently published an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides guidance and procedures for issuing and receiving Notice CP2100 and CP2100A, backup withholding relating to incorrect names/TINs, and sample forms for soliciting TINs from information return recipients. There is only one change to the publication, […]

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Posted 2 weeks ago by Paul Ogawa
Puerto Rico Issues an Additional Extension of Informative Filings

La Hacienda, the revenue department of Puerto Rico, has announced another extension for the filing of informatives.  Revenue newsletter BI RI 20-05 extends the electronic filing deadline for the following informatives to March 31: 480.5, 480.6A, 480.6B, 480.6B.1, 480.6D, 480.6G, 4806SP, 480.6SP.2, 480.7, 480.7B, 480.7B.1, 480.7C, 480.7C.1, and 480.7E.  These forms are generally due by […]

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Posted 2 weeks ago by Paul Ogawa
Virginia Changes Reporting Obligations for Third-Party Settlement Organizations

The Virginia legislature recently passed legislation which makes significant changes to the reporting obligations of gig economy participants and specifically third-party settlement organizations. SB 211 makes changes to tax information reporting for gig economy participants, specifically third-party settlement organizations (TPSOs) who must issue Form 1099-K to report payments made to their payees. Under the new […]

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Posted 2 weeks ago by Daniel Kostrzewa
British Columbia postpones new provincial sales tax registration requirement

As part of its Covid-19 Action Plan, British Columbia has postponed its previously announced expanded provincial sales tax registration requirements for Canadian sellers of goods as well as Canadian and foreign sellers of software and telecommunication services. These new requirements were supposed to go into effect on July 1, but instead have been delayed until […]

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