North America

Regulatory Analysis

Posted July 17, 2025 by Sindi Basha
“One Big Beautiful Bill” Raises 1099 Reporting Thresholds

On July 4th, President Trump signed the “One Big Beautiful Bill,” which dramatically alters Form 1099-K, 1099-MISC and 1099-NEC reporting thresholds, effective for payments made after December 31, 2025. Section 70432 of the “One Big Beautiful Bill” significantly changes Form 1099-K reporting requirements for third-party settlement organizations. Previously, under the American Rescue Plan Act of […]

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Posted July 17, 2025 by Jesse Rooney
Social Security Administration Releases 2025 W-2 and W-2C Electronic Specifications

The Social Security Administration has released its W-2 electronic reporting specifications for tax year 2025.  Publications EFW2 and EFW2C provide reporting specifications and directions for filing original and corrected electronic W-2 forms with the federal government, and the specifications for tax year 2025 have been released. Each year, the Social Security Administration adjusts the annual […]

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Posted July 16, 2025 by Joanna Hysi
Greece: Draft Legislation On E-invoicing Mandate Submitted To Parliament

A draft law was recently submitted to Parliament by the Ministry of Finance, proposing amendments that would establish a mandatory e-invoicing regime for business-to-business (B2B) transactions. Scope The draft mandate will introduce the obligation to issue e-invoices for a) B2B transactions within Greece between entities subject to Greek accounting rules and b) exports to third […]

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Posted July 15, 2025 by Sindi Basha
Washington State Imposes New 1099-B Reporting Requirements for Capital Gains Transactions

On May 20, 2025, Governor Ferguson signed SSB 5314, comprehensive legislation modifying the state’s capital gains tax under RCW 82.87.020. The bill addresses various aspects of the state’s relatively new capital gains tax. Among its provisions, Section 15 establishes new 1099-B reporting requirements for brokers and barter exchanges, effective January 1, 2026. This marks a […]

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Posted July 15, 2025 by Sindi Basha
Connecticut Temporarily Suspends Mandatory Withholding on Lump Sum Retirement Distributions

Connecticut has temporarily suspended its mandatory withholding requirement for lump sum retirement distributions from July 1, 2025, through December 31, 2026. Under HB 7287, which passed on June 23, withholding on lump sum distributions will be voluntary during this period, consistent with other retirement distributions. The legislation maintains Connecticut’s existing definition of lump sum distributions […]

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Posted July 15, 2025 by Kellianne Munichiello
Georgia Reduces Income Tax Rate, Extends Appeals Period

Georgia recently revised its 2025 Employer’s Withholding Tax Guide, introducing several significant changes to withholding obligations. Key updates include a reduced income tax withholding rate and an extended appeal period. Employers should also review the guide for revised due dates and mailing addresses. Beginning July 1, 2025, employers and the Georgia Lottery Commission must withhold at […]

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Posted July 14, 2025 by Tânia Rei
Key Clarifications on Belgium’s E-Invoicing Mandate

On 14 July 2025, the Belgian government published a Royal Decree providing essential clarifications on the upcoming B2B e-invoicing mandate. The main clarifications are the following: Mandatory Format The European semantic and syntactic standards must always be complied with. Preference should be given to Peppol BIS in the UBL version (basic standard) and transmited via the Peppol […]

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Posted July 14, 2025 by Edit Buliczka
Bulgaria: Euro adoption set for 2026

On 8 July, the Council of the European Union adopted the final legal acts paving the way for Bulgaria to join the euro area on 1 January 2026. This decision follows Bulgaria’s successful fulfilment of all economic and legal convergence criteria set out in the Maastricht Treaty. With this decision, Bulgaria is set to become […]

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Posted July 14, 2025 by Inês Carvalho
Germany: Draft BMF Letter Introduces Key Clarifications on B2B E-Invoicing Mandate

Following the release of the finalized B2B e-invoicing guidelines in October 2024, the German Ministry of Finance (MoF) has published a draft letter introducing several important clarifications and amendments. These updates aim to further define the scope and practical implementation of the e-invoicing mandate which went live back in January 2025. I. Key Clarifications on […]

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Posted July 10, 2025 by Joanna Hysi
Greece: eTransport Rules Clarified – Heavier Penalties Proposed

Greece’s Independent Authority for Public Revenue (AADE) has issued Circular Ε.2030/2025 clarifying the application of Ministerial Decision A.1123/2024 on the e-transport framework. The circular confirms when a e-transport document is required and who must issue it. Key clarifications include: Obligation applies to all entities that move inventory (senders, carriers, and third-party senders) Issuer responsibilities clarified […]

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Posted July 10, 2025 by Ariel McCullough
Bulgaria’s Push to Adopt the Euro Takes Another Step Forward

On June 4, 2025, the European Commission and the European Central Bank each published convergence reports approving Bulgaria’s capacity to adopt the euro. This was in response to Bulgaria’s request for a convergence assessment on February 25, 2025. The reports indicate that Bulgaria could adopt the euro as early as January 1, 2026. While this […]

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Posted July 8, 2025 by Joanna Hysi
Greece: eTransport Rules Clarified – Heavier Penalties Proposed

Greece’s Independent Authority for Public Revenue (AADE) has issued Circular Ε.2030/2025 clarifying the application of Ministerial Decision A.1123/2024 on the e-transport framework. The circular confirms when a e-transport document is required and who must issue it. Key clarifications include: Obligation applies to all entities that move inventory (senders, carriers, and third-party senders) Issuer responsibilities clarified […]

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Posted July 7, 2025 by Tânia Rei
Portugal Introduces Automatic VAT Returns for Domestic Taxpayers

Since 1 July 2025, Portugal has implemented automatic VAT returns for domestic taxpayers. This new feature, aimed at easing the tax filing process for domestic businesses, will allow them to submit pre-filled VAT returns, simplifying compliance and minimizing the risk of errors. How It Works: Provisional VAT Return: PTA generates a draft return based on […]

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Posted July 7, 2025 by Bradley Feimer
Maryland Allows Multiple Points of Use Certificates for Digital Services

Maryland recently enacted bill HB 352. The legislation provides, effective July 1, 2025, that businesses which use a digital service across multiple states may submit to the vendor a multiple point of use certificate to allocate and pay tax only on the portion of the service used in Maryland. Additional guidance may be found here.

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Posted July 2, 2025 by Kelly Muniz
Norway: Mandatory Digital Bookkeeping and B2B E-Invoicing Proposal and Public Consultation Launched

Norway’s Tax Administration (Skattedirektoratet) has published a formal consultation document (høringsnotat) containing a proposal to introduce mandatory digital bookkeeping and mandatory B2B e-invoicing for businesses subject to bookkeeping obligations. These changes are proposed as amendments to the Bookkeeping Act and Bookkeeping Regulations. The proposal outlines a phased implementation, with the requirement to send electronic invoices […]

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Posted July 2, 2025 by Kelly Muniz
Poland: Consultation for New JPK_V7M(3) and JPK_V7K(3) Structures Announced

The Polish Ministry of Finance has opened public consultations on the new logical structures of JPK_VAT with declaration – JPK_V7M(3) and JPK_V7K(3) for monthly and quarterly VAT taxpayers. All VAT-registered businesses in Poland that submit JPK_V7M (monthly VAT returns with declaration) or JPK_V7K (quarterly VAT returns with declaration) will be affected by these changes. The […]

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Posted July 2, 2025 by Kelly Muniz
Saudi Arabia: 23rd Wave of Taxpayers in Scope of Phase 2 of E-Invoicing

The Zakat, Tax and Customs Authority (ZATCA) has announced the criteria for the twenty-third group of taxpayers required to comply with Phase 2 of the e-invoicing mandate in Saudi Arabia. Taxpayers with annual revenues subject to Value Added Tax (VAT) between SAR 0.75 million (approx. EUR 188,000) and SAR 1 million (approx. EUR 250,000), highest […]

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Posted July 2, 2025 by Kelly Muniz
Netherlands: ViDA Implementation Plan for E-Invoicing and Digital Reporting

The Dutch Ministry of Finance has issued a letter to Parliament outlining the implementation approach for the VAT in the Digital Age (VIDA) package, specifically focusing on electronic invoicing and digital reporting requirements. The letter, sent on behalf of the State Secretary of Finance and in cooperation with the Ministries of Economic Affairs and Interior […]

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