Countries around the globe are making major movements towards FATCA compliance from Spain to Iceland to Anguilla. Check out this week’s recap from our compliance and research team of experts: Anguilla Releases Tax Information Exchange (International Co-Operation) Act of 2015 Anguilla has released the Tax Information Exchange (International Co-Operation) Act of 2015. The Act […]
IRS Releases Announcement 2016-03: Limited Penalty Relief for Filers of Form 1098-T As tax season is upon us, the IRS has released Announcement 2016-03 providing notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the 2015 calendar year solely because […]
Since the holidays, there have been changes all around the world with regards to FATCA. Here is a quick recap compiled from our expert compliance and research team of the latest updates that have been issued from different jurisdictions: Portugal Extends Reporting Due Date for Tax Year 2014 Portugal extended its Tax Year 2014 reporting […]
Not unexpectedly, the IRS has released new schemas for 1094-B, 1094-C, 1095-B, and 1095-C Affordable Care Act Information Returns (AIR) right as Tax Year 2015 season kicks off for the first year of ACA mandatory reporting. This means your organization is now required to update systems appropriately or confirm that your ACA reporting vendor is […]
Have you heard? The Internal Revenue Service just announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be: March 31st, 2016 (from January 31st) for printing and mailing 1095 Forms to recipients and; June 30th, 2016 (from April 30th) for sending the […]
While everyone has been out holiday shopping, or following the current presidential race, last week Congress passed a bill. And not just any bill, but a big one, a major piece of legislation that once again averts a government shutdown. H.R. 2029, Consolidated Appropriations Act, 2016 (the Omnibus Spending Bill), was enacted Friday, December 18th […]
Many organizations who have 1099 filing requirements point to a common problem: the difficulty of understanding their compliance obligations. Maintaining compliance is essential for businesses to thrive and grow. Therefore, tax information reporting must remain a high priority for internal tax and finance teams. Encountering Limited Compliance Expertise First of all, tax information reporting is […]
Affordable Care Act reporting deadlines are just around the corner. This complicated law has significant tax implications for businesses. There are many ACA obligations that are a part of the ACA legislation that organizations must fulfill, including those for reporting as a large employer. The IRS will be monitoring businesses’ compliance with these reporting requirements. […]
Sovos Compliance was the premier gold sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held on November 10th and 11th in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world. The 2015 AEoI Congress was dedicated to achieving compliance for Global Information […]
As the deadlines for the first year of ACA mandatory reporting to the IRS quickly approach, organizations should have already identified their ACA reporting obligations under IRC 6055 and/or 6056. No matter your organization’s specific obligations for the ACA under those codes, one thing remains consistent: The AIR System electronic transmittal to the IRS. The […]
Do you remember when, in September 2013, TIN Matching went through a re-engineering process moving to a new platform and enhanced some features? During this last upgrade, one of the enhancements involved moving to a proximal search match for both employer identification numbers (EIN) and social security numbers (SSN). However, recently, after meeting with the […]
Time is marching on. Are you prepared for the first year of mandatory ACA tax reporting? Whether you are a Human Resources and Benefits professional or another individual or department tasked with ACA compliance, here are some key points you should know about how to file and transmit the 1094 and 1095 forms that are […]
FATCA’s global implementation keeps moving along, with its ups and downs along the way. Recently, the IRS announced they have had successful exchanges of information while concurrently announcing a year extension to the September 30, 2015 reporting due date, much to the relief of financial organizations with significant global operations. We have also seen the […]
For financial executives new to Latin American business-to-government requirements, it may be tempting to write off compliance as a local issue to be managed by local IT and accounting teams. However, this approach leaves companies vulnerable to severe penalties and operational disruptions that can be felt throughout global companies. In our new whitepaper, Business-to-Government Financial […]
The first round of FATCA reporting may have only recently passed, but now is the time to redouble your efforts. Why? CRS is coming online in 2016 with reporting beginning in 2017. It’s vital that you have the regulatory and operational know-how to turn global information reporting projects into a normalised part of your business. […]
Did you know that in this first year of mandatory ACA tax reporting there is expected to be over 700 million forms filed with the IRS? Are you prepared to do your part and report on time? Although you have been working diligently to provide minimum essential coverage healthcare plans for your full time employees […]
The IRS has issued Notice 2015-66, which announces the IRS and Treasury’s intent to amend Sections 1471- 1474 of the Foreign Account Tax Compliance Act (FATCA). This Notice extends the time period applicable to the following transitional rules: The date for when withholding on gross proceeds and foreign pass thru payments will begin. The expected […]
There is no avoiding FATCA, a Canadian court has recently ruled. FATCA continues to withstand legal challenges, eliminating the last hope that some businesses had that FATCA will go away. The latest court ruling further proves FATCA and the expansion of global reporting are here to stay. The lawsuit was filed by two American expatriates – Virginia […]