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Recently leaked draft legislation provides further insight into Republican plans for healthcare overhaul and associated reporting requirements. The draft, which is nearly three weeks old, indicates key provisions of the law – such as the taxes, mandates, Medicaid expansion and subsidies – would be phased out and replaced between 2018 and 2019. The replacement provisions […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Ukraine Signs Model 1 IGA […]
Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and […]
Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]
The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities. Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room tax, a 7 percent additional […]
Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules detailing when sellers […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Several Countries Sign Model 1 […]
Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs. With this in mind, Sovos commissioned a survey to better understand how organizations are handling these challenges and […]
Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: IRS Releases New FFI Agreement […]
The future of the Affordable Care Act is coming into focus. Last week, the Senate and House of Representatives held “budget blueprint” votes, setting the stage to dismantle the ACA during the budget process. However, the incoming Trump administration and Congress continue to disagree on some of the “repeal and replace” specifics, including timing. These […]
Congress approved a budget blueprint last week that sets up a vote on a formal repeal measure as soon as January 27th. However, Republicans remain committed to a “repeal and replace” approach, and have suggested that any changes to the employer mandate may take years to go into effect. Republican Chris Collins, part of Donald […]
The Protecting Americans from Tax Hikes Act (PATH Act) enacted in December 2015 creates, extends and permanently implements a number of exemptions and deductions that affect individual and business taxpayers alike. The PATH Act also contains a number of provisions intended to cut down on potential tax fraud. One of these Tax Information Reporting provisions […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: UK Updates Schema Guidance HMRC […]
Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and ensure that they are on the right track in their compliance efforts. Here are […]
Financial Institutions grappling with the advent of the Common Reporting Standard (CRS) will need to stay abreast of another important piece of new UK legislation that will come into force at the same time next year and which will be a further test of their compliance procedures and systems. The Criminal Finances Bill sets out […]
What are companies’ most valuable assets? Is it the machinery and materials (tangibles) used to produce products, or the people, ideas and tasks (intangibles) that drive business value? Over the past few decades, the answer has shifted, with intangible assets generating 85% of business value, according to a recent CFO article. The article’s author, William […]
The Internal Revenue Service (IRS) made two important announcements regarding the information reporting requirements imposed under the Affordable Care Act (ACA) in Notice 2016-70, released on November 18, 2016. Specifically, the IRS announced: That it was extending the due date for furnishing statements to recipients (Forms 1095-B and 1095-C) That it was extending good faith […]