Another week has come and gone, here is your weekly FATCA round-up, including important changes made by the IRS. Peruse these updates, another Jersey CDOT set of changes as well as a CRS implementation compiled by our stellar research team. IRS Has Released a Draft Version of the FATCA XML v2.0 and Will Update […]
Jurisdictions all across the country have instituted disposable carryout bag fees and bans. San Francisco passed its ban on single-use bags back in 2007, and greatly expanded the ordinance in 2012 to include all retail stores. The District of Columbia has a bag fee that dates back to January 1, 2010, entitled the “Anacostia River […]
Virtually every business transaction results in an indirect tax consequence – i.e., an intermediary collects taxes that it then must report and pay to the government. In Latin America and other value-added tax based economies, in which tax accrues at every level of the supply chain and manufacturing process, efficient and accurate indirect tax processes […]
Here’s a full list of weekly FATCA updates compiled by the experts in our Tax Department to help you. The FATCA reporting deadline of May 31 is right around the corner and countries have kicked up efforts to issue guidance so financial institutions can comply on time or changes to systems and other important information that […]
Did you know that sweetened iced tea is considered a soft drink in Vermont? The state of Vermont passed Legislation effective July 1, 2015, imposing its sales and use tax on soft drinks. House Bill 489 (H.489) revised the definition of food and food ingredients found in 32 V.S.A. § 9701(31) by indicating that “food […]
At this point, you’re likely preparing to send your transmittal for ACA reporting if you haven’t already, which means you may be anxious about any corrections you’ll need to perform. Generally, transmitting correction files are required to correct errors found on original filings, replacement filings, or other corrections filings. As a filer, you may discover […]
Once again, close to a regulatory deadline, the IRS has recently released an updated Publication 5165 for ACA information return transmittals. This guide outlines the communication procedures, transmission formats, business rules, and validation procedures for returns transmitted electronically through the AIR system. Do you know how to implement all the following technical changes? Here at […]
The world keeps spinning and countries keep taking steps to ensure they are on track to fully participate in FATCA. Here are the weekly FATCA updates from different countries across the globe compiled and presented for you to stay in the know when it comes to AEOI and global reporting. Slovak Republic Releases Competent Authority Arrangement […]
The last two weeks have seen countries from all over the globe make strides in preparing to accept information for FATCA, CDOT, and CRS. Take a look through the list compiled by our in-house research department to stay in the know. Germany Releases New InfoBrief; Updates Prior Testing InfoBrief Germany recently released InfoBrief 04/2016. […]
Even though the first main form creation and delivery deadlines for federal tax information reporting may have passed for Tax Year 2015, there is still plenty your organization should do throughout the year to prepare and handle other obligations such as state reporting, penalty notices, and back-up withholding just to name a few in order […]
Join Sovos and Cheryl Riedlinger at the 30th annual Tax Reporting & Withholding Conference to be held April 25 – 27, 2016 at the Renaissance Arlington Capital View Hotel. If you are beginning to operationalize and mobilize for 2016-2017 tax season, this is a great opportunity to learn about all the latest updates and network with some of […]
Does your ACA compliance application support the 100MB file split requirement? Does your application track the record IDs required for submitting corrected records? What version of the AIR schema does your application support? Do you have A2A integration with the AIR system? How does your system handle IRS xml error response files? What will you […]
Singapore Publishes FATCA Updates for Forms and Documents, set to Commence FATCA Return Filing for 2015 Singapore has made a number of recent updates related to FATCA which are as follows: FATCA Return Filing for Reporting Year 2015 will begin TODAY, April 15, 2016. All Reporting Singaporean Financial Institutions (SGFI’s) are required to submit a FATCA Return […]
This week there is so much going on in the world of global information reporting that our expert compliance and research team has compiled a separate list devoted to CDOT and CRS updates. Australia, Guernsey, Jersey, Mauritius, and Norway Release CRS Guidance This week the countries of Australia, Guernsey, Jersey, Mauritius, and Norway released […]
Sovos is always looking to expand our knowledge and ways to better serve our clients. As a specialized tax organization, Sovos is dedicated to creating and providing complimentary education on emerging markets so organizations can better prepare. To this end, we have partnered with the Aberdeen Group to collect information through the Automatic Exchange of […]
On March 14, 2016, House Bills 61 and 62 (Acts 25 and 26 respectively) were signed into law by Louisiana Governor, John Bel Edwards. The first of these bills expands the sales tax base in Louisiana to encompass nearly every previously excluded transaction, and many, if not most, previously exempt transactions. The second bill enacts […]
ACA compliance is complicated for all organizations, but this is compounded by the fact that this is the first year of mandatory reporting and HR/Benefits departments have never had to handle a tax reporting obligation like this one. As companies try to figure out how to adjust their systems to identify, compile, and transmit this […]
Recently, the IRS released a new draft for Publication 5190. The Draft includes information on the new encryption requirements. The IRS has recently decided to update the cipher mode for encryption. Currently, the IRS uses the Electronic Code Book. Beginning July 9, 2016, IDES will require files to be encrypted with Cipher Block Chaining. There are also […]