In September, we held an exclusive AEOI networking event in New York City, where we brought together representatives from the IRS, leading financial intuitions and other industry practitioners all in one room to discuss the importance of syncing tax compliance and tax operations in light of the latest updates in Global Information Reporting. With expectations […]
Tuesday’s presidential election spurred hyperbolic talk about potential implications to Affordable Care Act (ACA) legislation, leaving businesses wondering if they would still need to comply with this legislation and what it may look like going forward. First, it is important to remember that ACA is still in effect and will continue to be in effect […]
Tuesday, November 8th was Election Day in the United States. Federal, state and local offices and ballot questions brought millions of American’s to the polls. As with every election there were results that were expected, some surprises and many changes that will impact the business community in the coming years. Sovos will be monitoring all […]
Voters in Missouri are to decide on a Constitutional amendment restricting sales taxes on services. Synopsis: Missouri is voting on a constitutional amendment that could severely impact sales tax policy for generations. The Election This election season we are electing a new president, seats in the U.S. House of Representatives and Senate are up for […]
Understandably, one of your clients’ biggest concerns related to the Affordable Care Act (ACA) is incurring penalties from incorrect reporting. You can help them avoid these costly mistakes by providing information they need to navigate this tax season. Below we’ve shared two resources to assist you. First is a link to a recent Sovos webinar […]
Last year Vermont enacted legislation to be exempted from taxation sales of cloud computing (also known as remotely accessed prewritten software, Software-as-a-Service, “SaaS”, or ASP). A Brief Legislative History In 2010, Vermont issued a technical bulletin that interpreted existing law as imposing tax on prewritten software regardless of how the software was accessed. Act 143 […]
Update from the IRS as of October 24th Revised Date Information for e-Service Users To ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS plans to have discussions with […]
Louisiana has two upcoming changes effective October 1 that were not highly publicized. Changes in taxability have become almost routine in Louisiana over the past few months. While most of the major changes were completed as of July 1, 2016, additional adjustments that have not been well-publicized will go into effect on October 1, 2016. […]
Automatic Exchange of Information (AEOI) legislation and technical updates are top concerns for financial institutions. The Sovos Compliance Research Team continually monitors new regulations and updates from around the world and publishes them in our tool, Sovos Taxport Compass. Contact us today to start your subscription and have access to all the latest Tax Information […]
Sovos Compliance attended the 14th Automatic Exchange of Information (AEOI) Congress Sept. 14-15 in London. Attendance nearly tripled that of last year’s conference and attendees included representatives from a variety of financial institutions, finance and legal experts, and U.K. and U.S. tax agencies (IRS and HMRC). Topics included changing AEOI requirements, compliance trends and best practices, […]
The IRS plans to migrate to a new schema format for next year’s Foreign Account Tax Compliance Act (FATCA) filing and the IRS has recently released its long awaited Publication 5124, which is the user guide for the IRS’s FATCA XML schema. While the Publication is listed in draft, the IRS has been clear that […]
For financial institutions looking to proactively comply with global reporting standards including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT) legislation and the Common Reporting Standard (CRS) while minimizing costs and risks, our recent report showed that an Automatic Exchange of Information (AEOI) solution is key. In evaluating such solutions for […]
In our recent survey – Stop Playing with Fire: Use Centralized AEOI Solutions to Prepare for FATCA, CRS and CDOT – financial institutions revealed several challenges related to complying with complex and ever-changing global reporting standards, including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT), and the impending Common Reporting Standard […]
B and P Notice season is upon us. In order to avoid penalties, it’s important you understand how the cycle works and how you can stay compliant. Review our B-Notice Process infographic to help your team understand the cycle and plan ahead. Tax information reporting is a year-long process. In January, you print and mail […]
Overview Since the United States’ Foreign Account Tax Compliance Act (FATCA) regulation first passed, many financial institutions have relied on home-grown solutions to maintain compliance. Now, with a few years of Automatic Exchange of Information (AEOI) reporting under the belt, the industry has reached a tipping point and in a recent benchmarking survey, most financial […]
Overview Automatic Exchange of Information (AEOI) legislation and technical updates are top concerns for foreign financial institutions. The Sovos Compliance Research Team continually monitors new regulations and updates from around the world and publishes them in our tool, Sovos Taxport Compass. Contact us today to start your subscription and have access to all the latest […]
The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can be arduous. Is your organization […]
New research from Aberdeen Group and Sovos Compliance shows confidence, but gaps in accuracy and mounting fears of fall out as FATCA, CRS, and CDOT regulations grow in scope. August 16, 2016, Wilmington, Massachusetts — A new report shows that, while most financial institutions feel prepared for the current requirements related to the automatic exchange […]