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In both the House and Senate, Congress is looking to change the thresholds for Form 1099-MISC and Form 1099-K reporting. Form 1099-MISC, which is used to report miscellaneous income, currently has a general threshold of $600 with some exceptions (e.g. royalties of $10 or more, or direct sales of at least $5,000 of consumer products […]

Changes to global FATCA and CRS compliance requirements happen frequently.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Cyprus Extends Country-by-Country Reporting Deadlines for CRS Cyprus recently announced that the submission […]

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

A recent move by the IRS to reject 1040 forms that don’t properly indicate taxpayers’ health-insurance status shows that the Affordable Care Act is both still in effect and relevant to tax reporting. After a summer of attempts to repeal the ACA, the law survived, as did the tax information reporting requirements it carries.  Now, […]

Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2017 Version of Form […]

Although financial institutions (FIs) certainly struggled to comply with the Foreign Account Tax Compliance Act (FATCA) during its first reporting season in 2015, panelists at SIFMA’s Global Tax Symposium in New York City agreed that FATCA is far less complex than the Common Reporting Standard (CRS). One panelist noted that the biggest challenge in complying […]

Norway’s tax administration recently advised Sovos regarding its previous plan to make the new SAF-T regulations mandatory by January 1, 2018, which it now says is unrealistic. Sovos’ Jeroen Wensveen discussed this development in our webinar at the beginning of September, ‘Helping companies meet their eAccounting obligations is what we do. Next up is Norway […]

Changes to global FATCA and CRS compliance requirements happen frequently.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in AEOI reporting from this week. New Zealand Updates Guidance Notes for Reportable Accounts and Collective Investment […]

The Affordable Care Act and its associated reporting requirements remain the law of the land after the Senate announced it will not hold a vote on the Graham-Cassidy bill. Here are three things businesses need to keep in mind when planning for ACA reporting season: You’re on the hook for reporting. Senate Republicans have tried […]

Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2018 Draft Form 1098-T, […]

Norway’s government planned to officially require SAF-T reporting beginning in January 2017, but pushed the deadline back to 2018 as it finalizes details. With the 2018 deadline looming, companies need to start implementing their Norway SAF-T compliance solution now, or risk fines, penalties and business disruptions. SAF-T mandates have already been implemented in several EU […]

Why the First Year of CRS Reporting Isn’t Really Over Yet Don’t break up your Automatic Exchange of Information (AEOI) team just yet. The first round of reporting under the Common Reporting Standard (CRS) might be over, but jurisdictions themselves will soon begin exchanging information using the Common Transmission System (CTS). For financial institutions (FIs), […]

The changes in state tax reporting thus far in 2017 reflect much of what we learned in 2016: State governments want more information, and they want it sooner than before. Some examples of this phenomenon can be found in states such as Iowa, Maryland, Oklahoma, and Connecticut. Iowa now requires both W-2 and 1099 reporting […]

The employer mandate could be repealed if Senate Republicans push through their newest attempt to repeal and replace the Affordable Care Act, but it appears as though ACA reporting requirements under IRC 6055 and 6056 would remain intact. Republicans introduced the Graham-Cassidy Plan in recent weeks. The Senate has until September 30 to pass the […]

Overview: Sovos AEOI Event in New York City Sovos recently hosted its AEOI Global Compliance Series event in New York with an event focused on Automatic Exchange of Information (AEOI) reporting. Speakers for the event included Jennifer Sponzilli from KPMG, Darren Rykers from Ernst & Young, Chris Orchard from Hansuke and Lanu Chou from Pricewaterhouse […]

Note: This blog was updated on September 3, 2021. According to the Treasury Department’s American Families Plan Tax Compliance Agenda, the most recent assessment of the gross tax gap for tax year 2019 is approximately $580 billion. Recently, Treasury Deputy Assistant Secretary Mark Mazur testified before Congress that the projected tax gap could balloon to […]

Note: This article on 1099 B and P notices was updated on September 14, 2021. Sovos recently held a webinar on best practices for dealing with “B” Backup Withholding and “P” Penalty notices related to name and taxpayer identification number mismatch errors in 1099 reporting. Here, Sovos regulatory experts answer questions from webinar viewers on IRS B […]

Despite multiple repeal attempts, the Affordable Care Act (ACA) is alive and well. Employers still have to report ACA information or face increasing penalties. With ACA reporting still on HR professionals’ agenda, Sovos regulatory experts answer selected questions posed by viewers during a recent Society of Human Resources Management (SHRM) webinar. Their answers are here, […]