In less than 12 months, Sovos Compliance developed and delivered to market Sovos ACA, a software to support businesses with their ACA compliance requirements. In less than 12 months, Sovos Compliance, a global leader in tax and business-to-government compliance software, successfully delivered to market Sovos ACA, a new product to support Affordable Care Act (ACA) […]
Besides the Treasure department considering changing the IGA statuses of jurisdictions that are currently “In Effect” to “In Force” here are the other changes going on throughout the world in our global roundup compiled by our expert researchers. Cyprus Releases New FATCA Filing Notice Cyprus has released a new FATCA filing notice reminding Financial Institutions and […]
General Taxability Changes On March 14, 2016, House Bills 61 and 62 (Acts 25 and 26 respectively), were signed into law by Louisiana Governor, John Bel Edwards, as part of the First Extraordinary Session of the Louisiana Legislature. This legislation expanded the sales tax base in Louisiana to encompass nearly every previously excluded and most […]
This week, the Treasury Department published Announcement 2016-27 detailing its plan to reevaluate jurisdictions whose FATCA Intergovernmental Agreement (IGA) status is treated as “in effect.” This means that Foreign Financial Institutions (FFIs) in jurisdictions whose IGA is currently signed or considered in substance may face changes to how they report their FATCA returns to the […]
The IRS recently released long-awaited guidance for filers regarding TIN solicitation. The IRS proposed regulations for 6055 contain a number of clarifications for providers of health insurance. The most recent guidance—Notice 2015-68—filers received was released last September, just shy of a year ago. The proposed regulations discussed comments from filers regarding necessary changes to TIN […]
Recently, we attended the 2016 CRTRA Conference in Vail, Colorado. Along with the beautiful scenery, we were very impressed with the level of engagement at the Chain Restaurant Total Rewards Association and thoroughly enjoyed our time talking to people throughout the industry. We understand that Fair Labor Standards Act (FLSA) is a hot topic right […]
Here is this week’s FATCA recap. Catch up on this week’s roundup compiled by our research team. Bahamas Releases Updated Portal Help Guide and FAQs Bahamas released an updated portal help guide and FAQs. The guide is substantially the same as the previous version, with the exception of a few removed FAQs. The Portal Help guide […]
Have all your forms been filed? Have you send in your transmittal? If you haven’t, you need to file as soon as you can because penalties will only increase the longer you delay. This year, the IRS is looking for a timely furnishing and filing by organizations as part of a good faith effort to […]
Can you believe it has been another week already? FATCA revisions and updates keep rolling in and here at Sovos we are here to bring them to you. Catch up on this week’s roundup compiled by our research team. Cyprus Releases Instructions for Correcting FATCA Reports Cyprus has released instructions for all Financial Institutions that […]
Many organizations, like Texas Capital Bank, struggle with handling their tax reporting obligations. It is a necessary function that can easily be overlooked because revenue producing initiatives come first. However, failing to properly handle these requirements can end up costing you more, put you at risk for incurring large penalties, dissatisfaction amongst your customers and […]
This week we bring you a dozen FATCA updates from the Middle East, South America, Asia, the Caribbean and Europe. Sip your coffee and catch up on the weekly roundup compiled by our research team here at Sovos. Belgium Announces New Business Rules Belgium FPS Finance announced new business rules. The new rules were adopted to […]
Recently, we were at the SHRM Annual Conference & Exposition 2016 in Washington D.C. The three days offered HR and Benefits professionals all types of opportunities for learning, hearing from industry experts and a chance to network and share their experiences concerning the first year of mandatory ACA reporting. Based on this feedback, here are […]
After lengthy preparations for ACA processing year 2016, your ACA forms have finally been submitted to the IRS and as a filer you are ready to breathe easy. Unfortunately though for filers, your ACA duties may not yet be fulfilled. The IRS recently clarified that, although it’s a good faith filing year, filers are still […]
Over the past week, countries around the world continued to release more information about and changes to FATCA, CRS, and CDOT regulations. Take a look at our roundup below of the latest global updates, compiled by our Sovos team of tax experts. Finland Publishes CRS & DAC2 Detailed Instructions (Finnish Draft) Finland recently published a draft […]
Entities of all kinds are struggling with the first year of mandatory ACA reporting, including municipalities. Take for instance, The City of Oak Creek in Wisconsin. Marie Lenda is the Benefits Coordinator who has been the primary contact for handling the HR/benefits for the city’s employees and retirees for almost all of her 20 year […]
Did you know that on December 18, 2015 the Protecting Americans from Tax Hikes Act, or PATH Act, was signed, causing new regulations and compliance requirements? What is the PATH Act, and how will it impact your organization? What steps must be taken to ensure compliance in the future? Join our group of experts from […]
The Arizona Department of Revenue (DOR) has been working toward the objective of simplifying the way that taxpayers report the Arizona Transaction Privilege Tax (TPT) for all localities (program and non-program) within the state. Arizona intended for the state DOR to become the single point of licensing, filing and payment for all localities on January […]
Do you still have questions about the required 1094 transmittal part of ACA reporting and the corrections process that will follow? Keep in mind, the deadline to transmit the 1094 electronic file to the IRS is June 30th, which is right around the corner and failure to comply can result in steep penalties, which have […]