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Why the First Year of CRS Reporting Isn’t Really Over Yet

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), […]

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State 1099 Reporting Requirements Follow PATH of Tighter Deadlines

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 […]

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ACA Update: What Does the Graham-Cassidy Plan Mean for 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The employer mandate could be repealed if Senate Republicans push through their newest attempt to repeal and replace the Affordable Care Act, but it appears as though ACA reporting requirements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 […]

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AEOI Experts Discuss the Risks and Complexities of CRS Reporting

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 […]

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How Tax Pros Can Avoid the Nightmare of 1099 B and P Notices

According to the IRS, the tax gap is $405 billion, and the agency is serious about closing it. Organizations need to be as well if they want to avoid dealing with B and P notices, financial penalties, unhappy customers, and declines in revenue. B and P notices are not just warnings from the IRS. They […]

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Expert Q&A: Best Practices for 1099 B and P Notices

Sovos recently held a webinar on best practices for dealing with B and P notices in 1099 reporting. Here, Sovos regulatory experts answer questions from webinar viewers. Do we have to send a B-notice to someone we will never work with again? B-notices are sent in reaction to a CP2100/CP2100A from the IRS for reporting […]

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Expert Answers to HR Professionals’ Questions about ACA Reporting

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, […]

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What HR Professionals Need to Know to Avoid Big ACA Reporting Penalties

The Affordable Care Act (ACA) is still the law of the land, having survived attempts to both repeal and replace the legislation. It now has real teeth, with the dollar amounts of financial penalties having doubled in recent years. Here is what HR professionals need to know to prepare for the upcoming filing season and […]

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What Tax Professionals Need to Know about the Dark Web

If you don’t know much about the dark web, you’re not alone. Maybe 5 percent of internet users are on it (at a stretch), but it’s anywhere from 6 to 500 times larger than the consumer web. And it can definitely affect your job as a tax professional. Anything and everything is for sale on […]

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PATH Act Deadlines Create Problems for Financial Institutions

Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals: Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases New developments in […]

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Financial Institutions Struggle with First UK CRS Transmittal

The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]

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How Tax Leaders Can Propel Client Service and Optimize 1099 Reporting

Financial services companies are now forced to tackle a new breed of 1099 reporting requirements for corporate clients. Federal and state governments are increasing audit frequency and requiring more detailed data, and new rules are putting companies’ reputations on the line. Tax leaders at financial services companies have bigger burdens on their shoulders these days, […]

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NAFTA Discussions Leave Multinationals in Mexico Uncertain

The first talks on renegotiating NAFTA begin this month, and with continual discussions of a U.S.-first trade agenda, multinational companies with operations in Mexico are left uncertain on what these talks might entail. While no one knows exactly where these negotiations may land, multinationals should have some answers by the end of 2017, as all […]

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Senate “Skinny Repeal” Fails: Mixed Messaging Lingers for Next Steps

Amidst questions coming out of last week’s Senate vote-a-rama, one thing is clear: Information reporting obligations for Applicable Large Employers and providers of health insurance coverage will remain in place for the foreseeable future. Congress and the Administration are divided on how to proceed after multiple health care bills failed last week in the Senate. […]

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Filers Struggle to Meet New PATH Act Reporting Deadlines

New numbers suggest the PATH Act deadline for filing W-2 and 1099-MISC forms is continuing to cause havoc for employers. The PATH Act, enacted in late 2015, moved the filing deadline from March 31 to Jan. 31. Filers are struggling to meet the new deadline and avoid financial penalties, which are attached to both late […]

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Sovos Wins Product of the Year Awards at The American Business Awards

Global tax compliance and reporting software leader recognized with two Stevie Awards in Global Risk & Compliance and FinTech Categories    Wilmington, Mass. – July 26, 2017 – Global tax compliance and reporting software leader Sovos announced today it has been honored with two Product of the Year awards at the The 15th Annual American Business Awards, a […]

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Better Care Reconciliation Act Fails – Four Senators Now Oppose Procedural Motion

With Senators Rand Paul and Susan Collins stating their opposition to the revised Better Care Reconciliation Act (BCRA) last week, Majority Leader Mitch McConnell could not afford to lose any more votes on the procedural vote to bring the bill to the Senate floor. Last night, Senators Mike Lee and Jerry Moran both announced that […]

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France Updates CRS Technical Guidance

France has updated its technical guidance, Transfert d’Informations to version 1.3.  The new version contains some schema changes including the addition of the Address Type attribute that was previously not required, even though it is required under the OECD’s schema.  Reporting French Financial Institutions, who have Reportable Accounts, should give close attention to the new guidance to […]

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