The Internal Revenue Service (IRS) has delayed the implementation of the new $600 Form 1099-K reporting threshold for third party settlement organizations (TPSOs), which include payment apps and online marketplaces, for the calendar year 2023. This decision comes after receiving feedback from taxpayers, tax professionals and payment processors, with the aim...
Changes in tax reporting loom on the horizon — though recently were delayed a bit — as more commerce moves online. Wendy Walker, solutions principal at Sovos, told PYMNTS that the onus is on payments platforms to rise to the challenge. The conversation came against...
Ryan, a global tax services and software provider, has unveiled a platform that aims to revolutionize the global business tax payment process. Developed in partnership with tax technology provider Desucla, the Ryan TaxPay platform automates and streamlines tax payments for companies with regular obligations to...
Stripe says it is offering its Tax tool to its platform clients to boost their global commerce sales. “Help with sales tax and VAT has been our platform users’ most commonly requested feature,” Michael Carney, product lead for the tool, known as “Stripe Tax,” said in a news...
Tax preparation service TaxBandits has rolled out an e-filing solution to streamline tax preparation for businesses in the U.S. The new solution will ensure that tax details on 1099 Series Forms, which business owners use to report payments made to their vendors and independent contractors,...
Accenture Federal Services has won a position on an Internal Revenue Service (IRS) blanket purchase agreement with a ceiling value of $2.6 billion. The firm will be able to compete for task orders within this Enterprise Development, Operations Services (EDOS) blanket purchase agreement to support...
Spain’s government expects to raise $6.3 billion from its “windfall tax” on banks and energy companies. With those entities recording record earnings, the tax “is quite a manageable amount given the profit volume which, under no circumstances … can be considered confiscatory, but rather proportionate...
The Internal Revenue Service (IRS) has delayed implementing a lower threshold for the 1099-K form. In a Friday (Dec. 23) press release, the agency said that the lower $600 threshold amount at which third-party settlement organizations would have been required to report the tax year 2022 transactions on...
Following slow progress on international agreements, France has doubled down on its digital service tax. First announced in 2019 and implemented in 2020, the digital service tax (DST), which targets companies with €750 million ($790 million) in an annual global turnover and at least €25...
