Stripe Launches Global Tax Compliance Service

PYMNTS

Stripe launched its own tax compliance service for businesses in more than 30 countries around the world Thursday (June 10), the FinTech announced in a press release emailed to PYMNTS. Stripe Tax also displays taxes in a familiar way to customers of its B2C firms.

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IRS: Bank Reporting Data Key To Addressing Tax Evasion

PYMNTS

IRS Commissioner Charles Rettig said requiring banks to provide insight into customers’ transaction history could help the federal government recoup missed taxes, CNBC reported on Thursday (Sept. The rate of taxes paid correctly and on time is pegged at approximately 82% to 84%.

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US Pushes EU To Nix New Digital Tax

PYMNTS

wants the European Union to think twice before implementing a new digital tax across its 27 members, Bloomberg reported. The proposed digital tax could do away with some progress made toward a global agreement for a corporate tax, according to Bloomberg. The U.S.

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Volkswagen Pushes India For Lower EV Import Tax

PYMNTS

Volkswagen has joined Tesla in urging Indian officials to lower the import taxes they impose on electric cars, a move that the firm says is motivated by increasing demand for so-called clean vehicles. Taxes auto sales automotive india international News taxes volkswagen What's Hot

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Bloomberg Tax & Accounting Updates NOL Compliance

PYMNTS

Bloomberg Tax & Accounting has debuted enhancements to the State NOL (net operating loss) Manager, which will serve as a comprehensive compliance, provision and planning application for companies with multistate businesses, a press release said on Wednesday (May 19).

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How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

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Tax Compliance Software Firm Avalara Acquires INPOSIA

PYMNTS

Avalara , a tax compliance software firm with a focus on the business sector, said on Tuesday (Dec. E-invoicing is becoming a mandatory global requirement for transactional tax compliance,” said Jayme Fishman , EVP of corporate development at Avalara, in a press release.

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Expanded Child Tax Credit Gives Retailers Hope Amid COVID Concerns

PYMNTS

But pent-up consumer savings and the new expanded child tax credit have some experts still excited about a retail rebound. The second payment of the expanded child tax credit will be delivered Friday, as Aug. Retail apparel Back-to-School Consumer Spending economy News stimulus taxes

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The Calm Before Crypto's Cross-Border And Tax Storm

PYMNTS

However, amid the muddle of following this new currency down the money trail, there sits the tax man, who is watching more closely than ever and devising new ways to get paid. It’s a truism that governments like to collect tax revenues. Tax Authorities Taking Stock .

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When One State’s Tax-Exempt Necessity Is Another’s High-Tax Discretionary Purchase

PYMNTS

Sales taxes empower governments to maintain critical public services, but they can also make medical essentials too expensive for those who need them. Campaigns against taxing obligatory items are spreading across the United States, forcing states to rethink their revenue generation decisions.

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Maryland Passes First US Tax On Digital Ads

PYMNTS

Maryland lawmakers Friday threw the tax gauntlet down in front of Big Tech. The tax on sales of digital ads — and not just on sales of products referenced in the ads — is structured in order to reap more proceeds from larger online players.

Unlocking R&D Tax Credits For The Unsuspecting Small Business

PYMNTS

government introduced a research and development (R&D) tax credit designed to incentivize innovation. As Orlando explained, the federal government’s R&D tax credit program involves setting aside about $50 billion every year to reward businesses investing in innovation.

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Avalara Buys DAVO To Boost Sales Tax Automation Services

PYMNTS

Avalara , which works on tax compliance automation for businesses, has acquired the operational assets of DAVO Technologies , which helps businesses automate the requirements for sales tax, according to a press release. Tax-related issues have been thorny for eCommerce business.

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New York State Tax Revenue Drops 10 Pct In 2020

PYMNTS

Local government sales tax collections dropped 10 percent in 2020, according to a press release from the state comptroller. The drop overall was worse than that in the Great Recession, when the local sales tax collections fell 6 percent statewide in 2009 compared to 2008.

European banks storing €20bn a year in tax havens

TheGuardian

The figures emerge from an analysis, conducted by the EU Tax Observatory, of 36 big banks required to publicly report country-by-country data on their activities.

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Can payments data help bridge the tax gap?

Accenture

Historically speaking, taxes have been taxing. Since the inception of taxes, the payment and collection of them has been filled to the brim with delays, hassles, and needless complications. The post Can payments data help bridge the tax gap?

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Mexico To Tax Digital Services From Other Countries

PYMNTS

Mexico passed a law this week that taxes digital services from other countries, according to a report. A 16 percent value-added tax (VAT) will be tacked onto digital services starting on June 1 of this year.

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UK Considers Tax Hike On eComm Firms Powering Pandemic’s Digital Shift

PYMNTS

British lawmakers are exploring levying an extra tax on companies that benefited from COVID-19 and have summoned executives from major firms that could be affected by such a measure for meetings to discuss the matter, London's The Sunday Times reported.

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Seattle OKs Head Tax Aimed At Big Business

PYMNTS

Seattle’s City Council passed a new tax for big businesses operating in the city, including Amazon , according to CNBC. The tax, called the JumpStart Seattle Tax, will target businesses with at least $7 million in annual revenue. Those businesses will be taxed 0.7

IRS Tightens Oversight Of Crypto Trades And Taxes

PYMNTS

Whether crypto swoons or crypto booms, the Internal Revenue Service is going to keep better track of the ups, downs, gains and losses at least as far as taxes are concerned. Regulation cryptocurrency digital currency Editors' Picks IRS News regulations taxes

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Hike In ID Fraud Causes Delays In US Tax Refunds, Stimulus Checks

PYMNTS

Taxes fraud identity verification IRS News Security taxes What's Hot

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Tax Compliance Complicates Software Subscription Business

PYMNTS

Tax compliance has never been a simple issue for businesses. Enter Software as a Service (SaaS), and even tax codes have been playing catch-up with the subscription business. And for all the good things subscription commerce offers software firms, like more recurring revenue, ensuring that subscription models and their payment processes are successful under the new paradigm can become a taxing burden on companies. So tax compliance is really everybody's concern now.”.

4 Ways To Invest Your Tax Refund

BankBazaar

Got a big tax refund? We all dread that time of the year when we have to file our Income Tax returns. All those calculations and figuring out which section of the Income Tax Act to claim refunds under can get pretty complicated, we admit.

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Child Tax Credit Payout Of $15B+ Could Mean Big Spending Across US

PYMNTS

13) paid more than $15 billion to families for the almost 61 million children eligible for the expanded Child Tax Credit from the American Rescue Plan. This month’s Child Tax Credit payout included about 1.6 Economy Consumer Spending economy News stimulus taxes What's HotThe U.S.

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EU’s Post-Pandemic Recovery Fund Will Hit Most Firms With New Taxes

PYMNTS

The European Union’s (EU) European Commission ( EC ) is instituting a new business tax to benefit the Post-Pandemic Recovery Fund, U.S. The money will be paid back across the next 30 years, most coming from tax levies on the digital economy and on CO2 emissions, according to the article.

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IRS Commissioner Rettig Says NFTs Ripe For Tax Evasion

PYMNTS

IRS Commissioner Charles Rettig says there’s “replicating” of tax evasion with cryptocurrencies using nonfungible tokens (NFTs), CNBC reported on Wednesday (April 14), adding that the IRS is looking at the dark web for crime related to crypto or NFT transactions.

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Stripe To Acquire TaxJar To Streamline eCommerce Sales Tax Compliance

PYMNTS

The FinTech Stripe is acquiring business sales tax platform TaxJar for an undisclosed amount. The acquisition is part of an upcoming suite of tax tools Stripe is developing to help eCommerce companies and other online businesses.

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Thailand to Tax Cryptocurrencies

Bank Innovation

Taxes on cryptocurrency? According to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains. Taxing cryptocurrency is a way for […]. That’s what regulators in Thailand are planning to institute.

Amazon Raises Fees For Spanish Companies Due To New Tax

PYMNTS

Amazon is planning to hike fees for Spanish companies using its platform by 3 percent from April, according to a Reuters report, since the country's government imposed a new digital tax. A spokesperson for Amazon said the so-called " Google tax" would end up hitting users.

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Child Tax Credit Boosts July US Retail Sales, Mastercard Reports

PYMNTS

According to the firm’s SpendingPulse report, the child tax credit strengthened department store and clothing sales. Combined with greater savings and higher demand, the Child Tax Credit has provided a boost for families and is putting more money into retailers’ pockets.”.

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Amazon (And Others) Brace For India’s New eCommerce Tax

PYMNTS

The jousting over eCommerce taxes — especially for U.S. Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. Amazon India and Flipkart stated that they are both studying the proposed tax.

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Tax Refunds Could Be Delayed Amid IRS Backlog Of Unprocessed Returns

PYMNTS

The IRS has been swamped with a backlog of unprocessed tax returns amid the pandemic that could delay tax refunds, according to a report from the Treasury Inspector General For Tax Administration. “Of That works involve handling mail and paper tax returns.

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Deutsche Bank Report Eyes WFH Tax To Boost Economy

PYMNTS

A tax for working at home? and other countries will need to step up and tax remote work, using the money to help workers in service sectors whose jobs are imperiled by the trend, the Deutsche Bank researchers argue. And how much of a tax are we talking about?

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Canada Seeks Digital Tax On Google, Netflix And Other Global Web Giants

PYMNTS

Facing a growing budget deficit and the cries from local businesses about fairness, the Canadian government is proposing a new digital tax on foreign web giants such as Netflix, Facebook, Amazon and Google. The digital tax is part of a broader five-year, $3.4

Taxes 243

PPP Recipients To Lose Valuable Tax Breaks

PYMNTS

Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). . This treatment prevents a double tax benefit,” the agency said in the notice.

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