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Content tagged 'Update Tax / Statutory Requirements'

October 31, 2014
By Frederic Portal, Ataway Director of Strategy & Alliance

Tax season is stressful: if something goes wrong, the IRS is not known for being particularly forgiving. In order to comply with Internal Revenue Service (IRS) tax requirements, Organization must report non-employee compensation to the IRS on a calendar-year basis.

We recommend to our client to start to start to review supplier and invoices early on to clean the data before the end of the year, it will accelerate the creation of the 1099 report in January and will improve its accuracy. You definitely do not want to have to reissue a corrected 1099’s reports.

August 29, 2014
By Diana Cristina Rodriguez Castillo, Ataway Electronic Accounting Specialist

Working in LATAM you already know that for audit purpose and to reduce tax evasion, a lot of countries had implemented signing on XML with a corresponding reporting element. Brazil for example have the Nota Fiscal and SPED, Chile create DTE and Libros, so it was expected that the Mexican Tax Authorities develop and implement something, now they have CFDI and electronic books. All those countries also implemented a penalty system in case organization are not complying.

As part of the 2014 Mexican tax reform, the Mexican government published a new rule requiring that taxpayers electronically submit monthly accounting information in accordance with rules. 

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