Exploring what's new, relevant and upcoming in the ever-changing world of sales tax.
Jul 21, 2015 Sales Tax DataLINK
The IRS is expected to begin auditing businesses for the U.S. Foreign Account Tax Compliance Act (FATCA) compliance this coming fiscal year. This puts many businesses at risk since studies suggest that businesses are still unsure about their sales tax liability under the act. In fact, 75% of polled tax professionals employed by U.S. companies state that the FATCA had little to no effect on their businesses. However, these responses hint at a very real lack of knowledge as 66% of those respondents also said their foreign payees provide services to their business that fall under the regulation of the FATCA. Read More