Sovos State of Compliance Newsletter
July, 2015
Puerto Rico Update.

Puerto Rico recently enacted Law 72-2015 which, among other things, increased the state level Sales and Use Tax (IVU) from 6% to 10.5% effective July 1, 2015. This new law introduces fundamental changes to the direct and indirect tax regimes of the Commonwealth of Puerto Rico. 

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HERE WE GROW AGAIN.

On May 26, 2015, Sovos Compliance announced the acquisition of Imaging Science and Services, a leading provider of cloud-based document management and compliance solutions. The acquisition both strengthens the Sovos Compliance solutions and expands our offerings.

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EU Place of Supply Changes impact VAT Determination for US providers of Digital Services.
The new European Union (EU) Place of Supply changes enacted in January have wide reaching implications for those organizations providing electronically supplied services to customers in the EU. VAT determination on these services will now be based on the location of the customer, not the provider.  Many US based organizations providing digital delivery of products such as music, software, books and on demand video to EU customers will be impacted by these changes.  For more information on how these changes might affect your organization, check out our new SmartBrief.
Sovos Compliance remains ahead of the game following the global FATCA regulations.
Since it became a law in 2010, the Foreign Account Tax Compliance Act (FATCA) has become a headache for many companies, don’t let it become yours also. Our team of experts has spent countless hours staying on top of the rapidly changing regulations so that we are able to provide our audience with frequent updates. Learn more today on the Sovos Compliance blog.
Are You Ready for Sales Tax Holidays?

Each state has their own State Tax Holidays, their lists of eligible and exempt items, and their own rules. With each Sales Tax Holiday, retailers need to reset their cash registers or point-of-sale systems, customize their tax rates and remap their product SKUs. Sovos Compliance’s software and services ensure that our clients remain compliant – even on Tax Holidays! Use our interactive guide to view each state’s tax holiday details.

HAVEN'T SIGNED UP FOR SOVOSCON YET?

Use Promo Code JulySOC to get $300 off the current registration fee!

SovosCon, October 28-30 in San Diego, features a wide range of CPE-accredited hands-on training classes covering multiple tax compliance issues such as Sales & Use Tax management, European compliance, ACA reporting, customer experience, and more!

These 40 educational sessions will showcase the latest news and best practices as they relate to topics like:

 

  • Sales and Use Tax Compliance, Filing, and Reporting
  • Value Added Tax Compliance, Filing and Reporting
  • Customer Experience and Technical Tax Challenges
  • Optimally Implementing and Troubleshooting Tax Technology
  • Tax Information Reporting for 1099s, ACA, and FATCA

 

Combined with keynote presentations from industry experts, hands-on training, and one-on-one support, you will learn how to leverage Sovos Compliance’s technologies and tax research expertise to maximize your business’ tax reporting security while minimizing cost.

See our agenda to learn more about SovosCon sessions and speakers.

Recently Added Resources on Sovos.com.

  • Missed our webinar on Managing the Growing Trends in Global Consumption Tax with KPMG? Watch
  • Retail Transaction Tax Solutions Datasheet:  Read
  • Retail Sales Tax Holiday webinar on demand: Watch
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