Sovos State of Compliance Newsletter
August, 2015
Managing Exemption Certificates?

Tracking and updating exemption certificates may not seem like a big task, but the reality is that the management of these critical documents can be one of your biggest potential audit risks. From collecting valid and complete documents to expired, missing or invalid certificates, the time and risk associated with managing this process can be significant. 

A simple way to avoid the headache is through exemption certificate automation. An automation system could solve controllership and efficiency issues  while also meeting compliance requirements. Watch our on-demand webinar to learn more about:

    • Common challenges companies face
    • Factors to be considered for your solution
    • Best practices
    • Tips and tricks for staying ahead

Read more

TAX CHANGES IN PUERTO RICO.

As result of the passage of Law 72-2015, the indirect tax system of the Commonwealth of Puerto Rico is undergoing a remarkable transformation that is taking place over three distinct stages, culminating with a new Value Added Tax scheduled, which will go into effect on April 1, 2016. In case you missed our most recent webinar on the most critical changes to the sales and use tax of the island, the presentation is available to download and watch now.

Sovos Compliance's tax experts regularly blog on the topic of the tax changes in Puerto Rico. Get your updates by subscribing to our blog feed.

Read more

Sales Tax Holidays in the News.
On July 23, 2015, CNBC published an article highlighting how Sovos Compliance breaks down the complexity of sales tax holiday information. With a total of 18 states and Puerto Rico now holding these retail holiday weekends, it is important for businesses to understand what is exempt in each jurisdiction. Every state has its own rules regarding qualifying purchases, which can make it extremely difficult for both consumers and companies to keep track and make the right adjustments for shopping trips. Check out our interactive Sales Tax Holiday Guide for more information.
Taxing e-Books in the EU: New Developments.
Sovos Compliance has continued to monitor the repercussions of the ECJ's decision in March. The debate continues over what is considered a book and what the implications are for VAT in a variety of countries including Luxembourg, Germany, France, Poland and Italy. Learn more today on the Sovos Compliance blog.
Wide-Ranging implications for update to Trade Preferences Extension Act.

On June 29, 2015, an update was passed to the Trade Preferences Extension Act. These changes greatly enhance the penalties ALL 1099 filers will be subject to for incorrectly reporting tax information. H.R. 1295, (now PL 114-27), doubles the annual maximum penalty cap from $1.5M to $3M for all 1099’s, and more than doubles the penalty per record from $100/record to $250/record for unintentionally failing to file properly. There are significant implications for both B and P Notices and ACA reporting

HAVEN'T SIGNED UP FOR SOVOSCON YET?

Use Promo Code AugustSOC to get 50% 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.

  • Taxware Certificate Management: Read
  • Global Information Reporting: Read
  • Tax Information Reporting/1099 Compliance: Read
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