Sovos State of Compliance Newsletter
December, 2015
Hope your Black Friday weekend
went as well as ours!
When the demands of retailers were highest, Sovos delivered fast, accurate sales tax calculations so our Clients could reach their revenue goals. For those who were not prepared, the Black Friday/Cyber Monday holiday weekend was most likely a nightmare. Luckily, our Clients slept soundly knowing their software was accurate and Sovos’ systems were prepared to manage the massive volume increase retailers have come to expect at this time of year. Download our infographic and find out just how well Sovos Compliance performed over the busy holiday weekend.
 
Want more details? Read our blog post, Sovos Celebrates a Successful Black Friday/Cyber Monday Weekend. The last weekend of November can be a trying time for retailers. Every year there seems to be a bigger push for more extreme and extended sales around Black Friday. Sales during Black Friday weekend continue to grow in both revenue and the length of time retailers are willing to discount their products, for both brick and mortar and online retailers alike. Keeping up with the technical and compliance demands of such complex product offerings and increased traffic can be a challenge.

THREE COMMON CHALLENGES ORGANIZATIONS FACE FOR 1099 REPORTING.

Many organizations who have 1099 filing requirements point to a common problem: the difficulty of understanding their compliance obligations. Maintaining compliance is essential for businesses to thrive and grow. Therefore, tax information reporting must remain a high priority for internal tax and finance teams.

Read more in our recent blog post.

Troy Thibodeau, Sovos CMO, In Financier Worldwide.
Financier Worldwide is a leading publisher of news and analysis on the global business and finance market place. With leading products such as the monthly print publication, Financier Worldwide Magazine, the organisation has become recognised as a leading source of intelligence to the business and corporate advisory community. In the current issue focused on technology risk management, Chief Marketing Officer of Sovos Compliance, Troy Thibodeau, was asked to discuss the role of software and technology in global information reporting. Read the article here.
SOVOS INTRODUCES ENHANCED VAT REPORTING CAPABILITIES.
Sovos Compliance is proud to announce the latest enhancements to our VAT compliance solution. The software gives users the ability to analyze the VAT treatment of large volumes of transactional data while also validating VAT results. Additional VAT reporting capabilities also simplify and automate the reporting process by generating VAT returns as well as Listings and Intrastat returns for more than 30 countries, with additional countries being added regularly. Learn more.
NRF'S BIG SHOW: SEE YOU THERE!
Sovos experts will be on hand at NRF to answer questions and help you learn about how we can help with your tax reporting and tax determination. The National Retail Federation’s Retail’s Big Show 2016 takes place January 17-20, 2016 in New York City. Learn more about the show at http://bigshow16.nrf.com/ and be sure to visit our event page.

Don't miss our presentation: Sales Tax Compliance Solutions for Retailers
Time: 10:15-10:45 am (Sunday 1/17); Location: Level 1 Expo Hall, Big !deas Room 1

Description: As businesses grow, so do the numbers of products, locations and methods through which they sell. That “tax compliance multiplier effect” can cause gaps in compliance, increase potential audit risk and distract staff from growing the business. Join Charles Maniace and Tim Roden from Sovos Compliance as they discuss sales tax compliance solutions for retailers and explore how Sovos Compliance’s solutions simplified tax compliance for a retail client.

RECAP OF THE 13TH AUTOMATIC EXCHANGE OF INFORMATION CONGRESS.

Sovos Compliance was the Premier Gold Sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held in November in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world. The event was dedicated to achieving compliance for Global Information Reporting regulatory obligations including the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). Read our takeaways here.

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