Sovos State of Compliance Newsletter
March, 2016
TOP 10 SALES TAX CHANGES OF 2015.
Each year there are hundreds of tax rules and rates changes and 2015 was no different. All over the US, changes are made every year about everything from rate changes to what is taxable and of course, sales tax holidays.  The problem of having an incorrect rate active in your sales tax process could mean a number of things for your company. Not only would you face the risk of penalties and fees, but if you are charging a customer the wrong rate, it would create an unfavorable experience that could impact your revenue and reputation. It could also trigger an audit. None of these are good things.
 
At Sovos, we have a team of experts working full time to track and update the rule and rate changes across the globe. Our content is refreshed constantly, reducing our client’s risk and exposure.
Check out our Infographic to see some of the tax team’s favorite changes made in 2015!


WEBINAR ON DEMAND: PUERTO RICO VAT UPDATE.
Over the last couple of years, Puerto Rico has continued their move towards a VAT system. There have been many bumps along the road and our Tax team has been monitoring the changes throughout the process. This webinar provided attendees with an update on the late breaking developments (including a push of the implementation date), an overview of VAT mechanics in Puerto Rico, an update on SURI and more. You can view the webinar on-demand or download the presentation slides to learn more.

VAT 101: MAPPING YOUR VAT REQUIREMENTS IN EUROPE.

Simply put, the Value Added Tax (VAT) system is complicated. US organizations doing business in Europe are often exposed to significant risk if they don’t know how to handle VAT in each EU country. VAT might appear familiar given some of the superficial similarities to Sales and Use Tax, but it’s entirely more complex and can have drastic consequences on the success of your overseas operations. Whether your company is already operating in Europe, in the process of expanding, or still considering your options, Europe’s Value-Added Tax (VAT) is confusing for even the most seasoned financial professional. Read more about this issue on our blog and be sure to register for our upcoming webinar to learn from one of the Sovos Experts.  Read more 
ACA AND 10-SERIES FORM PENALTIES INCREASE AGAIN.
If you have ACA or 10-series form obligations, you’ll want to read our latest news! The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, you may now be penalized up to $260 per record if you are late or inaccurate in all tax information, 10-series, and ACA form reporting requirements. Read more for background on the increase and the reasoning behind it.
FOOD FOR THOUGHT IN COLORADO.
The taxability of food products is one of the most complicated sales and use tax issues for vendors and can be equally perplexing for customers. However, in 2010 the legislation made an already complex issue even more so. Prior to the legislative action in 2010, Colorado followed the federal SNAP program definition of food, with some specific carve outs from the definition for items such as chewing gum and carbonated water. Read more.
VISIT SOVOS AT MICROSOFT ENVISION!
Microsoft Envision, April 4-6th, is the place where industry leaders gather to explore and share business solutions. Sovos experts will be on hand again this year to discuss our Sales, Use and Value-Added Tax solutions and our capabilities interfacing with a number of Microsoft ERP systems.
 
Come visit us at Booth #261 to get an update on all of the exciting ways we can help your company improve operational efficiency and reduce compliance risk.

SOVOSCON: OCTOBER 19-21, 2016 IN BALTIMORE. $250 DISCOUNT CODE!

Came to SovosCon last year and loved it? Missed it but wish you had been able to attend?
 
Sign up for this year's event, "Navigating a Sea of Compliance" to join our tax compliance experts for educational breakout sessions tailored to tax veterans and novices alike, expanded product training of Sovos software, and one-on-one labs designed to tackle your unique compliance questions and concerns. Our Agenda features sessions that focus on requirements like exemption certificate management, international expansion, vendor accountability and the AP process, audit defense, and working effectively with states for sales tax compliance. Register today and use the code "STSOC" for an additional $250 off of the current rate!

LIKE THIS NEWSLETTER?

Access back issues of Sovos State of Compliance.
sovos.com
Twitter
LinkedIn
RSS Feed

Copyright © 2015 Sovos Compliance, 200 Ballardvale Street, 4th Floor Wilmington, MA 01887 USA