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Posted 2019-03-12 by Sovos
New Sovos Tax Information Reporting Solution Solves Escalating Tax Challenges for Accounts Payable Leaders

Already regarded as the best 1099 reporting tool on the market, the recently upgraded Sovos Tax Information Reporting signed 150 new corporate and financial institution clients in just three months Sovos’ new TIR solution is the only product able to perform real-time taxpayer identification number (TIN) checks and offers a simplified data import, consolidating information […]

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Posted 2019-03-08 by Sovos
INSIGHT: How are Governments Tackling the Great VAT Gap?

In this piece for BloombergTax, Christiaan Van Der Valk, VP of Strategy at Sovos, examines the global VAT gap, through which governments lose billions every year. With such high levels of loss, how can governments confront the problem? Latin America offers lessons. Read more

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Posted 2019-02-19 by Sovos
Sovos Joins Wall Street Blockchain Alliance

Sovos has joined the Wall Street Blockchain Alliance, an industry leading non-profit trade association with a mission to guide and promote comprehensive adoption of blockchain technology across global markets. Read the press release. 

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Posted 2019-02-05 by Sovos
Platforms: Where the real ‘Wayfair’ money is

This article from International Tax Review reporter Alexander Hartley cautions vendors to beware of getting caught between states and their sales tax collection, as online platforms like eBay and Amazon now represent big cash prizes — and a host of technical complications — in the wake of the South Dakota v. Wayfair Supreme Court decision. […]

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Posted 2019-02-05 by Sovos
Will clearance e-invoicing spread through the EU?

International Tax Review reporter Joe Stanley-Smith writes that governments around the EU are watching Italy to see if its new mandatory e-invoicing system (Sistema di Interscambio, or SDI) works, and whether it is effective in increasing the VAT intake.  Sovos’ Filippa Jörnstedt says, “My guess would be that the next country to introduce a clearance e-invoicing […]

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Posted 2019-01-31 by Sovos
Sovos es reconocido como el líder del mercado en el reporte “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation

El completo análisis destaca los principales beneficios del “sofisticado software de impuestos en la nube” de Sovos BOSTON, enero de 2019 Según el estudio recientemente publicado, Sovos es ideal para “las empresas que están en búsqueda de un sofisticado software tributario capaz de satisfacer las altas demandas regulatorias de impuestos y facturación electrónica a nivel […]

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Posted 2019-01-28 by Sovos
Sovos Named a Leader in “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications”

Comprehensive assessment highlights key benefits of Sovos’ “sophisticated cloud tax software” BOSTON (PRWEB) January 28, 2019 Sovos, a leading global provider of tax software, today announced it is recognized as a Leader in the inaugural “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment.” According to the newly released report, […]

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Posted 2019-01-23 by Sovos
Despite ‘panic’, Italian e-invoicing seems to have landed smoothly

This article from International Tax Review reporters Joe Stanley-Smith and Alexander Hartley looks at Italy's new e-invoicing regime, which came into effect on January 1. Companies expected teething trouble, but the early signs are positive and the changes should lead to long-term benefits.  Sovos Alliances Sales Manager Filippa Jornstedt tells International Tax Review, "I don’t […]

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Posted 2019-01-23 by Sovos
Manufacturers Face New Sales Tax Obligations in an Increasingly Digitized Economy

  A series of United States Supreme Court rulings over the past half-century limited manufacturers’ sales tax compliance obligations. The Court consistently dictated that states could not require businesses to collect and remit sales tax unless they had physical presences there—in other words, property owned or people based within state borders. But all this has […]

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Posted 2019-01-23 by Sovos
Wine Shipments to Consumers Hit Record $3 Billion in 2018

2019 Direct-to-Consumer Wine Shipping Report highlights historic growth in prices, leading to 50% growth in value in three years (BOSTON) January 23, 2019 – Wineries shipped a record $3 billion worth of wine directly to consumers in 2018, according to the 2019 Direct-to-Consumer (DtC) Wine Shipping Report from Sovos and Wines Vines Analytics. The […]

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Posted 2018-12-18 by Sovos
Blockchain Can’t Hide Cryptocurrency Revenues from the IRS

Blockchain technology and cryptocurrencies are natural partners, with decentralized control mechanisms and distributed models that emphasize secrecy as much as they offer privacy or security. For the IRS, secrecy is a problem. More precisely, it’s a missed revenue opportunity. In an effort to collect tax on the booming crypto trade, the agency has already shown […]

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Posted 2018-12-12 by Sovos
After Wayfair Ruling on Sales Tax, Preparing for Holiday Retail Surge

Retailers will be on the hook for calculating and filing more taxes in more states than ever. With the already stressful holiday season upon us, companies need to scramble to ensure they are in compliance. Here’s what retailers can do to prepare. [Read more on Total Retail.]

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Posted 2018-12-07 by Sovos
The Challenge Of SAP-Native Tax Compliance

Momentum is growing in the adoption of modern enterprise resource planning systems (ERPs), like SAP S/4HANA and cloud-based deployments, especially HANA Enterprise Cloud (HEC). Analysts predict cloud ERP deployments will become the default within the next two years, and traditional ERP software will be phased out… [Read more in E-3 Magazine]  

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Posted 2018-11-26 by Sovos
Cyber Monday shoppers in many states should be ready to pay taxes

While shoppers will spend more this Cyber Monday on the hottest electronics and toys, many will also shell out more in taxes thanks to a recent Supreme Court ruling. “[If] you were taking advantage of online shopping as a means of potentially avoiding having to pay sales taxes on their purchases, depending on where you […]

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Posted 2018-11-26 by Sovos
Why states hoping for online holiday sales to boost budgets may not get their wish

  On the low end, a U.S. Government Accountability Office report estimated that state and local governments could gain between $8 billion and $13 billion in additional annual revenue from online sales taxes. The National Conference of State Legislatures, however, pegs that figure at around $23 billion a year. Even if state budgets don't see a billion-dollar […]

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Posted 2018-11-26 by Sovos
Online retailers are now tax collectors

Arguably the most important change to taxation in the history of American retail is happening just in time for holiday shopping season… [Read more from Sovos Director of Regulatory Analysis Chuck Maniace in Entrepreneur]

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Posted 2018-10-05 by Sovos
IRS Releases Updated Publication 1586

The IRS recently released an updated version of Publication 1586, Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs. This publication details the information related to penalty notices issued by the IRS (Notice 972CG), the procedure for addressing such notices, and the penalties themselves. There are a number of updates to the content of […]

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Posted 2018-09-06 by Sovos
Sovos Announces 2018 Mid-Year Direct-to-Consumer Channel Data

Notable trends: Oregon wines surging while Napa sales stagnate, Rosé on the rise and Pennsylvania as a leading shipment destination Sovos today revealed data on the performance of the direct-to-consumer (DtC) winery shipping market through the first six months of 2018. Among the notable trends in the report were Napa County wine sales slowing […]

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Posted 2018-09-05 by Sovos
Sovos Extends Italian eInvoicing Solution in Advance of January 1 Deadline, Adding to World’s Only Global Solution for eInvoicing Compliance

The latest addition to the Sovos Intelligent Compliance Cloud safeguards all companies doing business in Italy and prepares them for looming wave of European regulations   BOSTON (PRWEB) SEPTEMBER 05, 2018 Global tax software leader Sovos today announced that it has expanded its global e-invoicing compliance solution to support private companies mandated to comply with Italy’s […]

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Posted 2018-08-07 by Sovos
VAT & B2G Reporting Newsletter: July 2018

Country-by-Country News South Africa Proposes Amendment to Change VAT Rate South Africa’s Minister of Finance has published a draft amendment, which if enacted, would change South Africa’s VAT rate back to 14%. This proposed draft amendment, which is open for public comment, would revert the rate back to 14% and currently has […]

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