Tax software provider Sovos has acquired Accordance, a U.K.-based value-added tax managed-services company. Financial terms of the deal were not disclosed.
Accordance has been a Sovos partner since 2018 and has since implemented Sovos VAT Reporting software to provide technology-enabled compliance services to its clients.
States are seeing higher remote sales tax revenues amid the COVID-19 pandemic, suggesting lockdowns have accelerated a shift to online shopping.
A lack of IRS guidance on cryptocurrency “staking,” in which a user receives virtual currency in exchange for holding tokens for a period of time, could sow confusion over when to report the currency as being obtained for tax purposes.