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Posted March 3, 2017 by Sovos
1099 Updates: Feb. 17 – March 1

Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and ensure that they are on the right track in their compliance efforts. Here are […]

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Posted March 1, 2017 by Sovos
Press Release: Sovos Compliance and Tytho Sign a Strategic Partnership Agreement

On February 1st, Sovos Compliance and Tytho made a move to further reinforce their leadership position in tax technology, and today are announcing their non-exclusive partnership agreement. They have established a partnership whereby Tytho will assist with the implementation of Sovos Compliance solutions and promote the Sovos Compliance suite of products as well, strengthening their […]

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Posted March 1, 2017 by Sovos
ACA Update: Leaked Republican Legislation Would Phase Out Key Provisions

Recently leaked draft legislation provides further insight into Republican plans for healthcare overhaul and associated reporting requirements. The draft, which is nearly three weeks old, indicates key provisions of the law – such as the taxes, mandates, Medicaid expansion and subsidies – would be phased out and replaced between 2018 and 2019. The replacement provisions […]

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Posted February 27, 2017 by Sovos
Sales Tax Legislation in Wyoming and Utah – Has Nexus Reached Its Tipping Point?

Proposed bills and rules around nexus are being discussed and debated in state capitals across the country. The evolution of ecommerce continues to place pressure on the nexus standard. As states search for avenues to collect and remit tax, businesses face expanded sales tax compliance responsibilities. With recent proposed legislation, both Utah and Wyoming took […]

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Posted February 24, 2017 by Sovos
AEOI Updates: Feb. 4 – Feb. 22

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Ukraine Signs Model 1 IGA […]

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Posted February 23, 2017 by Sovos
Spain Launches Real-Time Transactional E-Invoice Reporting Standards

60,000 companies required to implement new e-invoice reporting standard. With recent reports highlighting European Union members’ struggle with uncollected VAT, countries are focusing on initiatives that will reduce fraud and increase tax revenues. Spain, in particular, is taking a page from Latin America’s electronic invoice registration playbook. On December 6, 2016, Spain announced that certain […]

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Posted February 23, 2017 by Sovos
Top 5 Filing Challenges: Webinar Recap and Attendee Responses

In our most recent Tax Tuesday webinar, Ashley Brody and I took a hard look at the most common filing challenges facing today’s manufacturers.  We described the trends that we hear about every day from tax professionals and recommended some best practices for staying on top of rapidly changing filing requirements.  In addition to the […]

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Posted February 17, 2017 by Sovos
1099 Updates: Feb. 1 Through Feb. 16

Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017.   Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and […]

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Posted February 16, 2017 by Sovos
ACA Update: IRS Tweak to Individual Reporting – What It Means

Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]

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Posted February 10, 2017 by Sovos
Wisconsin’s Milwaukee County Applies “Exposition Tax” on Prepared Food

The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities. Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room tax, a 7 percent additional […]

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Posted February 6, 2017 by Bob Whitefield
Remote Sellers: What You Can Do to Prepare for Pending Legislation

Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules detailing when sellers […]

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Posted February 3, 2017 by Yujin Weng
India Now Expected to Move to a GST on July 1, 2017 – Businesses Must Get Ready

India has debated moving to a Goods and Service Tax (GST) for over 16 years. However, recent developments — many of which have been reported in this blog — strongly point toward the country adopting a GST in the next several months. Since the Government ratified the GST Constitution Amendment Act on Sept. 16, 2016, […]

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Posted December 22, 2016 by Bob Whitefield
Press Release: Sovos Compliance Recognized as 2016 Best Tax Information Reporting Firm

Wealth & Finance International awards compliance software provider for helping businesses comply with complex and ever-evolving regulations. December 22, 2016, Wilmington, Massachusetts — Wealth & Finance International named Sovos Compliance as the 2016 Best Tax Information Reporting Firm (U.S.), recognizing the organization for its success in helping finance leaders around the world reduce the burden […]

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Posted December 5, 2016 by Sovos
Press Release: New Report Shows U.S. Businesses Spent More Than $4 Billion in Labor Costs on Affordable Care Act Compliance in 2016

Research from Aberdeen Group and Sovos Compliance shows significant business challenges exist as a result of accuracy problems and continuous regulatory changes. December 5, 2016, Wilmington, Massachusetts — As the U.S. government considers changes to the Affordable Care Act, a new report from the Aberdeen Group shows U.S. businesses spent in excess of $4 billion […]

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Posted December 2, 2016 by Sovos
New DC PaintCare Fees Complicate U.S. Paint Stewardship Compliance

Effective November 1, 2016, the District of Columbia (DC) is imposing a paint recovery fee (also known as a PaintCare fee) on qualifying architectural paint products. This new PaintCare fee will make compliance slightly more difficult for paint retailers accustomed to the current size-based product fee structure. History PaintCare fees are nothing new in the […]

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Posted November 21, 2016 by Sovos
Sovos Compliance Wins Tekne Award for Innovation

November 21, 2016, Minnetonka, Minnesota — The Minnesota High Tech Association (MHTA) announced this week that Sovos Compliance is this year’s Tekne Award winner for innovation in the Established Software Companies category. The award recognized the Minnetonka-based company, which safeguards businesses from the burden and risk of tax and compliance, for its innovative solution to […]

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Posted October 14, 2016 by Sovos
Important Administration Changes in the Sales Tax of the Commonwealth of Puerto Rico

Update from Charles Maniace, Director of Tax Research at Sovos: On October 14, 2016 the Internal Revenue Service issued an announcement stating, “…to ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. “In the next few […]

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Posted August 4, 2016 by Sovos
Colorado Makes Sovos Compliance Only Integrated End-to-End Sales Tax Solution; Software Users Will Be “Held Harmless” for Tax Gaps

Sovos becomes the first software provider to integrate a hold-harmless database with an approved e-file software solution application to help reduce the sales and use tax compliance burden on businesses by automating accurate tax calculation and state and local filing. Boulder, Colorado, August 4, 2016 — Sovos Compliance, a global leader in tax and business-to-government […]

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Posted August 3, 2016 by Sovos
Check Out Our Sales Tax Holiday Guide

Every year jurisdictions all over the country have sales tax holiday periods for all types of different items. Often, these holidays are scheduled for near the end of the summer and usually include many types of school supplies, textbooks, some computer purchases and clothing. There are also sometimes sales tax holidays at other times of […]

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Posted July 18, 2016 by Sovos
Sovos Interviewed in Gulf News Journal About Gulf Coast VAT

On July 12, 2016, Gulf News Journal, an online news journal covering business and innovation in the Gulf Region, published an article highlighting how Sovos Compliance understands how implementing a value added tax (VAT) system in the member of states in the Gulf Cooperation Council (GCC) may affect businesses in the region who will now have to […]

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