Sovos Compliance is pleased to announce the acquisition of WineDirect Compliance, a product of WineDirect. This compliance tool will be integrated into ShipCompliant’s offerings, which is part of the Sovos Compliance suite of SaaS regulatory compliance products. Moreover, Vin65 clients will now have access to the benefits of working with ShipCompliant, including free, unlimited support […]
For those of you responsible for sales tax compliance in the retail industry, the month of August can be somewhat challenging. As detailed in previous blogs and in our Sales Tax Holiday infographic, the complexity associated with making sure your stores process transactions correctly during all applicable sales tax holidays requires retailers to expend significant […]
Expands Sovos’ beverage alcohol compliance platform September 2, 2015 ― Sovos Compliance, an industry leader in tax, compliance and regulatory reporting, has acquired WineDirect Compliance, a Napa-based compliance reporting and tax solution for wineries. The acquisition of WineDirect Compliance comes on the heels of the April acquisition of ShipCompliant, the leading compliance and tax solution […]
In the past several years, we’ve seen an increasing trend of multinational corporations moving to a single global instance of SAP to maintain better visibility into operations around the globe and improve corporate governance. At the same time, governments throughout Latin America have implemented regimented e-invoicing and e-accounting requirements. The goals of each of these […]
The U.S. Foreign Account Tax Compliance Act has made impressions all over the globe. While many countries are signing on to FATCA agreements with the U.S. government in an attempt to uncover hidden foreign accounts, there are some countries that are going a step further and establishing tax compliance regulations of their own. This is […]
In August 2015, Peru published new legislation that mandates electronic invoicing as the standard starting in 2016. Over the last few years, the SUNAT (Peru’s Tax Authority) has announced a number of e-invoicing waves; however, this latest legislation focuses exclusively on large and medium organizations classified as PRICOS (principal contribuyentes nacionales). Listen to the webinar […]
Americans in charge of financial accounts overseas will have to report on those accounts to the Treasury Department a little earlier than expected next year. However, the flip side to that is that extensions are likely, making tax compliance a little easier. When President Barack Obama signed the Surface Transportation and Veterans Health Care Choice […]
Seamless integration between business systems is critical to creating efficiency and profitability. To achieve this, it is crucial that adapters between different software programs work well. For instance, having an adapter that correctly links your enterprise resource planning (ERP) platform to your sales and use tax information reporting tool can help create vital data flow […]
Below is an update to our previous blog on Uruguay as the Tax Authorities (DGI) announced last month new requirements for electronic invoicing according to the Resolution 3012/2015. The Uruguayan Tax Authorities (DGI) recently announced the following mandates for electronic invoicing based on two deadline in 2016: All taxpayers whose revenue in 2015 is equal […]
The Bahamas is taking the last formal steps necessary to comply with the U.S. Foreign Account Tax Compliance Act before the law’s reporting deadline of Sept. 30. The U.S. law requires foreign financial institutions to report certain information on accounts belonging to U.S. citizens. The information financial institutions are required to turn over includes identities, […]
Louisiana has a sales tax at both the state and the parish (county) level. The state rate is 4%, while the parish rates vary. In most states, the locals mirror the exemptions provided by the state, which makes compliance a bit easier. Louisiana is not one of these states. The parishes in Louisiana follow the […]
In recent weeks, we’ve examined the rapid expansion of business-to-government compliance in countries that rely on VAT tax income. While Latin America is the current hotbed for such legislation, similar mandates are cropping up worldwide as countries prove the effectiveness of financial legislation in maximizing tax revenues. The reach of these mandates is far – affecting […]
The 2015 reporting deadline for the U.S. Foreign Account Tax Compliance Act is Sept. 30, and governments around the globe are doing what they can to gather information of U.S. citizens who have accounts in their financial institutions and report it back to the U.S. government. FATCA, as it is commonly known, requires foreign financial institutions […]
The U.S. deadline for reporting financial information on accounts in foreign financial institutions is Sept. 30. Some foreign governments and financial institutions are in varying states of readiness (or lack thereof) as they attempt to comply. The reporting is per the Foreign Account Tax Compliance Act. FATCA requires foreign financial institutions to report certain information […]
What is the AIR system? Why do you need to know what this is? How does it relate to tax information reporting? These are common questions human resource (HR) professionals, employers and many other people are asking themselves as they prepare for the first year of mandatory Affordable Care Act (ACA) reporting. The AIR system […]
Recently, we’ve been examining the tidal wave of business-to-government regulations in emerging markets and their impact on business operations, including sales and procurement. Heavily involving both the accounts receivable and accounts payable teams, it’s clear that these mandates have significant implications on financial processes. However, recent legislation is adding a new operational unit to those […]
Sovos Compliance has been closely watching recent developments in the City of Chicago as it relates to the issuance of new guidance defining the proper scope of both their Personal Property Lease Transaction Tax as well as their Amusement Tax. Key rulings interpreting both taxes were scheduled to take effect on September 1, 2015. However, […]
Enterprise Resource Planning (ERP) driven business insight is critical for an effective finance operation, yet IT processes are not owned by finance, making it a necessity to align both functions. With important but very different specialized expertise between IT and finance, it can become a challenge to maintain common controls and provide accurate data to […]