Should we move our tax engine to the cloud or keep it on-premise? This conversation is taking place in many organizations as they assess their approach to sales tax management. In this three-part series, we’ll explore some of the problems IT is working through to maintain on-premise solutions that may not always be visible to […]
When the Supreme Court decided on the South Dakota v. Wayfair, Inc. case, it pushed almost every state to adopt or adjust economic nexus standards. However, the decision did not necessarily impact states without sales tax, such as New Hampshire. As such, there is currently no economic nexus in New Hampshire. Enforcement date: N/A Sales/transactions […]
After the South Dakota v. Wayfair, Inc. decision, numerous states made adjustments to their economic nexus law. Iowa’s governor signed a state tax reform bill on May 30, 2018, which expanded on the definition of businesses that must collect Iowa sales tax and local option tax to include certain remote sellers. We have highlighted the […]
This year, Black Friday and Cyber Monday experienced the highest transaction and sales rates in their history. Black Friday saw an approximate 22% increase in sales, reaching $9 billion and Cyber Monday hit $10.8 billion in sales, up nearly 15% from last year, setting the record for the largest U.S. online shopping day ever. As […]
Starting January 1, 2021, many direct-to-consumer (DtC) wine shippers will face an added sales tax burden on their shipments to Illinois. The Illinois Department of Revenue (DOR) published FY 2021-06, which explains the upcoming change. Under the recent “Leveling the Playing Field for Illinois Retail Act,” the state will require all remote sellers with economic […]
Recently, we outlined the need for speed in understanding fiscal representation obligations. Post-Brexit, there are many ramifications for businesses operating cross-border. Among them the requirement to appoint a fiscal representative to register for VAT purposes . As outlined in our previous piece, there is a limit on tax authorities’ capacity to authorise new fiscal representation […]
While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]
Understanding unclaimed property dormancy periods by state and executing the appropriate decisions can make or break your company’s unclaimed property program. This is due primarily to the fact that each state has varying dormancy periods. To complicate matters even further, each state has specific dormancy periods for each corresponding property type. As a result, determining […]
When the Supreme Court ruled on South Dakota v. Wayfair, Inc., remote sellers and marketplace facilitators across the country had to make changes in how they collected and remitted sales tax. The Nevada economic nexus law is one example of a state modifying its requirements for both remote sellers and marketplace facilitators in relation to […]
Following the South Dakota v. Wayfair, Inc. decision, the majority of states enacted legislation on how remote sellers and marketplace facilitators must collect and remit sales tax. However, Oregon has no economic nexus because it does not have a sales tax. Enforcement date: N/A Sales/transactions threshold: N/A Measurement period: N/A Included transactions/sales: N/A When You […]
After the South Dakota v. Wayfair, Inc. decision, almost every state incorporated changes to how remote sellers must collect and remit sales tax. However, Missouri has not yet finalized legislation relating to an economic nexus sales tax. While Missouri has introduced several bills aimed at enacting economic nexus rules, none have become law. But this […]
With tax calculations being mainly data-driven in the insurance industry, it’s imperative that data provided is complete and accurate. Yet gaps in datasets and missing information still happen from time to time presenting a challenge for insurance companies. These gaps can cause a delay in filings which in turn, can lead to penalties and interest […]
Following the South Dakota v. Wayfair, Inc. decision, almost every state has adjusted its sales tax nexus. The Tennessee economic nexus is no exception. Initially, Tennessee required remote sellers with $500,000 or more in sales to Tennessee customers to register and collect Tennessee sales and use tax. However, as of October 1, 2020, the threshold […]
The West Virginia sales tax nexus changed after the South Dakota v. Wayfair, Inc. decision. Effective January 1, 2019, remote sellers that have no physical presence in the state must now register, collect and remit sales and use taxes in West Virginia should they meet the threshold or transaction amount. In addition to the remote […]
The tax authority in Spain, Agencia Estatal de Administración Tributaria (AEAT), aiming to enhance the Immediate Supply of Information (SII) version 1.1, has introduced new validations and fields to the schema expected to be enforced from 1 January 2021. The new fields will record the sales of goods in consignment (Venta de bienes en consigna) […]
The scope of Hungary’s real-time reporting has been extended. From 1 January 2021, reporting obligations will also include invoices issued for domestic B2C transactions in addition to invoices relating to intra-community supplies and exports. However, the Ministry of Finance has granted a sanction-free three month grace period from 1 January to 31 March 2021 allowing […]
Brexit: What are the Implications for VAT Brexit is set to become reality at the end of December. So, what does it mean for organizations doing business in the UK and the European Union? Turns out, there are several tax implications that will need to be accounted for. In this episode of the Sovos Expert […]
Northern Ireland Protocol: ‘Windsor Framework’ Developments Update: 28 March 2023 by Russell Hughes UK Government reaches agreement with EU on new Brexit Deal The UK government has agreed with the EU on major changes to the Northern Ireland protocol, referred to as the ‘Windsor Framework’. The protocol is the part of the Brexit deal which […]