Blog

Wayfair Weighs in on Upcoming Nexus Litigation

In just a few short days (on April 17) the United States Supreme Court will hear oral arguments in the case of South Dakota v. Wayfair Inc. At stake is the future of the “physical presence” standard in determining a retailer’s obligation to collect and remit state and local sales tax throughout the country. While […]

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6 Ways eInvoicing Improves Business Processes and Delivers ROI

Many companies may consider government-mandated eInvoicing regulations a hassle, requiring them to revamp time-tested processes and upgrade to new technologies while adding new responsibilities and risk throughout the organization. However, eInvoicing can ultimately deliver business benefits, reducing costs, streamlining workflows and driving ROI. Consider these top 6 positive impacts of eInvoicing: Reducing costs – In […]

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Accounts Payable Process Improvement with Use Tax Automation

Allocating business profits for audit penalties because your accounts payable process has traditionally incurred sales and use tax fines and penalties is no way to grow a business. In a recent webinar, “Building a Scalable Process for Use Tax Compliance,” experts from both Sovos and Grant Thornton discussed the market trends and risks related to […]

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Due Diligence With a Smile

An important part of unclaimed property compliance is sending due diligence letters. Based on your holder type, each state has a specific time window and dollar threshold above which you need to send them. Not only is this an expectation of the state, but it’s also good customer service. If you are a company who […]

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China’s Golden Tax III VAT invoicing system

As a part of the Golden Tax System, the well-known tax administration system in China, the Third Stage of this system named ‘Golden Tax III’ has been fully implemented for more than a year. The goal of this stage is to establish a consistent tax administration backed by information technology and to enable highly efficient […]

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With Deadlines Approaching, Organizations Eye ACA Penalties

The Affordable Care Act (ACA) is still in place and carries with it compliance requirements and the potential for steep financial penalties. ACA forms are due to the IRS April 2, 2018 if filed electronically. Penalties for late filing are severe. Failure to file information returns will result in a penalty of $260/return with a […]

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L’obbligo di fatturazione elettronica in Italia: l’arrivo del regime “Clearance” in Europa

In quest’ultimo anno, si è parlato molto, talvolta anche speculando, della situazione della fatturazione elettronica in Italia e, più precisamente, dell’ipotesi che l’Italia potesse o meno rendere obbligatorio l’interscambio di fatture elettroniche per tutte le forniture di beni e servizi. Dopo avere ripetutamente riferito di questi sviluppi man mano che si producevano, Sovos ritiene di […]

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Wayfair Decision is Clear and Present Danger to Sales Tax Status Quo

These days, if you put two or more sales tax professionals into a room, it won’t be long before the conversation turns to the South Dakota v. Wayfair case currently scheduled for oral arguments before the Supreme Court on April 17. In fact, with 38 Amicus Curiae briefs filed to date, it feels like the […]

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Risky Proposition: How VAT Impacts Companies’ Financial Results and Reputation

In theory, VAT collection should be a neutral event for companies, since the tax is born and paid for by the consumer. However, with a significant value of taxes passing through your company, VAT can be a major liability if it is not claimed, collected and settled properly. Companies often view VAT as nothing more […]

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Peru eInvoicing Requirements Overhauled

Introduced in 2010, eInvoicing in Peru is undergoing a major shift in 2018, reaching an increasing number of taxpayers and requiring an entirely new technical structure. Summary of the Peru eInvoicing Law Peru’s new and updated regulations expand the universe of taxpayers mandated to comply with electronic invoicing in that country. In this context, Peru […]

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Three Reasons Reconciliation Shouldn’t Be Overlooked

Businesses across Europe have been so focused on updating their processes and technologies to ensure they can transmit data under new VAT compliance and reporting regulations that they are often overlooking an important piece of the puzzle: reconciliation. VAT regulations are becoming more complex, with businesses being required to report and share detailed transactional data, […]

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Expert Q&A: Why Congress Dropped the Ball on Tax Reporting in the Sharing Economy

Caroline Bruckner is the managing director of the Kogod Tax Policy Center at the Kogod School of Business at American University in Washington, DC. She is heavily involved in consulting with Congress on tax policy and in 2016 published the study Shortchanged: The Tax Compliance Challenges of Small Business Operators Driving the On-Demand Platform Economy. […]

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Colombia Extending the E-Invoicing Mandate Again – Large Companies Up Next

During the past couple of years, Colombia has been implementing a Clearance-type e-invoicing mandate, much in line with trends that we have seen across the world. The speed in which DIAN, the Colombian tax authority, has introduced changes and rolled out the mandate is much higher than average, with momentum only having been overtaken by […]

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The Best Accounts Payable Automation Software Still Needs Tax Compliance

Procure-to-Pay Challenges Accounts payable within large, distributed businesses can be a complex, disconnected process involving many different departments. Magnify this complexity with the numerous types of business assets and materials your employees are purchasing across the country from various suppliers for multiple locations and uses, and you have a recipe for sales and use tax […]

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Cryptocurrency Tax Reporting Takes a New Twist with SEC Declaration

The evolving saga of tax information reporting for cryptocurrency exchanges took another turn recently when the Securities and Exchange Commission (SEC) declared that cryptocurrency trading platforms must register as national security exchanges. With the SEC’s new requirements, trading platforms must either register or be exempt from registration, or risk operating illegally. Effectively, the regulatory body […]

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Sovos Announces Cloud Solution to Improve Accuracy of Use Tax Payments on Purchases

Sovos Use Tax Manager enables organizations to reduce the risks and costs associated in notoriously error-prone use tax management processes March 5, 2018, LAS VEGAS [SAP Ariba Live] — Sovos, a global leader in tax compliance and regulatory reporting software, today announced Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation […]

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VAT & B2G Reporting Newsletter: February 2018

International News European Commission Backs Italy’s E-Invoicing Mandate On February 5, 2018, the European Commission backed Italy’s e-invoicing mandate by recommending the EU Council approve Italy’s derogation request from the EU VAT Directive. By way of background, Italy’s mandate (which would become effective in two stages starting on July 1, 2018) requires taxpayers to provide, […]

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Streamlining Accounts Payable Internal Controls with Audit Accuracy

If you’re interested in improving your accounts payable internal controls while streamlining your use tax self-assessment process, look no further than Sovos Use Tax Manager. Many companies have begun digital transformations to automate their procure-to-pay processes, moving away from paper invoicing. Regardless of how they are managing the process today, automation is still not enough. […]

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