We are excited to announce that HgCapital, a leading European-based private equity firm, has signed an agreement to invest in Sovos Compliance. Their investment will help us accelerate our growth through development and acquisition of innovative tax compliance solutions worldwide. HgCapital selected Sovos for a key US-based investment HgCapital uses a proven, sector-focused approach for […]
Since the holidays, there have been changes all around the world with regards to FATCA. Here is a quick recap compiled from our expert compliance and research team of the latest updates that have been issued from different jurisdictions: Portugal Extends Reporting Due Date for Tax Year 2014 Portugal extended its Tax Year 2014 reporting […]
The beginning of a new year signals a fresh opportunity to assess your sales and use tax purchase side process and Sovos is here to help ensure you are staying compliant. Consider the points below and ask yourself, what needs to change to be efficient, prepared, and compliant for this year. Do You Know Where […]
Taxing authorities are looking at companies more closely than ever to make sure they are VAT compliant. That means those who are responsible for gathering, analyzing, and validating the data are under more pressure and scrutiny as well. Gathering and reconciling all the different sets of data, then analyzing and validating transactional information not only […]
Not unexpectedly, the IRS has released new schemas for 1094-B, 1094-C, 1095-B, and 1095-C Affordable Care Act Information Returns (AIR) right as Tax Year 2015 season kicks off for the first year of ACA mandatory reporting. This means your organization is now required to update systems appropriately or confirm that your ACA reporting vendor is […]
Sales and use tax compliance is complicated for all businesses, but this can be especially problematic when an organization is in the process of trying to grow. When expanding business into new and unfamiliar products and taxing jurisdictions, it is easy for important details on the tax compliance end to slip through the cracks. This […]
2015 was a banner year for Latin American tax authorities, introducing more countries and more complications into the compliance landscape. For example, Brazil expanded its business-to-government mandates from e-invoicing to requirements that affect accounting, inventory management and personnel, while Mexico, Peru, Uruguay, Ecuador, Colombia and Chile introduced significant expansions of their e-invoicing and tax legislation. […]
Have you heard? The Internal Revenue Service just announced its decision to extend Affordable Care Act reporting deadlines under IRC sections 6055 & 6056. The extended due dates will now be: March 31st, 2016 (from January 31st) for printing and mailing 1095 Forms to recipients and; June 30th, 2016 (from April 30th) for sending the […]
While everyone has been out holiday shopping, or following the current presidential race, last week Congress passed a bill. And not just any bill, but a big one, a major piece of legislation that once again averts a government shutdown. H.R. 2029, Consolidated Appropriations Act, 2016 (the Omnibus Spending Bill), was enacted Friday, December 18th […]
As Latin America continues to lead the globe in innovations in mandated electronic invoicing, a new agreement among Argentina, Brazil and Mexico addresses one of the key challenges of these requirements – namely, cross-border transactions. Mandated e-invoicing has helped these governments increase their tax revenues significantly by adding visibility into corporate transactions. However, that visibility […]
Many organizations who have 1099 filing requirements point to a common problem: the difficulty of understanding their compliance obligations. Maintaining compliance is essential for businesses to thrive and grow. Therefore, tax information reporting must remain a high priority for internal tax and finance teams. Encountering Limited Compliance Expertise First of all, tax information reporting is […]
Last month, Sovos sponsored the annual VAT & SAP Summit in London, a leading event for VAT and SAP specialists alike. The conference focused on the increasing complexity of VAT in all areas. This was highlighted by many of the speakers presenting solutions within SAP and beyond to optimise VAT processes. Over the two days, […]
When Mexico announced e-accounting legislation, many multinational corporations argued that the requirements were unconstitutional. Almost 10 percent (16,000) of the companies initially required to file their records electronically in 2015 were granted a legal stay, called an amparo. However, as 2016 approaches, these stays are quickly running out. To date, courts have shown a tendency […]
Affordable Care Act reporting deadlines are just around the corner. This complicated law has significant tax implications for businesses. There are many ACA obligations that are a part of the ACA legislation that organizations must fulfill, including those for reporting as a large employer. The IRS will be monitoring businesses’ compliance with these reporting requirements. […]
Sovos Compliance was the premier gold sponsor of The 13th Automatic Exchange of Information (AEoI) Congress held on November 10th and 11th in London. This conference was well attended by compliance leaders for some of the largest financial services organizations in the world. The 2015 AEoI Congress was dedicated to achieving compliance for Global Information […]
When the demands of retailers were highest, this Black Friday and Cyber Monday weekend Sovos delivered fast, accurate sales tax calculations so clients could reach their revenue goals. The last weekend of November can be a trying time for retailers. Every year there seems to be a bigger push for more extreme and extended sales […]
Latin America compliance is more complex than ever before, changing month to month, country by country. As such, companies are at a crossroad when it comes to einvoicing requirements in Latin America – should they build a system internally or leverage an existing solution? And if they decide to purchase a solution, is a local or […]
European Union Proposal for a Unified VAT Return Stalled On September 27, 2015 the European Commission published a Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions entitled “Commission Work Programme 2016 – No Time for Business as Usual.” Therein, the Commission […]