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Among accounts payable (AP) professionals, “B” Notices from the IRS are sometimes known as “bummer” notices. They’re a sign of missing or incorrect information on 1099 forms subject to backup withholding. For AP professionals, this usually involves form 1099-MISC, the form used to report to the IRS payment of services rendered for vendors and independent […]

Successful organizations may experience growth very rapidly. While growth and expansion offer tremendous benefits to your brand and revenue, it can have a crippling effect on internal departments, particularly Tax during sales and use tax filing. As sales and operations expand geographically, so too does your tax obligation. Spending valuable time and money on Indirect […]

Long-awaited recent guidance from the IRS on abandoned property illustrated why 1099 reporting can be so complicated. Simply put, there are gaps in reporting regulations that sometimes go unfilled—and then produce surprises when the IRS does fill them. One of those gaps involved abandoned property on deferred income products—essentially, pensions, annuities or insurance policies people […]

The Tax Cuts and Jobs Act eliminated the Affordable Care Act (ACA) individual mandate effective in 2019. But with states bringing mandates back on their own, state-by-state reporting could be the next trend in ACA compliance. When the new tax law dropped the requirement for individuals to carry health insurance or pay a fine, widespread […]

In my last post, “Accounts Payable Process Improvement with Use Tax Automation,” I looked at the challenges managing tax compliance on purchases and how some of your peers we’re dealing with the problem based on the live webinar polls. As promised, below is a recap of the two different approaches to sales tax validation and […]

So, the Supreme Court just legalized sports gambling all over the United States, right? Not exactly. In fact, not at all. But the Court’s recent decision does open the door for states to legalize sports betting and, as is the case with many news developments, it could have a massive impact on tax information reporting. […]

I was curious if the buzz over blockchain, AI and machine learning at ISM 2018 would offer up some valuable use cases and “best practices” for attendees to take home and implement, or if the social and other online chatter would still be more focused on “future trends” and “predictions.” It appears the latter won […]

Americas’ SAP Users’ Group (ASUG) recently conducted a research study on behalf of Sovos to determine how procurement, tax, finance and IT professionals are currently managing the procure-to-pay tax compliance process, key challenges faced, and the technologies and processes employed to reduce audit exposure and filing risk. Join us on Tuesday, May 22 at 2:00 […]

The wave of retiring baby boomers is causing IRA reporting, carried out mainly through form 1099-R, to be a tricky process for some organizations. The numbers are staggering, with 10,000 boomers retiring every day for the next 12 years. That’s a lot of forms 1099-R and 5498. The building volume of forms to mail to […]

The other day we provided a recap of our Wayfair webinar, “South Dakota vs. Wayfair and What it Means for eCommerce,” with regulatory analysis expert Chuck Maniace. The following are questions from our attendees, some of which we had to take offline due to time constraints. Please find those additional questions, answered below, and be […]

Ask any business student what the secret to commercial success is and they’ll tell you it’s profit margin, not just sales volume. Therefore, to be good at selling things you have to excel at buying them. Usually, companies have a strong incentive to tightly manage what’s called ‘direct supplies.’ These are the raw materials and […]

The evolution of cryptocurrencies isn’t necessarily going as planned. The virtual “coins,” which aren’t really coins at all, were supposed to disrupt the very concept of money itself. With no central bank, no governmental oversight and no physical manifestation, cryptocurrencies provided a perfect method for some investors to skirt regulation and dodge tax authorities. And […]

Sovos has been named a ‘2018 Provider to Watch’ by Spend Matters, the leading solution intelligent source for procurement and supply chain professionals. This recognition also extends to TrustWeaver, also named on this years’ list and now part of the Sovos family. According to the This Week on Spend Matters email newsletter, “the annual 50 Providers […]

Since oral arguments have been heard by the Supreme Court in South Dakota vs. Wayfair, Sovos has been approached by tax professionals, clients and media members for insights into what happens next and what changes may be in store for eCommerce retailers and anyone selling direct to consumers. Yes, even manufacturing companies may be affected […]

Americas’ SAP Users’ Group (ASUG) survey of finance, tax, procurement and IT professionals reveals a continued proper sales and use tax obligations blindspot in the procure-to-pay process. See INFOGRAPHIC Below Large geographically dispersed manufacturers, wholesalers and financial services organizations have varied and complicated purchasing processes and channels. As these organizations grow and purchase from an […]

Last Tuesday, the Supreme Court heard oral arguments in South Dakota vs. Wayfair which challenges a precedent most recently articulated in the 1992 case of Quill vs. North Dakota. Quill affirmed that a business must be physically present (loosely defined as people or property) in a state before it can be compelled to collect and […]

Sovos, a global leader in tax compliance and regulatory reporting software, today announced it will be a Gold-level sponsor at SuiteWorld18, an annual celebration of NetSuite customers and partners. Now in its 8th year, SuiteWorld is the preeminent Cloud ERP conference where users, partners, and developers can share insights and new ideas about growth across […]

As a Magento Select Technology Partner, Sovos will help streamline sales and use tax compliance for rapidly growing e-commerce businesses of all sizes. April 20, 2018 — Sovos, a global tax compliance and reporting software leader, announced today that it has been named a Magento Select Technology Partner to improve sales tax determination and filing […]