You may be familiar with the highly debated Gartner term, “bi-modal IT,” the practice of managing two separate but coherent styles of work: One focused on predictability; the other on exploration. Think of this as projects that keep the lights on or run the business vs. projects of innovation. Both play key roles in digital […]
With these words, the world of sales tax as we knew it was turned upside down: Held: Because the physical presence rule of Quill is unsound and incorrect, Quill Corp. v. North Dakota, 504 U. S. 298, and National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U. S. 753, are overruled. Much […]
On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]
On what was easily the most anticipated day in sales tax history, the Supreme Court did what many experts thought they would, ruling five to four in favor of South Dakota’s right to require businesses to collect and remit sales tax on all sales, including e-commerce, even if they don’t have people or property in […]
A recent Aberdeen Group survey uncovered sales and use tax filing challenges resulting in audit penalties and interest in manufacturing to the tune of 2 percent of revenue per year. Not surprisingly, manufacturing leaders in the tax, finance and IT functions cited tax return preparation and filing as a top drain on the business. Plainly […]
As Peter Drucker once said, “In times of turbulence the biggest danger is to act with yesterday’s logic.” Yet that is exactly what many businesses today are in danger of doing while still working with technology that was built for an offline world. Sales tax software is a great case in point. According to Aberdeen […]
Companies dealing with complex sales and use tax determination, VAT regulations and other tax challenges across the globe know that SAP alone is not equipped to support the varying requirements from country to country. As SAP sunsets support and updates for ECC and R3, companies must move to HANA to keep their systems up to […]
Over the last year, there has been a tremendous amount of chatter among the sales tax cognoscenti about the case South Dakota v. Wayfair, which the U.S. Supreme Court is poised to publish its ruling on soon. Indeed, on this blog alone since January you can find several original posts, including on what the case […]
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 […]