For more than 33 years, EY has been at the forefront of identifying game-changing business leaders and celebrating ingenuity through its Entrepreneur of the Year Awards program. The firm recently named Andy Hovancik, CEO, as a semifinalist in its Entrepreneur Of The Year 2019 New England Awards program, billed by EY as the world’s most […]
SAP Central Finance is driving migration to SAP S/4HANA as companies look to deliver value to their finance and accounting organizations, as well as improve on the configuration of previous financial systems. And for most companies making the transition, tax compliance is a priority. In a recent survey by SAP Insider, 74 percent of SAP […]
SAP S/4HANA is the promised land for SAP customers: an entire suite of ERP functionality in one place with a single data store. The ability to run all ERP capabilities, both from SAP and non-SAP systems, from a single source represents delivery of a model IT professionals and SAP administrators have sought for years. Getting […]
Tax Year 2018 brought important and likely unwelcome changes for organizations filing Forms 1099. At the same time the IRS eliminated the 30-day extension of time (EOT) for filing Forms W-2 and 1099-MISC reporting non-employee compensation, the agency also increased penalty amounts for late or incorrect filings. Accurate information and corrections on Forms 1099 is […]
Sovos has been named a ‘2019 Provider to Know’ by Spend Matters for innovation in procurement. Spend Matters released its 6th annual “50 Providers to Know/50 Providers to Watch” lists today in conjunction with the annual ISM conference, naming Sovos as one of its 50 Providers to Know for 2019. The recognition highlights Sovos’ Intelligent […]
In a recent presentation at the American Payroll Association’s Capital Summit in Washington D.C., IRS Director of Examination Operations and Specialty Tax Daniel Lauer announced upcoming changes to the way the IRS monitors and manages backup withholding in relation to Forms 1099. After reviewing feedback and anecdotal evidence from its income tax agents and tax […]
On March 21, Sovos and Deloitte Tax LLP teamed up on a webinar, “The Speed of Sales Tax – How to Stay Ahead of Changing Regulations in 2019,” discussing trends in sales tax compliance that will impact tax professionals’ day-to-day processes and work. Below is a brief recap of the major trends that were discussed […]
Marketplace facilitators and payment processors find themselves in the global tax compliance crosshairs. While approaches may differ across the globe, one of the defining trends in indirect tax over the last few years has been the effort to expand the number of types of businesses responsible for collecting tax. However, one of the challenges associated […]
The demographics don’t lie: Reporting for form 1099-R is only going to grow more difficult as baby boomers retire. The form used to report distributions from IRA, pensions, annuities and other similar retirement accounts is poised to explode in volume. As such, financial institutions (FIs) and insurance companies can’t afford to mishandle 1099-R reporting. The […]
With the NCAA basketball tournament approaching, the US is gearing up for its biggest gambling weeks of the year. And while most “March Madness” pools might technically be illegal, legitimate sports betting is sweeping the US following last year’s landmark Supreme Court decision allowing states to legalize sports gambling in casinos. As legal sports […]
The IRS recently published a notice reminding filers that, despite the repeal of the individual mandate of the Affordable Care Act (ACA) in last year’s tax reform bill, individuals must still indicate on their returns whether they had health coverage. The ACA remains the law of the land for Tax Year 2018, with individuals still required to […]
Launched at SAP Ariba in March of 2018, Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation on purchases to accurately self-assess and accrue tax for proper filing, is one of the few innovations in sales and use tax compliance that is focused on improving your procurement process by eliminating invoice […]
Sovos recently announced that its solution for real-time and batch tax determination, Global Tax Determination, has achieved SAP certification as integrated with SAP S/4HANA®, meaning it integrates with SAP S/4HANA using standard integration technologies. The integration helps organizations provide appropriate tax calculation in both purchasing and sales processes, keeping businesses ahead of increased disparity in […]
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report making some significant recommendations to the IRS to improve taxpayer compliance in the gig economy. While the scope of the audit was intended to focus on compliance with self-employment taxes, the TIGTA quickly realized that the threshold and transaction limits for form 1099-K […]
The Chief Procurement Officer may not be the first employee that comes to mind when the acronym CPO is used, yet over 100 of them joined Ardent Partners in Boston a few months ago at the CPO Rising 2018 Summit to exchange and improve the procurement function through innovation and thoughts around P2P, accounts payable […]
The Supreme Court’s decision in South Dakota v Wayfair no longer limits states to the “physical presence” standard previously required to impose tax collection and remittance responsibility on a business. The new state nexus standards now look to criteria other than physical presence in evaluating a seller’s connection to that state. For example, South Dakota’s […]
It shouldn’t come as a surprise that the volume of returns received and processed by the IRS is down this filing season compared to last year. The question is why, and the answer likely has more to do with the government shutdown and new tax law than with filers missing deadlines. Although it is early […]
The rise of the so-called “gig economy” in the US has exploded in the last few years – last year, the Bureau of Labor & Statistics reported that 55 million people in the US are “gig workers” which represents about 35 percent of the US workforce — and it is supposed to rise to an […]