Did your business receive a letter from the Delaware Secretary of State (SOS) Office? On February 20th, the Delaware SOS office sent “over 100 letters to various companies…that have been identified as likely being out of compliance with Delaware law, 12 Del. C. ch. 11, as it relates to reporting dormant, abandoned, or unclaimed property.” […]
A year and a half removed from the Supreme Court’s decision in South Dakota v. Wayfair, states are beginning to see the benefits of implementing changes to how tax is collected for remote sellers. One of the first states to jump on the economic nexus trend was Pennsylvania. Almost immediately following the Wayfair decision, the […]
In a recent piece published by Deloitte, Upgrading to SAP S/4 HANA: The evolving role of the tax function in large multinationals, the case is made that the move to S/4 HANA is the right time and technology for tax to embrace digital transformation. We would agree. With SAP extending the support deadline of its […]
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. The GAO’s Recommendation However, a portion of the report was directed at the IRS and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. […]
When Massachusetts Governor Charlie Baker issued his Fiscal Year 2021 budget proposal in late January, he proposed several ideas purporting to modernize Massachusetts sales tax by recognizing the growing importance of technology and computing power in tax compliance. The ideas are interesting to say the least. Idea #1 – Shorter Time from Collection to Remittance […]
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. In the report, the GAO offered three recommendations for the IRS, and an additional recommendation for the Financial Crimes Enforcement Network (FinCEN), a bureau of the […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created […]
Value-added tax (VAT) does not exist in the United States, but American companies are increasingly having to deal with VAT mandates in Latin America, Europe and Asia. Seeking to make up a massive gap in revenues, tax administrations are mandating strict policies to digitize VAT collection. American companies that fail to comply could see their […]
With today’s announcement that SAP is extending support for its Business Suite 7 software suite until the end of 2027 many are breathing a sigh of relief. But are they falling victim to a false sense of security? While SAP adjusted its timeline, largely due to increasing customer pressure, know that governments have no such […]
In an interesting (but not earth shattering) development, on January 29, 2020 the Louisiana Supreme Court held that Jefferson Parrish could not hold Walmart.com liable to collect and remit sales tax on transactions made by third party sellers through their online platform. In short, Walmart.com is not a “dealer” as that term is defined under […]
California’s Assembly Bill 5 (AB5) has sparked a national trend towards increased regulations on the gig economy. New York, New Jersey and Illinois have followed California’s lead, attempting to pass their own versions of AB5. What is AB5? Triggered by the landmark Dynamex ruling, California’s AB5 requires businesses that hire gig workers to treat those […]
In 2019, Sovos acquired Eagle Technology Management (ETM) for its history of innovation in statutory reporting and other key compliance solutions for U.S.-based insurance companies. Today, Sovos announced the acquisition of Booke, which provides critically important educational seminars to employees of American insurance companies and the Internal Revenue Service (IRS) on topics across property, casualty, […]
Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value card liabilities and Starbucks’ investments in crypto. It also removed the word coffee from its signboard. Billions in value card liabilities Starbucks customers generate a massive amount of money purchasing […]
The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig and crypto industries. Publication 5382 was released in December to provide taxpayers with updates on the IRS’ FY19 goals. Of the six goals discussed in the report, goal two promised […]
Not all states have the same requirements for completing an unclaimed property state report. The state of New York requires that certain companies publish unclaimed property information in newspapers in the form of advertisements. It is important to note the advertising does not replace the need to send due diligence letters. Both advertising and due […]
This month, Sovos ShipCompliant is set to release the 2020 Direct-to-Consumer (DtC) Wine Shipping Report with our partners Wines Vines Analytics, based on 2019 data. Soon after, we’ll be sponsoring and presenting an exclusive first look at the report during the Direct-to- Consumer Wine Symposium near the end of January. Here is what you need […]