Being Partially Compliant is Better Than Not Being Compliant At All Every single company is required to not only file unclaimed property reports to the state, but also follow the law when it comes to conducting due diligence in attempting to locate lost owners, documenting those attempts, and not reporting the property as unclaimed until the […]
Five months ago, the Supreme Court decision in South Dakota v. Wayfair, Inc. opened the floodgates of state sales and use tax collection upon remote (out-of-state) sellers. Since that time, economic nexus laws have gone into effect in 24 states. As of December 1, 2018, that number will increase to 26 states when Colorado and […]
The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]
The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]
If there’s one lesson to take from 2018, it’s that tax information reporting isn’t getting any easier. Tightened deadlines, new forms and the end of the extension of time for reporting form 1099-MISC with nonemployee compensation are sure to cause some chaos when reporting season kicks off in January. In fact, 2018 ushered in a […]
The IRS is getting ready to inundate tax professionals with guidance on taxation of cryptocurrency. When, exactly, that will happen is unclear. What is clear, however, is that the agency plans to enforce existing 1099 reporting regulations for crypto for now, something it has already shown a willingness to do. The question is how those […]
In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]
In my last blog, I discussed the first three challenges of native SAP tax compliance for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from regional disparate ERP systems and custom workflows, shortsighted regulatory updates and ERP administration. Additional challenges your IT, finance and tax teams face are discussed below. […]
We have found that many companies who think they are in compliance when it comes to unclaimed property laws and regulations are not fully compliant. It isn’t until they are audited and fined that they find out what they determined to be compliance, wasn’t full compliance in the eyes of the law. The following notions […]
As tax, finance and IT teams plan to support the future growth of their businesses, many are realizing the challenges of managing customized ERP-centric tax compliance. A recent HCL-sponsored global study of large enterprises (over $1 billion in annual revenue) found that on average respondents had five separate instances of SAP operating across their businesses. […]
The basics of the Streamlined Sales Tax Project (SSTP) Sovos has been an active industry participant in the Streamlined Sales Tax Project (SSTP) since its inception in the year 2000. Sovos is a certified service provider™ (CSP) under the Streamlined Sales and Use Tax Agreement and both Sovos Enterprise and Small Market sales and use […]
What are the state sales tax economic nexus requirements? Since the Supreme Court decision in South Dakota v. Wayfair on June 21, states have moved with incredible speed to enact economic nexus requirements. To keep our customers and the taxpaying public informed, Sovos has put together a South Dakota v. Wayfair economic nexus state requirements table that […]
Tax compliance is moving up the priority list as companies migrate from ECC to S/4HANA and S/4HANA Cloud. Multinationals recognize the inefficiencies of SAP-native compliance as government mandates redefine sales and use tax, e-invoicing, and VAT compliance and reporting requirements. Financial systems that were originally implemented to help manage growth are now hindering it. IT […]
In June, the United States Supreme Court announced its decision in the highly-anticipated and hotly-debated South Dakota v. Wayfair case, ruling in favor of South Dakota. Immediately, this decision triggered panic among eCommerce retailers across the country. What would this mean for their sales tax collection obligations? Would they be on the hook in a […]
It’s clear that company leaders understand that digital transformation is key for their very survival in a world of constant disruption, but only a small percentage actually have finished a company-wide transformation – opening the door to potential problems from lost customers to tax compliance issues. An SAP survey finds that 84% of 3,000 executives […]
The information technology (IT) and risk departments in most organizations have generally had little to do with each other outside of specific tasks. However, now that some of the biggest potential risks companies face involve data security, a new effort seeks to help IT and risk experts speak a common language, coming together to quantify […]
South Dakota v. Wayfair Decision Effects on Sales Tax Filing The South Dakota v. Wayfair decision is just a couple months behind us, and states are scrambling to impose new tax collection and remittance requirements based exclusively on economic or virtual presence. With July 1 registration deadlines in the rearview mirror and October 1 and January […]