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 […]
Form 1099-SA, Distributions From a Health Savings Account (HSA), Archer Medical Savings Account (MSA) or Medicare Advantage MSA, and Form 5498-SA, HSA, Archer MSA or Medicare Advantage (MA) MSA Information, are tax information reporting documents related to health savings accounts. These forms are tied together because Form 1099-SA is used to report distributions to an […]
Many businesses engage in special sweepstakes or other forms of promotion marketing to create more visibility to their brands. While this is a great way to improve lead generation and conversion, companies must consider the tax information reporting obligations. This is not only important so businesses avoid IRS penalties by submitting the appropriate forms, but […]
Sales and use tax exemption certificate management is critical to creating an effective tax compliance process for manufacturers and wholesalers. As states move forward with employing technology-driven compliance requirements and enforcement measures to maximize revenues, manufacturers and wholesalers can expect an impact to their bottom lines and profitability due to penalties, interest and fees if […]
Sovos experts will join their peers from the IRS and the tax industry at the 2018 Tax Reporting and Withholding Conference April 23-25 in Arlington, Virginia. The conference, which will take place at the Pentagon City Ritz-Carlton, will cover a wide range of issues related to tax compliance and regulations. On April 24, Sovos Solution […]
John Sileo, who has spoken at the Pentagon and to Visa, Pfizer and the FDIC – among many other institutions – will headline the Sovos Intelligent Reporting Summit in Denver in October. A leading expert on cybersecurity and identity theft, Sileo draws on his experience as a victim of identity theft to entertain and teach […]
In just a few short days (on April 17) the United States Supreme Court will hear oral arguments in the case of South Dakota v. Wayfair Inc. At stake is the future of the “physical presence” standard in determining a retailer’s obligation to collect and remit state and local sales tax throughout the country. While […]
Many companies may consider government-mandated eInvoicing regulations a hassle, requiring them to revamp time-tested processes and upgrade to new technologies while adding new responsibilities and risk throughout the organization. However, eInvoicing can ultimately deliver business benefits, reducing costs, streamlining workflows and driving ROI. Consider these top 6 positive impacts of eInvoicing: Reducing costs – In […]
Allocating business profits for audit penalties because your accounts payable process has traditionally incurred sales and use tax fines and penalties is no way to grow a business. In a recent webinar, “Building a Scalable Process for Use Tax Compliance,” experts from both Sovos and Grant Thornton discussed the market trends and risks related to […]