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Compliance with strict e-invoicing, finance and tax reporting legislation throughout Latin America is not a one-time, set-it-and-forget-it process. The pace of legislative change in this region is faster than ever as governments aim to expand the tax base and collect every penny, peso or reais they can. New mandates commonly move from initial legislation through […]

Most people are probably not aware that the taxability of a cruise ticket in New York depends on whether or not food or drink is included in the ticket price. For instance, many cruises offer “all-inclusive” tickets that include all of your meals and drinks in the ticket price. Some cruises offer tickets that simply […]

1099 filing penalties have recently doubled. On July 27, Law360 contributor Eric Kroh published an article featuring Sovos Compliance CMO Troy Thibodeau. The article focuses on the increased need for the government to raise revenue through stricter compliance enforcement of compliance rules, including the Trade Preferences Extension Act of 2015. This update affects not only all 1099 filers, but also […]

As business-to-government compliance mandates spread throughout Latin America and into the global economy, these countries are regularly introducing new ways to standardize and automate financial reporting and tax collections. New regulations often go well-beyond traditional e-invoicing, affecting even more business processes. Recently, we examined how these mandates add complexity to the sales process; this week, […]

As result of the passage of Law 72-2015, the indirect tax system of the Commonwealth of Puerto Rico is undergoing a remarkable transformation which is taking place over three distinct stages, culminating with a new Value Added Tax scheduled which will go into effect on April 1, 2016.   Last week, our Tax Experts, Ramon […]

EU Court Rules E-Books Are Services, Not Goods – Update to previous post. Update 8/4/2015 Sovos Compliance has continued to monitor the repercussions of the ECJ’s decision in March and would like to report on some major developments since our last blog posting. In response to the decision of the European Court of Justice (ECJ) […]

Managing your company’s exemption certificates can be a difficult process that many organizations find difficult to stay on top of. Exemption certificate management, or ECM, can be a large burden for companies who do not have an integrated solution, as employees frequently find themselves struggling to acquire, organize and manage these types of certificates. Exemption […]

Oftentimes organizations are unsure where to begin when it comes to unclaimed property processes and procedures. Check out this free eBook that provides a solid base to get your company on track when it comes to unclaimed property compliance.  Download your copy today!     

With fines, penalties and operational disruptions as consequences of an inadequate approach to managing e-invoicing and reporting mandates in Latin America, multinationals in this region should take note to avoid common errors. Not only does proactive compliance eliminate these risks, companies can improve operational efficiencies, streamline processes and improve cash flow through a strategic approach. […]

If you live in a state with a Sales Tax Holiday, you know how exciting it can be. Stores beef up inventory of the affected items, shoppers get their mega-shopping lists ready, and it’s a race to the register. All this is in an effort to save an average of a few dollars per transaction. […]

On July 23rd, 2015, CNBC published an article highlighting how Sovos Compliance breaks down the complexity of sales tax holiday information. With a total of 18 states and Puerto Rico now holding these retail holiday weekends, it is important for businesses to understand what is exempt in each jurisdiction. Every state has its own rules […]

On June 29th, an update was passed to the Trade Preferences Extension Act. Not only are all 1099 filers affected, but incorrectly reporting tax information on the new Affordable Care Act required 1094/1095 forms will also be subject to these newly enhanced penalties. Affordable Care Act Reporting Implications This penalty update directly affects the new […]

India and the United States have signed an inter-governmental agreement (IGA) that will bring them into the fold of FATCA compliance. India’s Revenue Secretary Shaktikanta Das and US Ambassador Richard Verma signed the IGA on Thursday, July 9, 2015. The Purpose of FATCA The Foreign Account Tax Compliance Act (FATCA) is meant to help detect, […]

The Tax Department at Sovos Compliance is committed to providing our clients with timely and accurate taxability rates and rules. Simply put, for us its considered job #1. Historically, any number of jurisdictions will make legislative and regulatory changes in the area of sales tax effective on July 1, and sometimes political realities result in […]

As we recently examined, governments throughout Latin America are leading the way in regulatory solutions to combat VAT tax fraud and ensure they are collecting maximum taxes from multinational companies. E-invoicing requirements have expanded rapidly throughout this region, and governments are introducing new mandates that affect increasingly more business processes as they automate tax collections. […]

Recently, a boom in “on demand” services has caused a heated debate over the issue of 1099 versus W-2 reporting. Many start-up and application-based companies are finding themselves having to decide whether to declare workers as employees, thus reporting with a W-2, or as independent contractors, which requires the use of a 1099-MISC form. Aside […]

Did you know these retail facts? They could be affecting your business! The retail industry is a major source of revenue for taxing authorities and companies operating in this space must be particularly careful when it comes to small details. There are certain everyday occurrences that may not be at the forefront of a retailer’s […]

Early this morning, the Secretary of the Treasury of Puerto Rico published, on their website, Administrative Determination 15-13, which announced, that due to the severe summer drought, the sale of sanitizers, hand wipes and baby wipes are qualifying exempt items during the Back to School Sales Tax Holiday that started today, July 17, and will […]