Blog

Italy will soon join Hungary in requiring real-time, transaction-level reporting. With the launch of the first phase imminent (1 July 2018), Italy’s tax authority recently released new information on its eInvoicing requirement. In February, the European Commission backed Italy’s request to implement mandatory eInvoicing. This clearance is a game-changer for businesses operating in the European […]

Facebook was open to the public for more than a decade before most users thought all that much about what companies do with the data they share on social media. In the wake of the Cambridge Analytica scandal, that’s not the case anymore. And with Europe’s groundbreaking General Protection Data Regulation (GDPR) having kicked in […]

In my last post, “Accounts Payable Process Improvement with Use Tax Automation,” I looked at the challenges managing tax compliance on purchases and how some of your peers we’re dealing with the problem based on the live webinar polls. As promised, below is a recap of the two different approaches to sales tax validation and […]

Countries within the European Union (EU) are losing billions of euros in value-added tax (VAT) every year because of VAT fraud, VAT evasion, VAT avoidance and inadequate tax collection systems. As of 2016, the VAT gap in the EU was 159.5 billion euros, or 14% of the total expected VAT revenue for the EU. As […]

Ever since the Legge di Bilancio, the law introducing the Italian e-invoicing obligation for all domestic supplies was passed on 27 December 2017, discontented voices have raised an objection to its ambitious timeline. The original plan phases in the clearance-style mandatory e-invoicing process across the following key dates: 1st July 2018: For supplies of petrol […]

Companies looking to expand internationally or ones already doing business in multiple locations face a complex web of tax regulations and reforms, varying dramatically from country to country. Existing tax compliance systems and processes typically aren’t sufficient to manage these growing challenges, requiring multinationals to adopt a new, proactive approach to compliance to reduce risk […]

So, the Supreme Court just legalized sports gambling all over the United States, right? Not exactly. In fact, not at all. But the Court’s recent decision does open the door for states to legalize sports betting and, as is the case with many news developments, it could have a massive impact on tax information reporting. […]

Global companies are increasingly using different tactics to address today’s onerous tax compliance burdens. Some rely on outsourcing to third parties, some have in-house teams to manage VAT compliance and reporting, and others look to shared services to centralise tax filing and reporting tasks. In each approach, technology is essential to keep pace with today’s […]

Since the first launch of eInvoicing mandates in Brazil 10 years ago, eInvoice adoption has now spread worldwide. Governments are implementing complex, real-time, transaction-level requirements to gain visibility into tax liabilities, close the tax gap and minimize corporate tax evasion. eInvoicing compliance is not a simple process for businesses – it requires a total shift […]

I was curious if the buzz over blockchain, AI and machine learning at ISM 2018 would offer up some valuable use cases and “best practices” for attendees to take home and implement, or if the social and other online chatter would still be more focused on “future trends” and “predictions.” It appears the latter won […]

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 […]

Americas’ SAP Users’ Group (ASUG) recently conducted a research study on behalf of Sovos to determine how procurement, tax, finance and IT professionals are currently managing the procure-to-pay tax compliance process, key challenges faced, and the technologies and processes employed to reduce audit exposure and filing risk. Join us on Tuesday, May 22 at 2:00 […]

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 […]

The floodgates may be opening. Following the EU’s approval of mandatory e-invoicing in Italy, it appears that Greece will be the next European Union member state to follow in its footsteps. As announced after the meeting of the intergovernmental group on 23 April 2018, the introduction of a nationwide mandatory e-invoicing framework will come into […]

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 […]

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 […]

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 […]