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After the South Dakota v. Wayfair, Inc. decision, Vermont expanded sales tax collection requirements to include remote sellers. The Green Mountain State largely followed suit with South Dakota’s requirements outlined in the Supreme Court case, maintaining that a business that meets either a certain monetary or a transactional threshold has an obligation to collect and remit […]
The South Dakota v. Wayfair, Inc. decision pushed many states – including North Dakota – to adjust their economic nexus laws. North Dakota had previously passed a law in 2017 to address remote seller sales tax, but it was contingent on the Wayfair ruling. We have outlined key points on North Dakota’s economic nexus in […]
Sovos recently hosted a webinar with Joe Hillstead, a tax and advisory partner with Squire & Company (Squire). Squire works with Sovos to support the sales tax needs of its clients. In the webinar, Hillstead and Charles Maniace, VP, Regulatory Analysis and Design, Sovos, discussed issues such as: knowing when to partner with a Certified […]
Are you ready to submit and file a compliant sales tax return? Think you already know everything there is to know about the process? Whether you are a veteran to sales tax filings or are looking to file for your business for the first time, it never hurts to double check that everything is in […]
Annual reconciliations can be a critical aspect for businesses as they work to achieve tax compliance. They are used to resolve all payments made to the state through the year and make any necessary corrections. For example, a company may have already filed its tax returns, but discovers there is a backdated transaction for one […]
Black Friday and Cyber Monday 2020 were record-breaking shopping days, further showing that e-commerce is not “a phase” and will likely continue to be a central aspect to daily operations for businesses. Black Friday online sales increased by nearly 22% to $9 billion, while Cyber Monday sales increased nearly 15% from 2019 – $10.8 billion […]
This blog was updated on February 10, 2023 With the introduction of Form 1099-NEC in 2020, the way filers report non-employee compensation and use Form 1099-MISC has changed. Below are the top 5 things to keep in mind when reporting Form 1099-NEC 1. Remember Form 1099-MISC changes: Because the IRS also adjusted the layout of […]
With their Fall (2020) Economic Statement, Canada appears ready to take some important steps in joining much of the rest of the world in recognizing the dramatic shift in the fundamentals of indirect tax compliance by enacting rules effective July 1, 2021 which would: Abandon their traditional “carrying on business” test for determining whether a […]
Earlier this week, Sovos acquired LTtax, a New York-based provider of payroll withholding and unemployment tax software. The company serves some of the largest retailers, financial institutions and insurers operating in the United States, and its automated withholding technology solves a critical need for large enterprises that manage their own payroll services. Sovos saw an […]
Should we move our tax engine to the cloud or keep it on-premise? This conversation is taking place in many organizations as they assess their approach to sales tax management. In this three-part series, we’ll explore some of the problems IT is working through to maintain on-premise solutions that may not always be visible to […]
When the Supreme Court decided on the South Dakota v. Wayfair, Inc. case, it pushed almost every state to adopt or adjust economic nexus standards. However, the decision did not necessarily impact states without sales tax, such as New Hampshire. As such, there is currently no economic nexus in New Hampshire. Enforcement date: N/A Sales/transactions […]
After the South Dakota v. Wayfair, Inc. decision, numerous states made adjustments to their economic nexus law. Iowa’s governor signed a state tax reform bill on May 30, 2018, which expanded on the definition of businesses that must collect Iowa sales tax and local option tax to include certain remote sellers. We have highlighted the […]
This year, Black Friday and Cyber Monday experienced the highest transaction and sales rates in their history. Black Friday saw an approximate 22% increase in sales, reaching $9 billion and Cyber Monday hit $10.8 billion in sales, up nearly 15% from last year, setting the record for the largest U.S. online shopping day ever. As […]
Starting January 1, 2021, many direct-to-consumer (DtC) wine shippers will face an added sales tax burden on their shipments to Illinois. The Illinois Department of Revenue (DOR) published FY 2021-06, which explains the upcoming change. Under the recent “Leveling the Playing Field for Illinois Retail Act,” the state will require all remote sellers with economic […]
Understanding unclaimed property dormancy periods by state and executing the appropriate decisions can make or break your company’s unclaimed property program. This is due primarily to the fact that each state has varying dormancy periods. To complicate matters even further, each state has specific dormancy periods for each corresponding property type. As a result, determining […]
When the Supreme Court ruled on South Dakota v. Wayfair, Inc., remote sellers and marketplace facilitators across the country had to make changes in how they collected and remitted sales tax. The Nevada economic nexus law is one example of a state modifying its requirements for both remote sellers and marketplace facilitators in relation to […]
Following the South Dakota v. Wayfair, Inc. decision, the majority of states enacted legislation on how remote sellers and marketplace facilitators must collect and remit sales tax. However, Oregon has no economic nexus because it does not have a sales tax. Enforcement date: N/A Sales/transactions threshold: N/A Measurement period: N/A Included transactions/sales: N/A When You […]
After the South Dakota v. Wayfair, Inc. decision, almost every state incorporated changes to how remote sellers must collect and remit sales tax. However, Missouri has not yet finalized legislation relating to an economic nexus sales tax. While Missouri has introduced several bills aimed at enacting economic nexus rules, none have become law. But this […]