Blog

Sovos Named a 2019 Spend Matters Provider to Know for Procurement Innovation

Sovos has been named a ‘2019 Provider to Know’ by Spend Matters for innovation in procurement. Spend Matters released its 6th annual “50 Providers to Know/50 Providers to Watch” lists today in conjunction with the annual ISM conference, naming Sovos as one of its 50 Providers to Know for 2019. The recognition highlights Sovos’ Intelligent […]

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New IRS Program Increases Focus on Backup Withholding

In a recent presentation at the American Payroll Association’s Capital Summit in Washington D.C., IRS Director of Examination Operations and Specialty Tax Daniel Lauer announced upcoming changes to the way the IRS monitors and manages backup withholding in relation to Forms 1099. After reviewing feedback and anecdotal evidence from its income tax agents and tax […]

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Brexit Contingency Plan: IPT implications

Brexit has been the main topic on the news and in our conversations for almost three years, and if we thought we would get some answers by the end of March 2019, then we were definitely wrong!  There are now even more questions to answer and possible outcomes to plan for, but businesses cannot sit […]

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Is Sales Tax Economic Nexus Simplification on the Horizon?

A topic of conversation on the recent Sovos and Deloitte Tax LLC webinar, “The Speed of Sales Tax – How to Stay Ahead of Changing Regulations in 2019,” was whether or not states will seek further economic nexus simplification. State of sales tax economic nexus Currently, there are 36 states enforcing sales tax economic nexus […]

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Continuous Transaction Controls for Tax: Why Reporting vs. Clearance Matters

Very little about the emerging global digital tax environment is simple. That includes the countless different models tax authorities use to execute it. The two types of continuous transaction controls, reporting and clearance, may on the surface look similar but are not at all the same, and companies need to know how to operate under […]

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Staying Ahead of Changing Sales Tax Regulations and Economic Nexus

On March 21, Sovos and Deloitte Tax LLP teamed up on a webinar, “The Speed of Sales Tax – How to Stay Ahead of Changing Regulations in 2019,” discussing trends in sales tax compliance that will impact tax professionals’ day-to-day processes and work. Below is a brief recap of the major trends that were discussed […]

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Compliance in the Digital Age Requires a New Breed of Indirect Tax Professional

Today’s tax and compliance managers need to follow the Scouts’ motto:  Be Prepared. Properly managing taxation and reporting burdens takes a team of professionals – from finance, tax and accounting to IT – colleagues willing to work together to establish the policies and controls that make it possible to meet the demands of tax compliance.  […]

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Portugal‘s New E-Invoicing Rules Impact Archiving and Reporting

Beyond the implications outlined in our last blog, Decree-Law 28/2019 (the Decree-Law)  impacts areas beyond invoicing, introducing modifications to both archiving and the reporting of tax data. Mandatory electronic archiving A novelty of the Decree-Law is the explicit introduction of an obligation to archive electronic invoices in electronic format which in turn further promotes the […]

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Developing a Taste for the Four Flavors of E-archiving

As far back as the 1940s, Coca-Cola used the tagline “It’s the Real Thing” to advertise its famous beverage. The company could just as easily been talking about e-archiving or, at least, answering the question electronic archiving systems have to answer about electronic invoices. E-archiving not just storage. Storage is part of what a compliant […]

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NetSuite SuiteTax and Sovos – Tax Compliance after 19.1

The digital transformation of tax around the globe is putting enormous pressure on NetSuite-driven businesses large and small looking to confidently expand into new markets, launch new products and services and adapt as global regulatory compliance demands become more complex and real-time. This new business complexity puts an additional onus on tax and IT teams, […]

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Croatia Mandates B2G E-invoicing From July 2019

Scope and timeline Croatia is one of the few countries in Europe to have chosen to mandate the use of e-invoicing in public procurement processes as outlined in Directive 2014/55/EU and within the transposition deadline of April 2019. The Croatian mandate covers both the issuance and receipt of e-invoices in B2G transactions.  Other countries – […]

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Marketplace Facilitators and Payment Processors – The New Taxpayers?

Marketplace Facilitators and Payment Processors Find Themselves in the Global Tax Compliance Crosshairs While approaches may differ across the globe, one of the defining trends in indirect tax over the last few years has been the effort to expand the number of types of businesses responsible for collecting tax. However, one of the challenges associated […]

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How to Respond to the Growing Challenges of 1099-R Reporting

The demographics don’t lie: Reporting for form 1099-R is only going to grow more difficult as baby boomers retire. The form used to report distributions from IRA, pensions, annuities and other similar retirement accounts is poised to explode in volume. As such, financial institutions (FIs) and insurance companies can’t afford to mishandle 1099-R reporting. The […]

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Portugal Issues New E-Invoicing Rules: A Flavour of Clearance but Not Quite There

On 15 February 2019, Portugal published Decree-Law 28/2019 regarding the processing, archiving and dematerialization of invoices and other tax related documents including: The mandatory use of certified invoicing software General requirements for paper and electronic invoices Dematerialization of tax documentation Archiving of tax documentation (including ledgers, etc) Adjacent tax rules and obligations The decree aims […]

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Are We in the Golden Age of VAT Recovery?

The value-added tax (“VAT”) was described in the EU as a “”money machine” over 20 years ago. Yet according to a 2015 study by the European Commission by the Centre for Social and Economic Research (CASE), the “VAT gap” was approximately 168 billion EUR. This represents 15 percent of the theoretical VAT that would be […]

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As Legal Sports Gambling Grows, So Does Growth in W-2G Reporting

With the NCAA basketball tournament approaching, the US is gearing up for its biggest gambling weeks of the year. And while most “March Madness” pools might technically be illegal, legitimate sports betting is sweeping the US following last year’s landmark Supreme Court decision allowing states to legalize sports gambling in casinos.   As legal sports […]

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Italy E-invoicing: Esterometro Reporting Requirements for Cross-border Transactions Updated

What is Esterometro? The Italian government’s e-invoicing mandate became effective on 1 January 2019.  While cross-border invoices are exempt, all domestic B2B and B2C invoices must be cleared through the SDI platform. This means that the Italian government and tax authority now have real-time access to the data of all B2B and B2C VAT transactions […]

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IRS Notice Is a Reminder that ACA Is Still in Place

The IRS recently published a notice reminding filers that, despite the repeal of the individual mandate of the Affordable Care Act (ACA) in last year’s tax reform bill, individuals must still indicate on their returns whether they had health coverage. The ACA remains the law of the land for Tax Year 2018, with individuals still required to […]

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Removing Tax Related Invoice Exceptions from the Procurement Process

Launched at SAP Ariba in March of 2018, Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation on purchases to accurately self-assess and accrue tax for proper filing, is one of the few innovations in sales and use tax compliance that is focused on improving your procurement process by eliminating invoice […]

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Sovos Global Tax Determination Certified for SAP S/4HANA

Sovos recently announced that its solution for real-time and batch tax determination, Global Tax Determination, has achieved SAP certification as integrated with SAP S/4HANA®, meaning it integrates with SAP S/4HANA using standard integration technologies. The integration helps organizations provide appropriate tax calculation in both purchasing and sales processes, keeping businesses ahead of increased disparity in […]

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