On October 20, the Washington Department of Revenue hosted a public “listening session” to garner taxpayer feedback on the Interim Statement it published regarding the tax treatment of Non Fungible Tokens (NFTs), dated July 1, 2022. As written here, Washington is one of a small handful of states that has overtly addressed the sales tax […]
In a development that should be a surprise to almost no one, a state district court judge invalidated Maryland’s digital advertising tax, which was slated to apply as of January 1, 2022, with the first filing and remittance due on December 31, 2022. By way of recap, in 2021, Maryland passed legislation applying a special […]
Regulatory change and evolving technology continue to fuel modern tax. Businesses need to map out near- and long-term strategies that keep pace with the digital transformation of tax. But working with the right team is essential to organizational success. That’s where the Sovos Customer Success team comes into play. Sovos knows that being able to […]
Are you making sales into or within Puerto Rico? Would you like to expand into PR but are uncertain of the sales tax compliance hurdles you may face? (¡¿Habláis Español?!) If so, you’ll want to understand the tax implications of your activities and be aware of the key sales tax issues and unique tax situation […]
By Diane Yetter, President and Founder of Sales Tax Institute When it comes to building a strategy to manage sales tax, every company will have its own set of obligations, complications and concerns. What is consistent among nimble sales tax strategies (those that improve efficiency and adaptability while reducing risk) are the components you need […]
Earlier this month, Washington released an Interim Guidance Statement on the taxability of non-fungible tokens (NFTs). In short, the Washington Department of Revenue (DOR) suggested that certain types of NFTs would be subject to sales and use tax under existing rules applicable to digital goods and would also be subject to their business and occupancy […]
Sales tax is commonly a driving force for revenue, yet it can be utilized by legislatures to influence change in public policy. Whether the policy sought is centered on economic, public welfare or environmental grounds, tax has been historically used as a facilitator. For example, plastic bags at checkouts of food markets are often subject […]
Omnichannel retailers know that they cannot overlook sales tax, but it is a time-consuming and complicated process. Especially when retailers operate in numerous jurisdictions and balance in-person and virtual sales, it is difficult to properly manage sales tax. A recent Sovos survey interviewed full-time finance and accounting decision makers at retail companies with annual revenues […]
At this point, knowing that increasingly complex sales tax requirements exist is not the issue. Organizations know that they’re facing more complicated rules and regulations, but it’s more a matter of taking the time to invest in the necessary tools to properly face those challenges. With an automated sales tax compliance solution, businesses can better […]
What does wedding season have to do with sales tax? Depending on the products and services your business offers, there could be more involved than you think. Find out if your organization is prepared for these sales tax considerations connected with the upcoming wedding season. According to a study done by The Knot, 80% of […]
No company wants a focus on managing sales tax to distract them from their primary business objectives. But it’s a mandatory part of business that can be particularly daunting for SMBs that lack the necessary time and resources to keep pace with the complexities of sales tax. With over 12,000 U.S. tax jurisdictions that are […]
Let’s face it: no one likes dealing with tax, and no one likes learning they’ve done something wrong when it comes to their organization’s compliance. Sovos launched the Sales Tax Learning Series to guide you through revamping your team’s sales tax strategy. This learning series was designed with industry-leading partners to help you navigate the […]
Managing sales tax doesn’t have to be a complicated, overwhelming and time-consuming process. Assuming of course that you properly evaluate your internal capabilities, existing technology and varying levels of expertise correctly. With thousands of tax regulations that can change at a moment’s notice, it can seem a nearly impossible task for businesses to remain compliant. […]
If the last two years have been any indication, no industry is safe from the Great Resignation. The latest PwC Pulse Survey found that 77% of respondents said hiring and retaining employees is their most critical growth driver this year. As we have previously covered, many employees see the current job market as the perfect […]
This blog was updated on September 14, 2023 While the concept of a sales tax holiday, or a tax free weekend, is not new, it is one that can evolve and change over time. A state may have initially not had one, but implemented one within the last few years. Retailers’ tax departments must remain […]
Several states are redefining their sales tax laws to better consider gender equality in evaluating what is a necessary good. Often, this means states are looking into how the “pink tax” is applied. The “pink tax” refers to the application of sales tax or value-added tax (VAT) in a way that is considered disproportionally unfair […]
Sales tax is tough, especially when it comes to compliance. Sales and use tax compliance takes time and resources, no matter the size of your business. New laws are constantly added and amended, sometimes with little warning, making compliance seem nearly impossible. To make things worse, sales and use tax audits are on the rise […]
As sales tax continues to evolve in complexity, working with the right partner becomes more important. Currently, 47 states and territories in the U.S. are imposing state or local economic nexus standards. Regardless of the size of your organization, it can be difficult to stay up-to-date on sales tax changes. That’s why partnering with a […]