Many companies may consider government-mandated eInvoicing regulations a hassle, requiring them to revamp time-tested processes and upgrade to new technologies while adding new responsibilities and risk throughout the organization. However, eInvoicing can ultimately deliver business benefits, reducing costs, streamlining workflows and driving ROI. Consider these top 6 positive impacts of eInvoicing: Reducing costs – In […]
Allocating business profits for audit penalties because your accounts payable process has traditionally incurred sales and use tax fines and penalties is no way to grow a business. In a recent webinar, “Building a Scalable Process for Use Tax Compliance,” experts from both Sovos and Grant Thornton discussed the market trends and risks related to […]
The Affordable Care Act (ACA) is still in place and carries with it compliance requirements and the potential for steep financial penalties. ACA forms are due to the IRS April 2, 2018 if filed electronically. Penalties for late filing are severe. Failure to file information returns will result in a penalty of $260/return with a […]
These days, if you put two or more sales tax professionals into a room, it won’t be long before the conversation turns to the South Dakota v. Wayfair case currently scheduled for oral arguments before the Supreme Court on April 17. In fact, with 38 Amicus Curiae briefs filed to date, it feels like the […]
Caroline Bruckner is the managing director of the Kogod Tax Policy Center at the Kogod School of Business at American University in Washington, DC. She is heavily involved in consulting with Congress on tax policy and in 2016 published the study Shortchanged: The Tax Compliance Challenges of Small Business Operators Driving the On-Demand Platform Economy. […]
Procure-to-Pay Challenges Accounts payable within large, distributed businesses can be a complex, disconnected process involving many different departments. Magnify this complexity with the numerous types of business assets and materials your employees are purchasing across the country from various suppliers for multiple locations and uses, and you have a recipe for sales and use tax […]
The evolving saga of tax information reporting for cryptocurrency exchanges took another turn recently when the Securities and Exchange Commission (SEC) declared that cryptocurrency trading platforms must register as national security exchanges. With the SEC’s new requirements, trading platforms must either register or be exempt from registration, or risk operating illegally. Effectively, the regulatory body […]
If you’re interested in improving your accounts payable internal controls while streamlining your use tax self-assessment process, look no further than Sovos Use Tax Manager. Many companies have begun digital transformations to automate their procure-to-pay processes, moving away from paper invoicing. Regardless of how they are managing the process today, automation is still not enough. […]
Sovos Use Tax Manager enables organizations to reduce the risks and costs associated in notoriously error-prone use tax management processes March 5, 2018, LAS VEGAS [SAP Ariba Live] — Sovos, a global leader in tax compliance and regulatory reporting software, today announced Sovos Use Tax Manager, a cloud-based solution that automates use tax determination reconciliation […]
The Sovos team is looking forward to meeting procurement leaders at SAP Ariba Live in Las Vegas, March 5-7. Procure-to-Pay Tax Compliance Challenges Remain We’ve been gathering insights from the Americas’ SAP Users’ Group (ASUG) into the challenges tax compliance, procurement, finance & accounting, and IT are having regarding incorrect sales tax charges and/or use […]
Organizations reporting tax information to Vermont might have been surprised to find that the state is no longer part of the Combined Federal/State Filing (CF/SF) program for form 1099. Previously, organizations could report 1099 information to the IRS, and the IRS would send that information directly to the department of revenue in Vermont. The reporting […]
For corporate tax professionals concerned with 2018 tax trends and maintaining sales and use tax compliance with the numerous changes in the tax compliance landscape in the U.S. this past year – as well as those emerging on the horizon, – our Webinar, “U.S. Sales and Use Tax Trends 2018 – A Shifting Landscape,” was […]
Charles Maniace, Director of Regulatory Analysis, Sovos, discusses the unique facts surrounding the South Dakota nexus rule given the Supreme Court decided to revisit the 1992 Quill v North Dakota case (that limits a states’ tax authority over online sales based on physical presence or nexus in-state) based on a law adopted in South Dakota. […]
Charles Maniace, Director of Regulatory Analysis, Sovos, discusses what it would mean for businesses if the Supreme Court decided to overturn the 1992 Quill v North Dakota case that limits a states’ tax authority over online sales based on physical presence or nexus in-state. Chuck TV – Episode III Episode IV – Quill v North […]
Charles Maniace, Director of Regulatory Analysis, Sovos, discusses what it means to you that the Supreme Court decided to revisit the 1992 Quill v North Dakota case that limits a states’ tax authority over online sales based on physical presence or nexus in-state. Chuck TV – Episode I Check out Episode II – South […]
Charles Maniace, Director of Regulatory Analysis, Sovos, discusses what it would mean for manufacturers if the Supreme Court decided to overturn the 1992 Quill v North Dakota case that limits a states’ tax authority over online sales based on physical presence or nexus in-state. Chuck TV – Episode IV Episode V – “Cookie Nexus” Impact […]
Charles Maniace, Director of Regulatory Analysis, Sovos, discusses how the recent “cookie rule” could impact the Supreme Court who decided to revisit the 1992 Quill v North Dakota case that limits a states’ tax authority over online sales based on physical presence or nexus in-state. Chuck TV – Episode V Episode I – Supreme […]
The 1099-K reporting threshold changes enacted in Massachusetts and Vermont have started to have repercussions for states, online businesses and companies doing tax reporting. In conflict with IRS requirements, Massachusetts and Vermont changed the threshold for reporting 1099-K transactions from $20,000 and 200 transactions to just $600 with no minimum number of transactions. These transactions […]