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Make Tax Compliance the Core of Your Financial Management Suite

As global enterprises further their digital transformation initiatives to move financial applications to the cloud, many are at a crossroads with how they choose a deployment strategy that consolidates disparate financial and other departmental solutions and processes. Many organizations that consolidated under the auspice of a single enterprise resource planning (ERP) solution to combine administrative […]

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3 Major Challenges Insurers Face with 1099 Reporting

Note: Sovos attended a series of Insurance Accounting and Systems Association (IASA) events in 2018. What follows are some observations from speaking with attendees at those events. Like any other type of company, insurers are not immune to the complexities of 1099 reporting. The cumbersome chore, which most insurance companies tend to take on primarily […]

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Wine Shipments to Consumers Hit Record $3 Billion in 2018

2019 Direct-to-Consumer Wine Shipping Report highlights historic growth in prices, leading to 50% growth in value in three years (BOSTON) January 23, 2019 – Wineries shipped a record $3 billion worth of wine directly to consumers in 2018, according to the 2019 Direct-to-Consumer (DtC) Wine Shipping Report from Sovos and Wines Vines Analytics. The annual […]

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New York Implements Economic Nexus by Resuscitating 1980’s Law

When New York first passed its law defining what constitutes a “vendor” subject to collecting sales tax in the 1980’s, the idea of online shopping sounded like science fiction. In retrospect, NY may have effectively enacted the first “economic nexus” law when they drafted their definition of “vendor” to include a person who regularly or […]

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IRS Uses Unprecedented Methods to Enforce ACA Reporting Penalties

With recent enforcement measures, the IRS has offered definitive proof that the Affordable Care Act (ACA) is still alive and that the agency plans to strictly enforce ACA reporting. Last spring, the agency issued Letter 226J to Applicable Large Employers (ALEs) that failed to cover 95 percent of employees. ALEs are companies with 50 or […]

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Government Shutdown Will Not Move IRS 1099 Reporting Deadlines

UPDATE (Jan. 8): Reporting season is moving forward according to plan. The IRS has announced that it will process tax returns on schedule and without delays. While the agency will clarify its contingency plan in the coming days, organizations should proceed as planned with 1099 reporting and other seasonal filings. The IRS will recall a […]

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4 Big Post-Wayfair State Sales Tax Developments to Watch 2019

The South Dakota v. Wayfair decision last June has created a lot of angst for indirect tax professionals and the businesses they work so hard to protect from the burdens of sales and use tax filing. Six months later as we begin the new year, that angst has not gotten any lighter. Any federal legislative […]

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The 5 Biggest Stories in Indirect Tax Compliance 2018

2018 was a volatile year in indirect tax compliance for tax, finance and IT professionals worldwide. With an increase in globalization and tax gaps surpassing tens of billions in some countries, it’s not surprising that one of the biggest challenges governments are addressing is revenue collection. Like enterprises, governments are creating new, technology-driven processes to […]

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Economic Nexus – Six States Set to Go Live in New Year

On January 1, 2019, as we ring in the New Year, the number of states that have implemented economic nexus rules will rise to 32. Georgia, Iowa, Louisiana, Nebraska, Utah and West Virginia will all join the ranks of states requiring ecommerce sellers to collect and remit tax. If your company does business in any […]

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Small changes lead to big impact for Italian e-invoicing grace period

The Decree 119/2018, first published in draft in late October of this year in Italy, has now been converted into law, but with a number of changes to its content. The main changes to the previously published version of the e-invoicing rules of this decree are: Extension to the grace period for delays in the […]

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EU Commission Report Reveals Rapid Advancement of AEOI Following Implementation of CRS

Automatic Exchange of Information, or AEOI, has picked up serious momentum since 2015 and continues to grow, a new European Commission study shows. One important element in managing AEOI is assigning tax identification numbers (TINs), a trend that should grow as AEOI expands. AEOI involves the exchange of asset information among countries via a protocol […]

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Download the 10th Edition of the Most Comprehensive Guide to Global E-invoicing Compliance

With electronic invoicing sweeping Europe and much of the rest of the globe just as it did Latin America, organizations need to be prepared to meet the challenges of new mandates. The 2018 Sovos TrustWeaver global e-invoicing eBook leaves absolutely no stone unturned in offering the most comprehensive information and analysis available regarding e-invoicing compliance. […]

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7 Developments in 1099 and ACA Reporting to Look for in 2019

Season for Tax Year 2018 has arrived, meaning tax professionals will have to carry out reporting while keeping in mind all the regulatory and policy changes that went into effect in the previous year. But what should tax pros know about the developments likely to take place in 2019? Here are a few trends worth […]

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ACA, and Reporting Requirements, Remain in Place Despite Judge’s Decision

Affordable Care Act (ACA) reporting requirements for eligible employers remain in effect for Tax Year 2018 despite a ruling last week from a federal judge that held that the law is unconstitutional without penalties to enforce an individual mandate to purchase health insurance. With no injunction in place to shut down the law, the ACA […]

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The Post-Wayfair Path to Tax Compliance for eCommerce Sellers

In the wake of the South Dakota v Wayfair Supreme Court decision, and new sales tax nexus rules taking effect across the United States, I wanted to share some thoughts about what ecommerce sellers should be thinking about with respect to registering and meeting ongoing tax compliance obligations in potentially dozens of new states. The […]

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Poland’s step-by-step plan to narrow their VAT gap

Narrowing the VAT gap has been one of the main priorities for the Polish government since 2015 and is one of the flagship goals of the governing political party ‘Law and Order’. The main reason is economic as VAT revenue constitutes around 40% of the country’s budget. However, this topic is also a national political […]

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California Announces Intent to Tax eCommerce

In a news release published on December 11, the California Department of Tax and Fee Administration formally announced their intent to join 30+ other U.S. states in the taxation of remote commerce. While formal rules have yet to be issued, California has been contemplating action since the Supreme Court issued their ruling in South Dakota […]

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Checklist: Choosing the Right VAT Compliance Technology Partner

Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities. Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for […]

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