Sovos being named a “Leader” in the IDC MarketScape: Worldwide Sales Tax and VAT Automation Applications 2019 Vendor Assessment is a validation of its current and future product and business strategy. For those who are less familiar with IDC and its vendor evaluation process, or who are more familiar with the Gartner Magic Quadrant or […]
“We have less than $1,000 to submit, we’ll just do it ourselves.” Does this thought process sound familiar? The thought is if it’s a small amount, it doesn’t matter nearly as much. It’s totally understandable for one to think along these lines. Unfortunately, the states may disagree with you. Regardless of the dollar amount or […]
It is the “other” tax, the one that doesn’t generally get the attention that income tax gets. But use tax can be full of nasty surprises for financial institutions (FIs) that don’t have it under control. With jurisdictions cracking down with audits, developing processes to handle use tax is becoming a significant concern for financial […]
Earlier this week, IDC released its first-ever MarketScape Report, “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment,” focused on global tax compliance software, signaling two things at a crucial moment in the digital transformation of tax: Modern tax technology is an important part of the digital financial core […]
No global e-invoicing strategy is complete without functionality for e-archiving. In fact, far from being an afterthought or add-on, e-archiving should be at the core of any organization’s e-invoicing plans. There are a few reasons why: E-archiving makes up a large percentage of a global e-invoicing strategy If a government wants to audit an organization’s […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]