Blog

Infographic: Italy eInvoicing At a Glance

Italy’s VAT collection problemis driving innovation as it moves to adopt a ‘clearance’ model – a system which has been successful in reducing the VAT gap in Latin America.

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The Hidden Cost of In-House VAT Compliance

VAT regulations in Europe are evolving at a head-spinning pace, forcing companies to quickly adapt their internal systems to comply with complex eLedger, eAccounting and eInvoicing mandates. Adhoc solutions – either forklift upgrades of existing ERPs and accounting systems, or modules bolted onto in-house solutions – may be a short-term fix but could cost your […]

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Connected Supply Chains Drive Complex VAT Compliance

As cloud-connected technology has become more ubiquitous across the supply chain, sophisticated executives can use the data gleaned from these devices to better understand where their supply chain is operating effectively – and where there is room for improvement – including in VAT compliance. Increased transparency into how the various links in their chain fit […]

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Pennsylvania Fixes Long-Time Reporting Problem with New 1099 Regulations

The Pennsylvania Department of Revenue recently unveiled a set of 1099 reporting requirements that will alter the landscape of reporting in the Keystone State. One regulation in particular will come as a welcome relief for institutions that report large volumes of 1099-R forms. Pennsylvania will allow multiple distribution codes for one person or entity to […]

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Sovos CTO: Modern Tax Demands Modern Software. We’ve Built S1 For the Digital Future of Tax.

Sovos Chief Technology Officer, John Landy, comments on the new S1 platform.  Businesses now need a new approach to handling taxes. With the new S1 architecture, that’s exactly what we’ve built. Tax has changed. What used to be merely a burdensome obligation is now becoming a risky and technical part of every major business process. […]

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State of Change: New York Shifts 1099-R Reconciliation from Annual to Quarterly Basis

New York recently changed its requirements for validating and reconciling 1099-R data, providing another example of how states are changing regulations in order collect revenue more accurately and more quickly. Financial institutions will likely need to adjust their processes in response. Institutions must file a form 1099-R for each person who received a distribution of […]

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How to Prepare for New Remote Commerce Taxation Requirements

In a recent South Dakota v Wayfair Q&A webcast, Sovos experts answered your most burning questions regarding which states have new regulations, statutes or pending changes relating to remote commerce, economic nexus sales tax obligations and how you should prepare. What should sellers be doing to prepare for this new era of sales tax where […]

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Sovos Intelligent Reporting Summit: Look for W-8 Red Flags and Avoid 1042-S Penalties

Mary Kallewaard is co-founder of Cokala, an advisory services firm offering experienced and practical help for tax regulatory compliance for a wide variety of IRS forms. She will present on how to spot potential problems with W-8 and 1042-S forms at the 2018 Sovos Intelligent Reporting Summit in Denver in October. Sovos recently spoke with […]

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South Dakota v Wayfair: What it Means for Use Tax and Procurement Practices

There is no shortage of advice on what remote commerce sellers should do in light of the South Dakota v. Wayfair decision and the immediate tsunami of states acting to impose immediate (or relatively soon) tax collection and remittance obligations. In fact, smart sellers may have been planning ahead for this eventuality by evaluating (and […]

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Truth or Consequences: What Is the Source of Truth for Audits?

Governments around the world are going digital – eliminating paper-based reporting and instead leveraging technology for a high level of tax compliance automation. Real-time reporting of invoices, receipts, tax payments and accounting data has led to tighter integration between business processes and tax authorities. With so much data now in the hands of both companies […]

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Sovos Announces Resource to Track Direct-to-Consumer Wine Shipping Rules

Sovos is excited to announce the launch of our new ShipCompliant Direct-to-Consumer (DtC) Wine Shipping Rules resource center. Wineries can use this tool to track the compliance obligations they have in any state where they currently sell their products. They can also review the requirements in any new state they hope to enter. The DtC […]

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Brazil Launches EFD-REINF for Tax Withholdings

What is EFD-REINF? A complement to eSocial (which covers tax withholdings on wages), EFD-REINF reports withholdings made to individuals and corporations resulting from the application of the income tax and social security taxes (CSLL, INSS COFINS, PIS/PASEP). It also applies to payments received by sport associations and revenues generated by sport events. EFD-REINF replaces reporting […]

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Several States Move to Tax Remote Commerce – What Businesses Need to Know

In the wake of the Supreme Court decision in South Dakota v. Wayfair, Inc., which has effectively killed the physical presence rule established by the Quill decision, states have been empowered to collect sales and use tax from remote sellers within the somewhat muddier standard that is “Substantial Nexus.” And to no one’s surprise, several […]

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Mexico Postpones Electronic Invoice Cancellation Policy Change until September

Mexico’s planned process change for cancellations of electronic invoices will take effect Sept. 1 rather than in July as previously announced. The Mexican tax authority, the SAT, will require senders of electronic invoices, a document called a CDFI in Mexico, to get permission for cancellation from the party that received the invoice before the sender […]

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The Top Three SAP Challenges Impacting Manufacturers

The acceleration of regulatory complexity is causing unnecessary strain on IT departments within manufacturing companies, negatively impacting growth. In fact, 31% of companies report that keeping up with the volume and complexity of regulations is their number one compliance challenge, and 45% say increasing costs of compliance is their number one barrier to growth. The […]

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South Dakota v. Wayfair – Sales Tax Expert Q&A Webcast Recap

On June 27, Sovos hosted a live Q&A webcast, “The Supreme Court’s Decision on South Dakota v. Wayfair: Live Q&A With Our Regulatory Experts,” to give tax professionals an opportunity to get answers to their most burning questions. Below is a brief recap of what was covered by our Director, Regulatory Analysis, Chuck Maniace, and […]

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Confusion over Columbia Electronic Invoicing Mandate Serves as a Reminder that It’s Coming

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Tax Automation in a Post Quill World

On Thursday, June 21, 2018, with the decision of the Supreme Court in South Dakota v. Wayfair, the sales tax compliance landscape underwent a dramatic shift. If you haven’t already, the time is now to consider whether you are doing what you need to do to keep your company safe. The Immediate Aftermath of South […]

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Sales Tax Software Meets ITs Offensive and Defensive Technology Needs

You may be familiar with the highly debated Gartner term, “bi-modal IT,” the practice of managing two separate but coherent styles of work: One focused on predictability; the other on exploration. Think of this as projects that keep the lights on or run the business vs. projects of innovation. Both play key roles in digital […]

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Real-Time VAT Reporting 101: Common Terms and Definitions

More countries are transitioning from electronic VAT filings to real-time VAT reporting, automated audits, eInvoicing and eReceipts.  Learn terminology key to understanding real-time tax reporting. Latin America (LATAM) is deemed the most complex tax compliance environment in the world. Over the last decade, it has become synonymous with real-time value-added-tax (VAT) compliance and reporting. In […]

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