Blog

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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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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10 Challenges of Native SAP Tax Compliance – Part Three

In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]

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10 Reasons IT Leaders are Prioritizing SAP Tax Compliance for S/4HANA

Tax compliance is moving up the priority list as companies migrate from ECC to S/4HANA and S/4HANA Cloud. Multinationals recognize the inefficiencies of SAP-native compliance as government mandates redefine sales and use tax, e-invoicing, and VAT compliance and reporting requirements. Financial systems that were originally implemented to help manage growth are now hindering it. IT […]

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Will Tax Compliance Drive Digital Transformation? – SAP Expert John Appleby Weighs In

It’s clear that company leaders understand that digital transformation is key for their very survival in a world of constant disruption, but only a small percentage actually have finished a company-wide transformation – opening the door to potential problems from lost customers to tax compliance issues. An SAP survey finds that 84% of 3,000 executives […]

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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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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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Sovos Bolsters Cloud Technology Leadership with Chief Security Officer, Chief Product Officer and Head of Customer Success

On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]

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A Guide to CRS Reporting Requirements for Insurance Companies

The Common Reporting Standard (CRS) is fast becoming the global standard for tax information reporting outside the United States. As more countries adopt CRS, and as penalties for late, incorrect or missed CRS filings become more severe, financial institutions need to know what their compliance requirements are. Following are clarification and detail about what insurers […]

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Evaluate Your Tax Team for Regulatory and Business Change

Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]

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Building a Tax Team to Meet Future Compliance Requirements

It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]

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Building the Tax Team of the Future to Navigate the Regulatory Storm – Webinar

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

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NAFTA Discussions Leave Multinationals in Mexico Uncertain

The first talks on renegotiating NAFTA begin this month, and with continual discussions of a U.S.-first trade agenda, multinational companies with operations in Mexico are left uncertain on what these talks might entail. While no one knows exactly where these negotiations may land, multinationals should have some answers by the end of 2017, as all […]

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Sovos Wins Product of the Year Awards at The American Business Awards

Global tax compliance and reporting software leader recognized with two Stevie Awards in Global Risk & Compliance and FinTech Categories    Wilmington, Mass. – July 26, 2017 – Global tax compliance and reporting software leader Sovos announced today it has been honored with two Product of the Year awards at the The 15th Annual American Business Awards, a […]

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The New Strategic Role of Indirect Tax Professionals to Master Compliance

Tax compliance has evolved at a rapid pace in recent years. As governments go digital, loopholes are closing and reporting timelines are shrinking from weeks to milliseconds. The old way of doing things isn’t enough for the new world of rapid-response compliance. But these new challenges can also foster new opportunities. Businesses are taking a […]

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OECD Secretary General Issues Report on CRS for G20 Leaders

At last week’s G20 summit, OECD Secretary General Angel Gurría reported to world leaders that the past year has seen progress on multiple fronts in the fight against tax avoidance and evasion – thanks in large part to the Convention on Mutual Administrative Assistance in Tax Matters. The official report explores the key areas of progress, including the movement […]

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Curacao Publishes Revised AEOI Manual and Online Portal Guide

Curacao’s Ministry of Finance has released FATCA and CRS guidance regarding data specifications for XML transmittals and use of the online financial data exchange portal. The Manual of Automatic Exchange of Information, which provides information for both FATCA and CRS transmittals, has been revised to reflect the following updates: The AccountReport – Payment element has been updated to […]

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