No company wants a focus on managing sales tax to distract them from their primary business objectives. But it’s a mandatory part of business that can be particularly daunting for SMBs that lack the necessary time and resources to keep pace with the complexities of sales tax. With over 12,000 U.S. tax jurisdictions that are […]
Managing sales tax doesn’t have to be a complicated, overwhelming and time-consuming process. Assuming of course that you properly evaluate your internal capabilities, existing technology and varying levels of expertise correctly. With thousands of tax regulations that can change at a moment’s notice, it can seem a nearly impossible task for businesses to remain compliant. […]
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing and filing annual 1099s, W-2s, and other tax returns by January 31st. When January is in the rear-view mirror, businesses will turn to the next hurdle of 2022 tax reporting season; annual reporting of Form 1042-S […]
In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform deal. This will address the […]
Sovos recently sponsored a benchmark report with SAP Insider to better understand how SAP customers are adapting their strategies and technology investments to evolve their finance and accounting organizations. This blog hits on some of the key points covered in the report and offers some direct responses made by survey respondents, as well as conclusions […]
“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS, SEC and CFTC have been playing catch-up for years, and in their defense, it’s not easy to hit a moving target. The digital asset ecosystem continues to grow exponentially and […]
President Biden signed the American Rescue Plan Act of 2021 which included a variety of provisions aimed at helping Americans get through the aftermath of the COVID-19 pandemic. To help fund this most recent round of aid, Section 9674 of the Act includes a change to the Form 1099-K reporting threshold for Third-Party Settlement Organizations […]
Annual reconciliations can be a critical aspect for businesses as they work to achieve tax compliance. They are used to resolve all payments made to the state through the year and make any necessary corrections. For example, a company may have already filed its tax returns, but discovers there is a backdated transaction for one […]
Tax professionals around the country are preparing for the new Form 1099-NEC. A lot of confusion surrounds this form. Below are the top 5 things you should be aware of. 1. Form 1099-MISC changed too: Because the IRS also adjusted the layout of Form 1099-MISC, payors will need to analyze how the source transaction systems […]
By Kelsey O’Gorman & Denise Hatem In the United States, food is the third-largest expense for lower-income households, after housing and transportation. For higher-income households, food ranks fifth, following housing, transportation, pension contributions and health care. While income disparity can skew percentages of spending on essential items such as food and housing, there are also […]
Tuesday, October 6 CEO Keynote: Our Journey to Solve Tax for Good | Andy Hovancik, President & CEO, Sovos GCS Intelligent Reporting kicked off with our Sovos CEO, Andy Hovancik, sharing more on what attendees can expect to get from this year’s event and helping attendees better understand Sovos’ mission to “Solve Tax For Good.” […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the cryptocurrency industry. In this segment, we welcome Roger Brown of Lukka, who will be presenting at our upcoming conference in early October. Roger will highlight the anticipated OECD developments involving […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency industry. In this segment, we welcome Sheehan Chandrasekera of Cointracker, who will be attending & presenting at our upcoming conference in early October. In this segment of the “Speaker Spotlight” […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series kicks off with the introduction to two brilliant women in the world of tax, Kelli Wooten of KPMG LLP and Susie Jensen of Zions Bancorporation, who will be attending & presenting at our upcoming conference in early October. These two professionals are particularly well-versed in […]
The 2020 tax information reporting season is rapidly approaching and the changes we know about so far are pretty complex. A primary example lies in the new Form 1099-NEC which was reintroduced by the IRS last fall and is required to be used for reporting 2020 nonemployee compensation payments (formerly reported in Box 7 of […]
Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance. Captive insurance companies are yet another niche within that, which only narrows the […]
For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm. The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]
With the acquisition of Eagle Technology Management (ETM) and Booke Seminars, Sovos has united the very best in statutory reporting solutions, technology and expertise. Below is an overview of our strategy following these acquisitions: Sovos’s SaaS and Security Strategy Sovos at its core is a Software as a Service (SaaS) and cloud-first company. This means […]