Sovos Compliance Featured on CNBC for State Specific Tax-Free Holiday Information

Sovos
July 29, 2015

This blog was last updated on July 29, 2015

On July 23rd, 2015, CNBC published an article highlighting how Sovos Compliance breaks down the complexity of sales tax holiday information. With a total of 18 states and Puerto Rico now holding these retail holiday weekends, it is important for businesses to understand what is exempt in each jurisdiction. Every state has its own rules regarding qualifying purchases, which can make it extremely difficult for both consumers and companies to keep track and make the right adjustments for shopping trips.

Sovos Compliance assists businesses by providing clear guidance regarding the rules for each state. As Charles Maniace, Director of Tax Research, points out in the article on sales tax holiday weekends, “The line between what’s an eligible product and an ineligible product is very thin.”

The burden can be enormous if companies do not have a robust and agile process that updates their POS systems and other tools appropriately when these unique events occur. For a sales tax holiday, for instance, all of the following may need to be implemented to remain compliant:

  • Reset POS systems and/or cash registers
  • Customize tax rates
  • Remap products SKUs
  • Re-categorize certain inventory

Sovos Compliance offers a comprehensive sales tax compliance management system where retailers simply need to apply the regularly-scheduled content updates to their system to produce a result consistent with the tax holiday. This innovative and robust tool automates tax holiday compliance for any type of enterprise organization and calculates all other tax rates and changes properly.

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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