If you didn’t attend SovosCon this year, you missed out. Here are a few key take-aways from our three days of sessions, which focused on a variety of business challenges, effective solutions, and compliance requirements.
The World of Tax Compliance is Evolving as We Speak
A common theme in sessions covering everything from ACA reporting, global information reporting such as FATCA, all types of Sales and Use Tax issues, Value Added Tax, and Tax Information Reporting was the pace at which the environment is changing and the urgency for businesses to respond to those changes.
The opening panel featuring Deborah Pflieger from EY, Stephen James from KPMG, and Matt Walsh and Jeff Cronin from Sovos Compliance, highlighted some of these challenges and some future trends to watch for, including:
- The government’s need for revenue driving new legislation and rules, like FATCA/CRS, BEPS, ACA, and marketplace fairness.
- The fear of fraud and desire for businesses to “get it right” the first time with fewer resources.
- The push toward generating more data for tax authorities all over the world.
- Organizational demands for real-time analytics, processes, and systems in order to remain compliant.
ACA is Coming Quickly
Many of our best-attended sessions were focused on the need for compliance with the Affordable Care Act reporting mandates. Not a surprise, considering the impending deadlines and implications of generating these new kinds of data for all 50+ full-time equivalent person businesses.
One of our sessions featured an in-depth discussion surrounding the need for an integrated approach to compliance that involves HR/Benefits, Finance & Tax, Legal & Internal Audit, and Information Technology. These teams must now partner to create a strategy, communicate with stakeholders in order to ensure accurate compliance and reporting, as well as safeguard eligibility and cost management. That level of collaboration is certainly a high bar for many organizations.
Sovos Clients Have a Lot to Share
Based on the many thoughtful discussions in the hallways, the number of folks who taped a testimonial, high participation levels in the 1:1 Technology Labs we offered, and the buzz at our reception overlooking a beautiful sunset, our attendees used their time wisely to network with other clients, partners, and Sovos staff.
We are working on next year’s plan now. Interested in attending? Get in touch so you can be one of the first notified of our upcoming SovosCon’16. We’d love for you to join us.