For some SAP customers planning a move to Central Finance, tax compliance will not be a priority. Unfortunately, that will be a costly oversight. Today, those who fail to comply with global tax mandates face costly audits, financial penalties, decreased cash flow and damaged relationships with suppliers and customers. Non-compliance can even derail your Central Finance and SAP S/4HANA migrations altogether. And in some countries, it can bring your entire business to a screeching halt.

Get the free Compliance at the Core white paper and learn:

• the tax compliance barriers you may have overlooked
• how to prevent costly roadblocks
• how tax compliance mandates will affect your Central Finance migration
• precise steps your business can take to ensure your migration isn’t derailed due to non-compliance
• what a successful migration to SAP Central Finance looks like

This paper outlines in detail the global trend towards real-time tax ‘clearance’ of invoices and how this impacts businesses in their day-to-day operations and business-to-business transaction automation strategies.

Since the last edition, the trend towards compulsory transaction-oriented integration of e-business systems with public authorities has continued to accelerate. The growing consensus among e-invoicing and VAT professionals is that indirect tax controls are quickly evolving towards real-time whereby tax administrations essentially become a ‘third trading partner’ in the exchange of sales and purchasing data between suppliers and buyers.

Download this paper for our insight into how companies can ensure their push towards automation with tax administrations doesn’t end up fragmenting their digital transformation of business processes.

Tax Compliance for Tomorrow

It’s no surprise that the pressures on governments globally to raise revenue, close loopholes and reduce fraud, continue to mount.

Across Europe within the last 12 months we’ve seen this increasingly with tax authorities taking steps to improve efficiencies with technology at the forefront.

This report takes a holistic look at the insurance premium tax compliance landscape.  It looks at what’s driving increasing governmental demands and the challenges insurers face.  It contains the views and thoughts from the Sovos global practice including our indirect tax, e-invoicing and other subject matter experts from across the organisation.

Meeting the challenges of accounts payable (AP) automation in the new world of digital tax requires two important components: modernization and consolidation of disparate AP systems and integration into SAP. Companies that don’t have their AP resources in line with domestic and international tax mandates risk not only resource-sapping and potentially costly audits, but also diminished cash flow, supply chain interruptions and strained supplier relationships.

AP tax compliance is a critical component of any SAP shop’s implementation strategy, including the move to SAP S/4HANA. AP leaders ignore it at their own risk. 

Get the free Accounts Payable Tax Compliance white paper and learn:

• How to solve AP automation challenges that occur when tax authorities require data at the transaction level
• How to overcome supplier errors and AP system diversification
• How to avoid costly AP-induced audits
• How to ensure both compliance and data purity in AP e-invoicing processes
• The different variations of digital e-invoicing and VAT reporting AP teams will face

With each state, plus a few other areas, having its own rules for compliance, managing unclaimed property is massively complicated. Reporting online can ease a lot of the pain, but the process comes with challenges as well. Learn how to master online processing and stay compliant despite the murky regulations surrounding unclaimed property.

Year-end is quickly approaching, which means so is the 2020 tax season. Sovos has been helping companies Solve Tax for Good for over 30 years with our integrated solutions that make managing tax obligations and complying with IRS withholding and information reporting requirements faster and easier. And during this time, we have seen many businesses fall victim to last-minute hurdles and obstacles related to year-end reporting. 

Download this white paper to learn some of the most common issues organizations face during year-end 1099 reporting, along with best practices to help your business avoid them.

Welcome to the 12th edition of Sovos’ annual trends report, “VAT Trends: Toward Continuous Transaction Controls” where we put a spotlight on current and near-term legal requirements across regions and VAT compliance domains.

This report provides a comprehensive look at the regulatory landscape as governments across the globe are enacting complex new policies to enforce VAT mandates and are demanding unprecedented insight into economic data to close revenue gaps.

The focus of this year’s report is on four emerging megatrends with potential to drive change in the way organizations approach regulatory reporting and manage compliance. Authored by a team of international tax compliance experts, we provide extensive recommendations on how companies can prepare for and thrive through these changes.

Brexit is here with a new trade deal agreed between the EU and UK, but that’s not the end of the story for businesses. Ensuring VAT compliance of goods is essential to any successful Brexit plan as is recognizing that not all EU Member States have the same requirements.

Now is the time for businesses of all sizes and across all industries to take action and remain VAT compliant as the UK begins its new trading relationship with the EU.

The global tax landscape has changed. Governments have embraced digitization as a way to recognize revenue more quickly, remove tax gaps and eliminate fraud. To accomplish these objectives, tax authorities are continuously adding and altering regulations at a pace that makes manual oversight impossible.

In “Competitive Landscape: Supplier E-Invoicing Software, 2020,” we believe Gartner examines the key drivers for the increased adoption of e-invoicing software. Listed prominently among them is the need for business to meet government compliance regulations and to adopt global solutions capable of managing tax issues across multiple borders.

To learn what Gartner’s experts believe are the key drivers for the e-invoicing industry for the next five years, read the full report.

The report provides a here and now assessment of sales tax administration, examining trends in nexus laws and regulations and how current economic circumstances brought on by the COVID-19 pandemic are impacting state’s abilities to collect taxes owed and preserve revenue streams.

Governments at every level have expanded investments in technology to digitize the sales tax collection process and close existing tax gaps. When combined with the Wayfair decision, which vastly expanded the nexus footprint of organizations, states moved quickly to establish new regulations to maximize income. This Sovos report details how rapidly the sales tax landscape is evolving.

This new approach to sales tax is forcing organizations to reexamine how they facilitate processes internally to ensure compliance. While manual processes and custom solutions may have been suitable in past environments, increased levels of speed, oversight and complexity now demand more sophisticated methods. In the report, our experts explore the relationship between tax and IT and why better collaboration between the two should be an integral part of your compliance strategy.

Download your complimentary copy of the Tax Reporting for Cryptocurrency Exchanges report for concise and clear analysis of emerging guidance on tax reporting challenges and solutions for exchanges and traders.  

This report was created by the tax reporting experts at Sovos and CryptoTrader.Tax.

Download your free report and get:

• Insights into rapidly evolving IRS guidance on the reporting of cryptocurrency gains and losses
• The evolution of the 1099-B and what it means for exchanges and traders
• Analysis of various approaches being implemented by exchanges today
• The benefits of modern software for cryptocurrency accounting and reporting

Taxes on insurance are fragmented. Achieving compliance can be a headache requiring specialist knowledge. No two jurisdictions are the same and currencies, rates, deadlines and location of risk rules may vary by country.

For those tax teams new to insurance premium tax (IPT), this whitepaper provides a useful guide on the principles and foundations required for compliance.

The importance of compliant archiving of original invoices and similar tax-relevant documents has long been underestimated. For any company, the e-invoice archive is where the evidence of your tax compliance lies, but in today’s highly digitized global environment that evidence tends to be dispersed over multiple systems in multiple countries. Both understanding what rules apply for these records as well as ensuring compliance with them in an ever-changing regulatory landscape can be daunting for multi-national companies.

Against this backdrop, the digital transformation carried out by tax authorities across the globe shows no sign of slowing as governments continue their quest to reduce fraud and tax evasion to close tax gaps. More tax authorities are enforcing their own specific technology-based continuous transaction controls (CTC) frameworks.

The introduction of CTCs coupled with the transformation of business is fundamentally changing the nature and importance of archiving. Whilst many companies have long considered archiving as simply storage, this has now become an outdated and potentially dangerous view.

This white paper dispels that myth and illustrates why archiving today is more than just storage, and more important than ever

Download for an insight into these parallel developments and to understand what steps are needed to future-proof your archiving practice.

Download your complimentary copy of the Crypto Tax Report 2020 and get clear crypto tax advice in today’s unclear environment.

The Crypto Tax Report 2020 was created by the experts at Sovos, Blox and Accounting Blockchain Coalition.

Download your free report and get:

• A list of the legal and technical challenges accounting and tax professionals face when reporting crypto
• Insights from leading crypto accountants and tax practitioners on crypto reporting, auditing, cost basis and taxation
• Best practices for supporting cryptocurrency clients
• The benefits of modern software for cryptocurrency accounting and reporting