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As the IRS prepares to release Form 1099 reporting requirements for virtual asset transactions, VASPs need to evaluate the various aspects of virtual currency cost basis calculations and the resulting tax withholding and information reporting considerations.
The second annual Sovos Sales and Use Tax report delves into numerous issues impacting the industry, including the long-term implications on regulatory authorities from COVID-19 and how the existing tax gap is fueling new approaches to oversight and enforcement of current laws and standards.
Incorporating ecommerce channels is quickly becoming a priority for businesses. However, there are key considerations to ensure a smooth and compliant sales tax process, while also prioritizing a positive customer experience. The right solution will help organizations save time and money, while also improving sales tax efficiency.
In the Gartner 2021 CIO Agenda: A U.S. Perspective, “respondents in the U.S. report digital business acceleration in the face of COVID-19 and an increased opportunity for business redesign. Despite being global pace setters, U.S. CIOs have a lot of opportunity to leverage digital innovations for value creation.”
This report created by IDC explains why tax agencies are focusing on these specific organizational models, how to comply with evolving tax regulations, and the top solution providers for your organization to partner with to ensure compliance.
Cloud solutions provide on-demand computing that don’t require active management by the user. However, assuming that all clouds are created equal is a mistake that will cost your business. If you are ready to solve your sales tax issues by harnessing the power of the cloud, be sure to understand the four critical pillars of cloud performance. These represent the difference between a complete solution and just another empty promise.
Properly submitting and filing a compliant sales tax return should be a top priority for any business. But it is not always that easy. If organizations don’t have all necessary information, are unaware of required reporting frequencies or have not correctly reported deductions, the sales tax filing process can be difficult – and could even lead to hefty fines or an audit.