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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.

Sales tax holidays – or a tax free weekend, depending on where you live – are welcome reprieves for consumers, looking to save money when they can. But retailers’ tax departments might not be as excited.

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.

We explore the driving forces behind the VAT evolution and why it has led to increased complexity for organizations conducting business internationally.

The digitization and increasing complexity of sales and use tax has necessitated that most organizations rethink their approach to sales tax and compliance management.

The business needs of a multi-faceted organization are endless and priorities can quickly become skewed. Make sure tax is considered in an organization’s approach to its cloud strategy.

U.S.-based manufacturers and global manufacturers with a U.S. presence must understand how rapidly changing sales and use tax complexities impact their business operations.

To protect your business from painful tax audits and potential penalties and fines you need a solution capable of updating laws and regulations in real time and that doesn’t absorb resources away from your core business.

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.

Sales tax continues to grow in complexity which has expanded its organizational impact beyond the purview of just tax and finance departments.

Migrating to S/4HANA is a big and complicated process for most organizations. It also represents a tremendous opportunity to update and align your tax strategy to meet the challenges of modern sales tax.

Four emerging megatrends have businesses of all sizes and industries on notice, shining a light on current and near-term legal requirements across regions and VAT compliance domains.

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.

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.

Follow our Sales Tax Compliance Readiness Assessment to make sure that your company has crossed every T and dotted every I on your path to compliance. And be sure to check out our multitude of resources for any questions you may have.