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The U.S. software industry is witnessing an escalation in sales complexity, attributed to rising sales distribution channels such as through marketplaces, software integrators, resellers and consulting partners. This coincides with businesses encountering significant cost pressures due to intense competition, resulting in aggressive expansion across newer regional markets and segments. Consequently, enhancing compliance measures for sales and use tax has become paramount to protect profit margins against potential audit penalties.
The U.S. software industry is witnessing an escalation in sales complexity, attributed to rising sales distribution channels such as through marketplaces, software integrators, resellers and consulting partners. This coincides with businesses encountering significant cost pressures due to intense competition, resulting in aggressive expansion across newer regional markets and segments. Consequently, enhancing compliance measures for sales and use tax has become paramount to protect profit margins against potential audit penalties.
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.
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.”