Complexity Continues to Rule
As the rules governing economic nexus in the U.S. grow increasingly complex, it is important to define the sales and use tax changes being considered, the ramifications of new laws on remote sellers and marketplace facilitators and the varied approaches organizations take to effectively manage their tax obligations. For example, the end of 2020 had more than 14,000 bills being considered that could change sales tax compliance requirements. During that same time in 2019, there were only 7,000 bills.
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. Tax and regulatory experts provide insights and technologists offer guidance and methods to help organizations understand how to reduce financial and reputational risk by remaining compliant.