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Avalara Tax Changes Report Signals Increased Sales Tax Audits and E-Invoicing Growth in 2024

Retrieved on:

Monday, January 22, 2024

Policy, Civil service commission, European Commission, Software, IRS, Use tax, Confusion, The Digital Age, Commerce, Omnichannel, Inflation, Information Age

SEATTLE, Jan. 22, 2024 /PRNewswire/ -- Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today released its annual Avalara Tax Changes report for 2024.

Key Points:

SEATTLE, Jan. 22, 2024 /PRNewswire/ -- Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today released its annual Avalara Tax Changes report for 2024.
The report covers tax changes across the U.S. and internationally, as well as specific changes in key industries, including beverage alcohol, communications, energy, lodging, manufacturing, retail, and software.
Despite momentum on simplification, businesses are likely to see more sales tax audits in 2024.
As omnichannel commerce grows in 2024, retailers should brace for complexity when it comes to triggering more sales tax nexus thresholds and associated compliance requirements, including new tax rates and rules, tax returns, and exemption considerations.

Missouri Streamlines Processes Utilizing Avalara's Online Sales and Use Tax Rate Map

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Tuesday, July 18, 2023

Food, Indirect tax, EVP, Tax, Intelligence, Missouri Department of Revenue, Google Maps, Use tax, GM, Automation, Map, City, Research, GIS, Life insurance

SEATTLE, July 18, 2023 /PRNewswire/ -- Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced that the state of Missouri has leveraged Avalara Tax Research to power the state's publicly available online sales and use tax rate map .

Key Points:

SEATTLE, July 18, 2023 /PRNewswire/ -- Avalara, Inc. , a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced that the state of Missouri has leveraged Avalara Tax Research to power the state's publicly available online sales and use tax rate map .
Missouri allows cities, counties, and other local governments to administer and establish their own sales tax rates and rules.
To make tax information readily available to businesses, Missouri adopted Avalara Tax Research, which is a self-service tax management tool that leverages geographic information system (GIS) technology to provide sales and use tax rates and thoroughly researched and verified tax information.
Using Avalara Tax Research, Missouri benefits from having businesses apply more accurate sales tax calculations.

Taxually enters the U.S. Sales & Use Tax market by acquiring LumaTax

Retrieved on:

Wednesday, April 12, 2023

Growth, Use tax, Acquisition, Enterprise, Wayfair, Automation, SUT, Renewable energy, VAT

This acquisition will enable Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.

Key Points:

This acquisition will enable Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.
Over recent years, sales tax obligations and their complexity have increased dramatically due to the precedent set by the South Dakota vs Wayfair decision.
By acquiring LumaTax, Taxually is not only combining best-in-class tech teams and tax experts, but also building for its clients an end-to-end VAT and Sales and Use Tax solution to address enterprise clients and e-merchants' needs both in the US and the European markets.
Integrating LumaTax's offering into our wider Taxually product suite allows us to provide a truly global VAT and Sales and Use Tax solution to our combined client base."

Taxually enters the U.S. Sales & Use Tax market by acquiring LumaTax

Retrieved on:

Wednesday, April 12, 2023

Growth, Use tax, Acquisition, Enterprise, Wayfair, Automation, SUT, Renewable energy, VAT

This acquisition will enable Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.

Key Points:

This acquisition will enable Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.
Over recent years, sales tax obligations and their complexity have increased dramatically due to the precedent set by the South Dakota vs Wayfair decision.
By acquiring LumaTax, Taxually is not only combining best-in-class tech teams and tax experts, but also building for its clients an end-to-end VAT and Sales and Use Tax solution to address enterprise clients and e-merchants' needs both in the US and the European markets.
Integrating LumaTax's offering into our wider Taxually product suite allows us to provide a truly global VAT and Sales and Use Tax solution to our combined client base."

Sovos' Compliance Experts Recognized in Accounting Today's Top 100 and BIG Innovation Awards

Retrieved on:

Wednesday, January 11, 2023

BOSTON, Jan. 11, 2023 /PRNewswire-PRWeb/ -- Global tax compliance provider Sovos today announced that Wendy Walker, solution principal, and Charles Maniace, vice president of regulatory analysis and design, were recognized in Accounting Today's Top 100 Most Influential People in Accounting. Accounting Today's list acknowledges the industry's authoritative thought leaders, change makers, regulatory and other leaders who are shaping the profession. Additionally, Christiaan van der Valk, vice president of strategy and regulatory, was named a winner of Business Intelligence Group's 2023 BIG Innovation Award. The BIG Innovation Awards recognize organizations and people who bring new ideas to the table and change the way we experience the world.

Key Points:

Accounting Today's list acknowledges the industry's authoritative thought leaders, change makers, regulatory and other leaders who are shaping the profession.
Additionally, Christiaan van der Valk, vice president of strategy and regulatory, was named a winner of Business Intelligence Group's 2023 BIG Innovation Award .
The BIG Innovation Awards recognize organizations and people who bring new ideas to the table and change the way we experience the world.
He was the global vice president of strategy and innovation for Schneider Electric prior to joining Sovos.

SIX and CloudQuant Partner to Enable Faster Access to Global Security Master Data for Quantitative & Data Science Research Teams

Retrieved on:

Tuesday, September 13, 2022

SIX data will be available in the CloudQuant Data Marketplace, which showcases over 15,000 unique datasets.

Key Points:

SIX data will be available in the CloudQuant Data Marketplace, which showcases over 15,000 unique datasets.
Increasing data availability and streamlining data access is a key commitment to our customers, and therefore our partnership with CloudQuant makes complete sense.
CloudQuant is an Alternative Data, Research, and Technology provider on a mission to deliver data solutions to global financial services and B2B clients.
Our Liberator enterprise data warehouse and data fabric empower organizations to realize the power of historical and streaming data.

New Report: Nearly 800 New Sales Tax Bills Are Considered by State Legislatures Monthly

Retrieved on:

Wednesday, June 22, 2022

Fortune 500, Software as a service, Technology, Compliance, Hg, Delaware Supreme Court, Wayfair, LinkedIn, Supreme court, Policy, Use tax, TA Associates, Twitter, Organization, Risk, Online gambling, Sovo

ATLANTA, June 22, 2022 /PRNewswire-PRWeb/ -- Global tax provider Sovos today announced that there are an estimated 800 sales tax bills under consideration by state legislators each month, highlighting the ongoing complexity of sales and use tax on the fourth anniversary of the South Dakota v. Wayfair decision. Sovos' State of Sales and Use Tax Report highlights updates on regulatory trends, enforcement and technology as businesses continue to navigate sales tax and nexus issues. In addition, the report details the complexity of sales tax management within organizations and how to remain compliant as governments continue to digitize compliance to minimize the estimated $400 billion annual tax gap.

Key Points:

Sovos' State of Sales and Use Tax Report highlights updates on regulatory trends, enforcement and technology as businesses continue to navigate sales tax and nexus issues.
"The State of Sales and Use Tax Report will serve as an informative guide for organizations to understand the current regulatory environment for sales and use tax as they map out near and long-term compliance strategies."
The top 3 trends in sales tax to monitor:
Based on Sovos' State of Sales and Use Tax Report, below are the top three trends in sales tax:
1.
The number of sales tax bills under consideration continues to evolve: In any given month, state legislatures are considering an estimated 800 new bills that could be entered into law.

Consummation of Certain Settlements Reduces Assured Guaranty’s Puerto Rico Insured Exposure by $1.3 Billion

Retrieved on:

Wednesday, March 16, 2022

On March 15, Assured Guaranty Municipal Corp. and Assured Guaranty Corp., each a subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), each settled its exposure to the Puerto Rico General Obligation (GO), Public Buildings Authority (PBA), Convention Center District Authority (PRCCDA) and Puerto Rico Infrastructure Financing Authority (PRIFA) bonds that it insured.

Key Points:

On March 15, Assured Guaranty Municipal Corp. and Assured Guaranty Corp., each a subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), each settled its exposure to the Puerto Rico General Obligation (GO), Public Buildings Authority (PBA), Convention Center District Authority (PRCCDA) and Puerto Rico Infrastructure Financing Authority (PRIFA) bonds that it insured.
Dominic Frederico, President and CEO of Assured Guaranty, said, These settlements are a huge step forward for Puerto Rico, and we hope they provide momentum towards final resolution of the islands bankruptcy.
They also bring Assured Guaranty closer to resolving its insurance exposure to Puerto Rico credits by removing $1.3 billion of net par from our insured portfolio, which represented 39% of our non-paying Puerto Rico insurance exposure at year-end 2021.
The Commonwealth Plan restructures approximately $35 billion of debt (including $1.2 billion outstanding par of GO and PBA bonds insured by Assured Guaranty), as well as other claims against the government of Puerto Rico and certain entities, and $50 billion in pension obligations.

US Basics of Sales and Use Tax Webinar, 8th Feb 2022 - ResearchAndMarkets.com

Retrieved on:

Wednesday, January 26, 2022

Small Business, Accounting, Professional Services, Finance, Wayfair, CFOS, Use tax, Tax, Life insurance, Property management

Learn how sales and use tax relate to each other and gain an understanding of exemptions.

Key Points:

Learn how sales and use tax relate to each other and gain an understanding of exemptions.
Ongoing litigation, multistate legislation, and administrative changes have been altering the landscape of sales and use tax compliance for businesses operating in a multistate environment.
Many services are moving toward a digital platform, which creates significant sales tax issues in states that impose taxes on services.
This topic covers the basics of sales and use tax, including how the two types of taxes work together, which state or local jurisdiction(s) can impose the tax, and how to evaluate when tax collection is required.

50% of Small Businesses Say the Pressure to Maintain Sales & Use Tax Compliance Has Intensified

Retrieved on:

Tuesday, January 25, 2022

Sovos surveyed 250 individuals who have responsibility for sales and use tax (SUT) management at their organizations.

Key Points:

Sovos surveyed 250 individuals who have responsibility for sales and use tax (SUT) management at their organizations.
These professionals have become increasingly challenged with SUT reporting over the past three years, following South Dakota v. Wayfair .
The landmark ruling's economic nexus requirements are now in nearly every U.S. state, and have become a challenge for small businesses that have tighter administrative resources than larger corporations.
To download a copy of Sovos' Sales & Use Tax Pressure Index, visit http://www.sovos.com .