For many businesses, the South Dakota v. Wayfair ruling resulted in significantly more tax reporting obligations each month. Because Sovos Sales & Use Tax Filing automates the process, our customers were uniquely prepared to comply with the landmark Wayfair ruling without disruption.
BOSTON (PRWEB) April 20, 2020
Global tax software provider Sovos today announced that its Sales & Use Tax Filing product was named a 2020 SIIA CODiE Award finalist in the Best Compliance Solution category. SIIA CODiE finalists represent the best products, technologies and services in software, information and business technology. This is the third CODiE recognition that Sovos has earned in the past four years.
Alleviating the Burden of Frequent Sales & Use Tax Changes
As part of the first global solution for modern tax, Sovos Sales & Use Tax Filing relieves the burden caused by new and varying sales tax nexus rules by automating filing obligations on behalf of retailers and manufacturers. Just last year, there were more than 850 sales and use tax form changes and more than 14,000 possible jurisdictional combinations across the United States. Sovos’ award-winning solution enables accurate, efficient management of hundreds of monthly state and local returns and sub-schedules, no matter how often regulations change.
Safeguarding Sellers in a New Era of Sales Tax
The need for businesses to adopt an automated sales tax software accelerated following the 2018 South Dakota v. Wayfair ruling, which ushered in a new era in American sales tax. Economic nexus, which determines the tax a business collects and remits, is no longer determined by a retailer’s physical presence in a state. Instead, it’s determined by the sales revenue and transaction volume generated in a jurisdiction, regardless of where businesses physically operate.
“For many businesses, the South Dakota v. Wayfair ruling resulted in significantly more tax reporting obligations each month,” said Pawel Smolarkiewicz, chief product officer at Sovos. “Because Sovos Sales & Use Tax Filing automates the process, inherently mitigates risk of non-compliance and is continuously kept up-to-date by our team of regulatory experts, our customers were uniquely prepared to comply with the landmark Wayfair ruling without disruption. As we enter a new decade, Sovos is committed to keeping businesses a step ahead of future regulatory changes.”
Acknowledged as the premier awards program for the software and information industries for 35 years, the SIIA CODiE Awards are produced by the Software & Information Industry Association (SIIA), the principal trade association for the software, education, media and digital content industries. As part of the program, Sovos Sales & Use Tax Filing was recognized as a finalist for the SIIA CODiE's Best Compliance Solution category.
“The 2020 CODiE Award finalists join a long and distinguished history of innovative products and services destined to transform the way we do business. We congratulate all of our finalists and look forward to seeing their impact across the B2B market for years to come,” said Jeff Joseph, president of SIIA.
The SIIA CODiE Awards are the industry's only peer-recognized awards program. Business technology leaders, including senior executives, analysts, media, consultants and investors evaluate assigned products during the first-round review. Their scores determine the SIIA CODiE Award finalists, which accounts for 80% of the overall score. SIIA members then vote on the finalist products and the scores from both rounds are tabulated to select the winners. Business Technology category winners will be announced May 18 during an online winner announcement ceremony.
To learn more about Sovos Sales & Use Tax Filing, visit https://sovos.com/products/tax-reporting/sales-and-use-tax-filing.
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
About the SIIA CODiE™ Awards
The SIIA CODiE Awards is the only peer-reviewed program to showcase business and education technology’s finest products and services. Since 1986, thousands of products, services and solutions have been recognized for achieving excellence. For more information, visit siia.net/CODiE.