Tax Accounting & Finance

What is ACH Fraud? ACH fraud is fraudulent access to an account to make unauthorized payments and purchases. Fraudsters can execute an ACH fraud by getting the business checking account number and bank routing number. By obtaining that information from targets, criminals can initiate purchase of goods and services or pay off debts. Common ACH Fraud Schemes Overseas money transfers -An ACH scam that happens when a fraudster sends you an email or letter asking you to help them move a large amount of money out of the country. Usually, they say that it's due [...]

What is sales tax? By way of background, sales tax is applied to the sales or purchase of consumer goods and services, at a percentage of a price. Typified as a consumption tax, it is usually imposed and collected at a point-of-sale transaction. Once collected, sales tax would be remitted at a set time to the proper taxing jurisdiction. Choosing the right software to ease your compliance process The ever-evolving tax rules and growing tax complexities shouldn’t impede business growth. Choosing the right technology for your sales tax compliance offers key benefits that span cost [...]

Sales tax is undoubtedly complex right? But, tax complexities shouldn’t impede the growth of your business! Get started on managing your sales tax processes with ease! Check out the infographic below. Join our webcast Sales Tax Compliance Technology Trends: Keeping up with the Challenges of Sales Tax Reporting Solve tax for Good® Everywhere You Do Business, get in touch with Sovos Upcoming Webcasts Upcoming Webcasts back

Time to get compliant with the IRS Voluntary Disclosure Program to avoid unnecessary headaches and tax liabilities. Are you qualified or not? Find out in this infographic! Want an in-depth discussion on that topic? Listen to our webcast Up-Close Look at the New IRS Voluntary Disclosure Program: Unravelling New Provisions and Hot Issues Upcoming Webcasts Upcoming Webcasts back

What Is a Voluntary Disclosure Program? The IRS Voluntary Disclosure Program allows U.S. taxpayers to disclose unreported income and settle their offshore and domestic tax liabilities. The applicant must willingly cooperate with the IRS in determining the correct tax liabilities and plan payment for penalties owed. However, disqualification from making a voluntary disclosure is possible due to certain factors like having an illegal source of income. How Does the New IRS Voluntary Disclosure Program Works? The IRS Criminal Investigation Unit (CI) evaluates if the disclosures are accurate, timely, and complete. To get started, applicants must fill out IRS [...]

Automation has become the norm in almost all areas of businesses today, particularly in accounts payable (AP) processing. With the constant technological advances, the need to adopt automation technologies is critical for companies to thrive and maintain competitive advantage. However, any operational changes always pose a challenge for everyone. Invoice payment matching and manual data entry are among the top challenges in AP. And this could be more difficult to manage with a large volume of invoices and financial transactions. To expedite manual tasks and reduce human error, most organizations lean towards AP automation software. [...]

American Express moved strategically into the accounts receivable digital arena by partnering with Versapay this week. Versapay is already a well-known digital player in the A/R world between manufacturing buyers and their suppliers. American Express’ move combining their business-friendly card accounts with Versapay allows manufacturing supply chain participants to move and liquidate back and forth quickly, efficiently, and securely. A big issue for suppliers has always been maintaining sufficient cash flow to take on the next big order. Significant outlays can be tied up waiting for fulfilled orders to get paid while a new order [...]

Ask anyone how easy the job is for someone involved in a major IT systems project, particularly one involving enterprise resource planning or ERP, and he will flick a look of hate and might even stop talking to you for the day. ERP implementation is one of the most hated roles in IT adoption for companies over the last decade, and it has led to thousands of burned-out project managers every year. The latest debacle at J&J Snack Foods Corporation is no exception. J&J Snack Foods decided to move forward with a new ERP system in [...]

When a business reports big profits, it always gets the market’s attention. When the same company aims for the moon with its expected future profit targets, the same company gets accolades or raised eyebrows, depending on the confidence in that company’s leadership. That’s the case with working capital fintech C2FO, which just pegged a growth of $200 million in four years. The company already has a revenue base of $1 trillion. Similar to many other online intermediaries, C2FO works as a digital environment- provider. Their website facilitates the ability for buyers and suppliers to come together [...]

The time for Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is right around the corner. In fact, FATCA and CRS reporting has already begun in certain jurisdictions. To help you prepare for FATCA and CRS reporting season and its wide range of complex requirements, we'll take a look at a few important things to keep in mind as the time for FATCA and CRS reporting approaches. Compared to last year's reporting, there are a few key differences that you will need to watch for. The first is the fact that numerous new jurisdictions have [...]

Initially scheduled to go into effect almost a year and a half ago, Governmental Accounting Standards Board (GASB) Statement 87 was postponed for 18 months due to the COVID-19 pandemic.  With the new effective date of June 15, 2021 fast approaching, though, it is now crunch time for government agencies that want to ensure compliance with GASB-87 and the new lease accounting standards that it requires. GASB-87 was largely written to create more transparent reporting of lease agreements in an entity's financial statements. The biggest takeaway from the new guidelines that GASB-87 establishes is the fact that local government agencies will not [...]

In order to combat the economic fallout of the coronavirus pandemic, Congress recently passed the American Rescue Plan Act of 2021 (ARPA) - a $1.9 trillion stimulus package that includes a number of changes to the tax code. With the April 15 deadline to file taxes right around the corner, many organizations - including the IRS itself - are now scrambling to catch up to prepare for what many are predicting to be the most complex tax season in the country's history. The American Rescue Plan Act of 2021 includes several changes to the tax code, including [...]

2020 will go down as the year that fundamentally changed everything in how consumer business happens. The retail landscape has been entirely turned upside down, and the digital monster of e-commerce, which had slowly been creeping into more and more industries, suddenly became a sprinter, leaping forward. Companies like Amazon and Best Buy leaped forward, Walmart reconstituted its own web portal, and everyone else realized they needed a digital presence pronto; the days of being a non-Internet business was finally over. And it took a pandemic to make the change permanent. However, as online [...]

With the fast advancement in a combination of scanning, accounting software, databases, and enterprise capabilities, as well as many available tools for finance online and with cloud support, the ability to bill and invoice parties electronically has become exponentially easier. Broadband access has contributed as well, allowing both senders and receivers to enjoy easy communication of e-files fast and accurately. No surprise, invoicing online has been growing at a rate of at least 20 percent annually in most industries. A key factor in invoicing capability has been the widespread free ability to read PDF [...]