The companies launched Shopify Tax automated filing, a feature that automates the preparation, filing and remittance of sales tax returns for Shopify merchants, according to a Tuesday (June 10) press release. It’s available now for merchants in the United States using Shopify Tax.
“Sales tax rules and laws are constantly evolving and, left unchecked, can create serious and expensive problems for businesses down the road,” Sovos CEO Kevin Akeroyd said in the release. “Shopify, through its partnership with Sovos, will greatly reduce the burden on sellers and allow them to focus on delivering for their customers.”
The partnership integrates Sovos’ Sales and Use Tax (SUT) filing solution with Shopify Tax, offering merchants a more streamlined experience when managing their sales tax compliance, per the release.
“With automated filing, merchants can greatly reduce the hours spent preparing and filing returns each month, while helping minimize audit risk,” the release said.
In March, startup Town announced the launch of its platform and an $18 million fundraise to provide small businesses with the same tax advantages as big companies.
“Big corporations deploy entire tax departments to minimize what they owe, exploiting every loophole in the book,” the company said at the time. “Meanwhile, small businesses either go at it alone or rely on an overwhelmed accountant, paying 30% more per employee in compliance costs while missing out on billions in tax advantages,” per data from the House Committee on Small Business.
Meanwhile, small business owners grew more optimistic in May, according to the National Federation of Independent Business (NFIB). The NFIB Small Business Optimism Index rose to 98.8 in May, three points higher than it was in April. At the same time, the Uncertainty Index rose to 94, two points higher than April.
“Although optimism recovered slightly in May, uncertainty is still high among small business owners,” NFIB Chief Economist Bill Dunkelberg said Tuesday. “While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth.”
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