As we’re sure you’ve seen by now, Silicon Valley Bank (SVB) has collapsed after failing to raise capital. This is creating a massive mess for businesses holding SVB accounts.
For those dealing with the mess, sales tax might be the last thing on your mind. However, if you use a 3rd party sales tax automation solution such as Sovos, Avalara, or Vertex, bank information must be updated in the system. Most states’ sales tax returns are due within the next 10 days, and the 3rd party sales tax providers are likely locking down those filings and preparing to start submissions to the states.
Contact your tax advisor or sales tax automation customer representative for assistance.