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As tax year 2024 approaches, third-party settlement organizations (TPSOs) are keeping a close watch on IRS guidance regarding their obligations under the IRS’s Form 1099-K reporting requirements. Recent changes to the 1099-K reporting threshold, coupled with delayed enforcement and conflicting guidance, have left many TPSOs uncertain about their responsibilities. At the heart of the uncertainty […]
While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing season. As they brace themselves for the flood of forms, regulatory updates, and tight deadlines, the fear of missing a critical filing or making costly mistakes can haunt even the […]
When engaging in direct-to-consumer (DtC) shipping of alcohol, compliance with different state laws is paramount and so keeping up with law changes is critical. In 2024, the rules in several states for DtC have already been adjusted or will change soon. Here is a review of the major rule changes DtC shippers should be aware […]
One of the core concepts in sales tax compliance is also one of the most frequently misunderstood: the differences between sales tax and use tax. These tax types may look similar on the surface, but knowing the differences is essential for staying compliant and avoiding costly mistakes. In this article, we’ll demystify each tax type—breaking […]
The regulatory landscape for insurance companies is undergoing significant changes with the Principles-Based Bond Project which is set to take effect on January 1, 2025. These changes, driven by the National Association of Insurance Commissioners (NAIC), will impact how insurance companies classify and value bond investments, which constitute a substantial portion of their financial assets. […]
The long-awaited VAT in the Digital Age (ViDA) proposal has been approved by Member States’ Economic and Finance Ministers. On 5 November 2024, during the Economic and Financial Affairs Council (ECOFIN) meeting, Member States unanimously agreed on adopting the ViDA package. This decision marks a major milestone in modernizing the VAT Directive, setting the stage […]
When the United States Supreme Court ruled in 2018, that South Dakota’s law imposing sales tax collection requirements on sellers without in-state physical presence was constitutional, it did not grant states free reign. States are still responsible for ensuring that their sales tax requirements are manageable, and compliance costs are reasonable. While some states have […]
While wine lovers have enjoyed the convenience of direct-to-consumer (DtC) shipping for nearly two decades, the craft spirits market is still not afforded the same access. Outdated and restrictive spirits shipping laws have kept the spirits industry from fully leveraging the benefits of DtC shipping, leaving both consumers and distillers unable to enjoy its full […]
Unclaimed property compliance is one of those legal obligations that often flies under the radar for many businesses, especially smaller ones. However, failing to stay compliant can quickly turn minor oversights into major liabilities. In many cases, the penalties far exceed the value of the property itself, making it essential for every business—big or small—to […]
With the advent of new information reporting requirements for digital asset transactions, businesses are navigating uncharted territory. I’ve received countless invitations from industry experts to attend webinars or read white papers on interpretations of the new regulations, and guidance on what brokers are required to report. But beyond understanding the regulations, organizations face an even […]
The French tax administration has just announced structural changes to the 2026 French e-invoicing mandate that will discontinue the development of the free state-operated invoice exchange service. This decision will put increased pressure on taxpayers and software vendors to select a certified ‘PDP’ to fill the void created by this decision. French e-invoicing mandate: A […]
By Freda Pepper, General Counsel, Unclaimed Property The Supreme Court of the United States rarely addresses unclaimed property law, which made its ruling against Delaware in the 2023 MoneyGram litigation particularly noteworthy. The case focused on the escheatment of MoneyGram checks and similar written instruments. Following months of negotiations, a final settlement was reached on […]
In Italy, the insurance premium tax (IPT) code (which is being revised as of the date of this blog’s publication) and various other laws and regulations include provisions for taxes/contributions on motor hull and motor liability insurance policies. This article covers all you need to know about this specific indirect tax in the country. As […]
Unclaimed property compliance is often overlooked by small businesses, with many mistakenly thinking it only applies to large corporations. But this misconception can lead to serious financial and legal trouble. All businesses, no matter their size, must follow the same state regulations when it comes to unclaimed property. This comprehensive guide to unclaimed property was […]
If you are fulfilling a Minnesota Retail Delivery Fee, you should be double checking that you are considering all possible jurisdictionally-imposed fees due on the transaction. Depending on where you are delivering, you may need to collect a fee just for making the retail delivery itself! Retail deliveries are nothing new, but as our world […]
One key development shaping the future of tax compliance is the rise of Continuous Transaction Controls (CTCs). CTCs represent a shift in how governments monitor and enforce tax compliance, requiring businesses to submit transaction data to tax authority systems on an ongoing basis. The models differ drastically from traditional, post-transaction tax reporting systems, where businesses […]
In the first blog in our series, we introduced SAP Clean Core concept and how much is being made about its impact on business, specifically the ability to customize an ERP to meet operational needs. For part two, I’d like to address how businesses can use the SAP Clean Core principles to create a system […]