Blog

Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

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How to Get a Handle on State Reporting

Expanding into new states can be great for your business’ growth, but it comes with added intricacy. Because each state has the authority to regulate the production, sale, and distribution of alcohol within its borders, state reporting can get complicated for alcohol producers and retailers.  Just how complicated can it get? When states determine what […]

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Brexit: Implications for Insurers as Year End Approaches

As 2020 draws to a close, Brexit is firmly back on the radar as a concern for businesses across Europe, and the insurance industry is no exception. With the end of the transition period rapidly approaching, the UK is on course to become a third country after 31 December 2020. The UK is currently seeking […]

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India: E-Invoicing Platform to Replace E-Waybill System

Even though India’s continuous transaction controls (CTC) reform went live less than a month ago, the surrounding legal and technical framework for the e-invoicing platform still has many moving pieces. However, little by little, these puzzle pieces have started to come together. Earlier this year, the Indian authorities announced their intention to facilitate the e-invoicing […]

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Sovos Regulatory Course Spotlight and Meet Our Educators

Course Offering Spotlight In this week’s course offering spotlight, we are highlighting another one of Sovos’ regularly offered courses, Schedule P Preparation. This course teaches you how to complete schedule P of the annual statement and understand its analytic value. In our upcoming Sovos Insurance Regulatory Summit 2020, we will be offering a session on […]

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What Are the Illinois Sales Tax Nexus Rules?

This year has brought change to the Illinois sales tax nexus rules. In addition to the South Dakota v. Wayfair, Inc. decision, collection obligations changed for marketplace and remote sellers on January 1, 2020. Two new laws expanded nexus in Illinois to include marketplace facilitators, which “are required to register to collect and remit Illinois Use […]

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Latest Updates: State Direct Reporting Requirements for Form 1099-NEC

With the latest IRS announcement in Publication 1220 stating that information reporting data for the new Form 1099-NEC  will not be included in the Combined Federal/State Filing (CF/SF) program,  numerous states are beginning to publish direct reporting requirements. The Sovos regulatory analysis team will continuously update this page with the latest state requirements for Form […]

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How Has the New York Economic Nexus Changed?

Many states have started making changes to how they collect and remit state and local sales tax following the South Dakota v. Wayfair, Inc. decision. However, the New York economic nexus changed more quickly than others. New York made its enforcement date June 21, 2018 – the same day as the Wayfair ruling. The state […]

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Portugal: New Unique ID Number (ATCUD) Delayed Until 2022

Portuguese authorities recently published the long awaited regulation on unique ID number (ATCUD), in preparation for the entry into force of this requirement on 1 January 2021. Even though this effectively meant that a significant piece in the puzzle had now become available to the public, the Portuguese tax authority has postponed the requirement until […]

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Tax Issues Only Going to Get Worse with PayPal Going Crypto

Starting in early 2021, PayPal customers can buy, sell and trade select cryptocurrencies using their PayPal and Venmo online wallet accounts. Shoppers will also be able to use crypto to purchase goods and services using their PayPal account, according to Reuters last week. For the 26 million merchants participating in the PayPal network, expanding payment […]

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Does Florida Have Any Sales Tax Economic Nexus Changes?

Since the South Dakota v. Wayfair, Inc. decision, nearly every state has adopted sales tax economic nexus changes. However, Florida has not yet made any such changes. The Sunshine State has no remote sales tax law and does not have income tax. Some lawmakers proposed legislation that would require remote businesses with sales in Florida […]

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5 Myths Surrounding Retailer Direct-to-Consumer Wine Shipping

By Tom Wark, Executive Director, National Association of Wine Retailers No one who pays attention to the ongoing political and legal battles over direct-to-consumer (DtC) wine shipping will doubt that this is a contentious area of the law. Claims concerning retailer wine shipping emerge from every corner of the regulatory landscape including the wholesale tier, […]

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Understanding the New Texas Sales Tax Nexus Rules

The South Dakota v. Wayfair, Inc. decision made waves in the sales tax nexus world, with ripples being felt in every state. The Texas sales tax nexus rules were no exception, and all businesses operating in the Lone Star State – remote organizations and those with a physical presence – must ensure they stay compliant. […]

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How the California Sales Tax Nexus Impacts Businesses

It is essential that California businesses – both those operating remotely and that have a physical presence in the state – understand and adhere to all sales tax nexus laws, especially when and if the laws change. Failure to comply with these obligations could impact how businesses properly collect and remit taxes, leading to audits […]

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The Data: Wine DtC Shipments and Off-Premise Retail (September 2020 Special Report)

The wine market is in greater flux than ever as producers, retailers and consumers navigate the impacts of a global pandemic. Keeping a pulse on marketplace data has never been so important given these shifting dynamics. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide a much more comprehensive view of the […]

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Post-Brexit: UK Postponed Import Accounting for VAT

If you listen carefully, you can hear the tick tock of the Brexit clock growing ever louder. As 31 December looms into view, there’s lots to consider from a VAT point of view. One area business must get up to speed with is the movement of goods between the EU and the UK post-Brexit. Whether […]

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In Focus: Italian Registrations and the Filing Process

As an insurer authorised to write business in Italy, IVASS (Italian Insurers Supervisory Board) have provided you with the appropriate insurance certificate but what else is needed and what happens next? This is just the start of a lengthy and at times demanding journey towards insurance premium tax (IPT) compliance. At the outset, the insurer […]

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The On-premise Challenge Part I: Content Updates for Modern Tax

Introduction: Should we move our tax engine to the cloud or keep it on-premise? This conversation is taking place in many organizations as they assess their approach to sales tax management. In this three-part series, we’ll explore some of the problems IT is working through to maintain on-premise solutions that may not always be visible […]

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China Adopts Pilot Programme for B2B E-Invoices

In September, the Ningbo Municipal Taxation Bureau (NMTB) of the State Taxation Administration (STA) announced a pilot programme enabling selected taxpayers operating in China to issue VAT special electronic invoices on a voluntary basis. China’s VAT invoices China has two types of VAT invoices:  VAT special invoices and VAT general invoices. The first type may […]

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