The beverage alcohol industry might no longer be strictly viewed as a “boys’ club,” but there are a minority of women leading organizations in the space. However, the number of women-led wineries, breweries and distilleries is on the rise, which – as we’ll explain – is likely a very positive thing for the industry. Let’s […]
Unless Congress is able to pass an appropriations bill in the next few days, the U.S. government is set to shut down all nonessential services effective October 1, 2023. This will include (among many other agencies) the Alcohol and Tobacco Tax and Trade Bureau (TTB), which will impact the beverage alcohol industry. If the shutdown […]
Entering into force on 1 January 2025, the EU Commission’s VAT in the Digital Age (ViDA) proposals have been introduced in an effort to modernize VAT across the EU. One pillar of ViDA is the “single VAT registration,” which would reduce compliance costs for businesses. The Commission proposes to achieve this by expanding the Union […]
Another tax information reporting season is just around the corner and now is the time to start preparing your teams handling forms such as Series 1099, 1098, 1042-S, 3921, 5498, W-2, W-2G and more. Getting your teams ready and testing your reporting process ahead of January ensures you are set up for a successful season. […]
If you didn’t join us in D.C. or San Francisco earlier this year, you won’t want to miss one last opportunity in 2023 to take part in live continuing education. Sovos Education is returning to the Orlando area for a full week of statutory accounting CPE opportunities and we’re hoping to see you there. Sun […]
A trend of the last few years has been the surge in new products entering the beverage alcohol market, from hard seltzers to RTD cocktails, along with the entry of well-established, traditionally non-alcoholic brands, like Hard Mountain Dew and Simply Spiked. While the growth of hard soft drinks is great for consumers, who benefit from […]
We’ve previously discussed how the IRS released final electronic filing requirements for information returns effective with 2023 returns. One of those key changes is that businesses can no longer submit Form 1042 withholding tax returns on paper starting with tax year 2023 filings and beyond. But how will that actually impact businesses for the upcoming […]
Intrastat thresholds are value thresholds which decide if companies in an EU Member State qualify to file a return to tax authorities, based on their intra-community trading. These thresholds change annually, prompting businesses to conduct an annual recalculation to know their obligations. This blog contains all the Intrastat reporting thresholds for 2023, as well as […]
Intrastat is an obligation created in 1993 that applies to certain businesses that trade internationally in the European Union. Specifically, it relates to the movement of goods – arrivals and dispatches – across EU Member States. The requirements of Intrastat remain similar across the EU, though certain Member States have implemented rules differently. As a […]
There may only be two certainties in life, but consumer preferences are still undoubtedly going to evolve over time. This is definitely true in the direct-to-consumer (DtC) wine industry. Whether consumers are pushing for greater sustainability, increased transparency through a brand’s marketing or want something else entirely, wineries must work to incorporate that into their […]
In addition to selling automated solutions, software-as-a-service (SaaS) companies often provide a variety of related services, including configuration, implementation, training, testing, bug fixes, technical support, and software enhancements. Each of these services could have sales tax consequences different from those applicable to the underlying software. Even more challenging, the rules can sometimes vary based on […]
The U.S. software industry is no stranger to evolving technology. But what about sales tax compliance? Can this segment keep pace with ever-changing regulations, while still meeting customer needs? Sovos and SG Analytics conducted a survey to better understand how software organizations are planning to improve sales tax management. Overall, 43% of respondents said they […]
While the wave of litigation to remove legal barriers to retailer direct-to-consumer (DtC) keeps crashing against the breakwaters of district courts, a recent ripple in the courts may signal a potential shift in rules around self-distribution, which could have deep effects on the industry in the years to come. First, the Oregon Liquor and Cannabis […]
Organizations that access IRS systems to file information returns, including Form 1099, Affordable Care Act returns and more, need to understand how technological updates could impact their filing processes. As part of its multi-year business systems modernization plan, the IRS has implemented new systems and processes that must be followed for accessing their systems for […]
In today’s complicated world of tax compliance, it can be nearly impossible for teams to keep up with their 1099 and unclaimed property reporting obligations. From ensuring tax identity management for 1099 recipients to executing on the due diligence requirements needed to report unclaimed property, the time your accounts payable (AP) teams spend on compliance […]
Online wine marketplaces are a way for consumers to purchase many of their favorite brands with a few clicks, and often enjoy discounted or included shipping to boot. But state regulators are starting to take note of their shipping practices. States like Ohio are arguing that these web shops are not only depriving the state […]
The District Court for Arizona recently ruled against a Florida retail shop in the latest in an ongoing series of lawsuits that seek to address the right of alcohol retailers to engage in interstate direct-to-consumer (DtC) shipping. The Florida retailer in this case, which was joined by two Arizona wine collectors, argued against an Arizona […]
Do you work on your company’s statutory annual statement? If so, a committee of the National Association of Insurance Commissions (NAIC) you should track is the Blanks Working Group (BWG). One of the primary responsibilities of the BWG is to adopt improvements and revisions to the various statutory annual and quarterly statements. Yes, the BWG […]