Blog

Top 3 Reasons to Monitor Brand Labels for Beverage Alcohol

The first step in bringing a new beverage alcohol product to market, whether for sale through the three-tier system or by direct-to-consumer (DtC) shipping, is registering it with the Alcohol and Tobacco Tax Bureau (TTB). This must happen to get a Certificate of Label Approval (COLA), which ensures that suppliers and producers comply with federal […]

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Sovos Global Tax Determination Seamlessly Handles Black Friday, Cyber Monday Sales

While Black Friday and Cyber Monday 2021 didn’t break records for ecommerce sales, the numbers still showed that online shoppers were out in full force. A return to in-store shopping, global supply chain issues and the continuing pandemic were all cited as likely key factors in the small drop in online shopping numbers this year. […]

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How to Prepare for a VAT Audit

In our previous blog, we looked at the challenges that businesses face in submitting VAT and other declarations on an ongoing basis. However, the compliance cycle doesn’t end there as tax authorities will carry out audits for a variety of reasons to validate declarations. Why do tax authorities carry out audits? When VAT returns consisted […]

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Looking Back at Beverage Alcohol Regulatory Change in 2021

As 2021 comes to a close, perhaps there is small comfort in knowing that the old adage of “the only constant is change” remains true for beverage alcohol. Rules and regulations on direct-to-consumer (DtC) shipping are adjusted, more states are opening options for DtC shipping and economic nexus continues to impact how suppliers, shippers and […]

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IRS Grants Permanent Relief for ACA Recipient Forms 1095-B & C

The IRS released Proposed Regulations this week that permanently extends the time for businesses to provide the Recipient copy of Forms 1095-B and 1095-C. Rather than continue to issue annual Notices to extend the date to issue the statement to the recipient, these regulations propose to permanently amend §1.6055-1(g)(4)(i) i to automatically grant filers a […]

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Delaware Unclaimed Property VDA Notices

Time is running out for those who received the DE SOS’s invitation to participate in the Delaware VDA program in February and June.  Extensions granted to companies that received the invitations in February will expire Friday, July 30th.  Companies that received the June invitations have until August 10th to respond. If a company is interested […]

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Are you Ready for 1099 Tax Reporting Season?

The 2021 1099 tax reporting season is rapidly approaching and the changes and updates are still coming – from the IRS and states. How can you ensure you’re ready for the busy season in time? We have four key ways to stay up-to-date on the latest reporting requirements, as well as highlights of notable 2021 […]

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How Three Trade Wars with Europe Impact Beverage Alcohol

By Robert M. Tobiassen* As I write this, we honored soldiers and veterans last month on November 11, Veterans Day in the United States and Armistice Day in much of Europe. It is fitting to focus on another type of devastating conflict—the trade war. First and foremost, however, please do not interpret this comparison to […]

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Norway – 2022 Digital VAT Return Coming Soon

As we inch closer to the implementation date of 1 January 2022 for Norway’s new digitized VAT return, let’s take a second look at the details. Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. With this update comes the removal […]

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Halstead Bead Inc. v. Louisiana: A Serious Economic Nexus Threat or Minor Blip?

Even those with only a passing familiarity with sales tax understand that the tax rules and the associated compliance requirements are complex in the state of Louisiana (economic nexus only further added to that complexity). There is an argument to be made among practitioners, with strong challenges from states like Alabama and Colorado, that Louisiana is […]

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France: Two New Declarations to Replace the DEB

As of 1 January 2022, the Declaration of Exchange Goods (DEB) will be replaced by two new declarations, a statistical survey and a VAT summary statement. Current requirements Currently, taxpayers must complete the DEB, which is a single declaration that merges a statistical section and a tax section. Taxpayers must fill out both sections of […]

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Spain: New Timelines for the Adoption of TicketBAI in the Basque Country

The Provincial Council of the Gipuzkoa region in the Basque Country recently published Foral Order 608/2021. This establishes the schedule for adopting the TicketBAI (TBAI) obligation in that region. This local regulation also exempts certain natural persons of an age close to retirement from its compliance. What is TicketBai? TicketBAI is an initiative between the […]

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IPT Compliance in Denmark

Continuing our blog series looking at specific IPT-related tax acts around the world, we head to Denmark. This insight is shared in Sovos’ Guide on IPT Compliance. Written by our team of IPT and regulatory specialists, this guide is packed full of insight to navigate the ever-changing regulatory landscape. Non-life insurance tax registration and reporting […]

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Your Questions Answered: Saudi Arabia E-Invoicing Mandate

In our recent webinar, the team at Sovos discussed the upcoming Saudi Arabia e-invoicing mandate. The webinar covered the finalised rules for Phase 1 of the e-invoicing regime which is due to go live on 4 December 2021 as well as updates to phase 2. There were plenty of questions we didn’t have time to […]

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Industry Spotlight: Financial Institutions

The last time I wrote to you about recent trends with unclaimed property and financial institutions, I talked about the increased audit activities and unique challenges that financial institutions face. Read the April 2021 article here. Regardless of your industry, I am sure you have heard the Consulting Team at Sovos share just how important […]

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How to Gain Transparency and Control of Your Tax Engine

Tax is a critical component of your business’ success and should never feel inaccessible. You don’t want your approach to tax to become a black hole where information disappears and is difficult to find. You and your teams deserve full visibility of your data and tax engine information, with self-service tools at your fingertips to […]

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How to Evaluate ROI When Entering New States for DtC Shipping

Whether your organization is just starting out in the direct-to-consumer (DtC) wine shipping channel or you’ve been established for years and are looking to expand into new markets, it can be a challenge to know which states to enter. It’s important to have a sense of the potential return on investment (ROI) before selecting a […]

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Analysis: The Import One Stop Shop (IOSS) Four Months On

The European Commission (EC) introduced the Import One Stop Shop (IOSS) on 1 July 2021 to simplify the accounting for VAT on goods imported into the EU with an intrinsic value below EUR 150. It is not compulsory, and there are alternative methods of accounting for import VAT on such imports. As with any new […]

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