It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since the release of Bitcoin in 2009, thousands of cryptocurrencies have emerged, with Ethereum being another prominent name. The current cryptocurrency market is estimated to be worth more than $3 trillion […]
Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to participate in the Delaware VDA program around February 18, 2022 and May 20, 2022. If a company is interested in participating in the VDA, they must complete the VDA-1 application and email it to the DE SOS before the deadline. If […]
As the direct-to-consumer (DtC) beverage alcohol shipping market continues to grow, spurring more interest in the market, there has been a recent rise in, as it’s called, “three-tier DtC shipping” services. In this arrangement, a beverage alcohol supplier—a winery, brewery, distillery, importer or other supplier who might be looking to establish their own DtC program—works […]
Romania’s new SAF-T mandate was implemented for large taxpayers on 1 January 2022. Following the release of specifications in 2021 and subsequent testing phase, information must now be submitted digitally via the prescribed format. In this episode of the Sovos Expert Series, Rebecca Burton asks Kelsey O’Gorman, Senior Regulatory Counsel to explain what this means […]
With the most significant VAT gap in the EU (34.9% in 2019), Romania has been moving towards introducing a continuous transaction control (CTC) regime to improve and strengthen VAT collection while combating tax evasion. The main features of this new e-invoicing system, e-Factura, have been described in an earlier blog post. Today, we’ll take a […]
A new year has arrived, marking an excellent opportunity to continue our blog series addressing Insurance Premium Tax (IPT) compliance in different countries. You can read other blogs in this series by visiting our Denmark, Finland, and the UK entries or by downloading Sovos’ Guide on IPT Compliance. Written by our team of IPT and […]
This January, Sovos ShipCompliant released the 2022 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, Wines Vines Analytics. The report is the most comprehensive, complete and exclusive collection of data and insights on the state of the industry. Wine shipments to consumers reached a record $4.2 billion in 2021, meaning this is a fantastic time […]
At Sovos, our consultants are the leading experts in cross-border tax, saving both time and money for our customers. In this episode of the Sovos Expert Series, Becca Taylor sits down with Russell Hughes, Consulting Services Manager at Sovos to explore what our consultancy team do and how they can work with your current processes […]
By Zach Kamphuis, Vice President of Business Development at Commerce7 October, November and December represent the best direct-to-consumer (DtC) sales months for many wineries. With the 2021 holiday season now behind us, how can wineries capitalize on the new customers gained through the past months and avoid falling into a post-holiday sales slump for DtC […]
The Northern Ireland Protocol regarding goods moving from Great Britain to Northern Ireland continues to cause problems, leading to calls to suspend it via Article 16. But at the same time, some NI politicians are looking to capitalise on the possibility of inward investment by companies that can benefit from being in both the UK […]
Near Beer registrations have robust 55% growth from Q3 2021 The final months of 2021 saw some fluctuations from recent beverage alcohol brand registration patterns. This is not a complete surprise, as the industry is putting a cork in the second year of doing business and introducing new brands in a pandemic-influenced marketplace. For example, […]
Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. As a global organisation with indirect tax experts across all regions, our dedicated team are often the first to known about new regulatory changes, ensuring you stay compliant. We spoke to Edit Buliczka, […]
As interest in the direct-to-consumer (DtC) alcohol shipping market has grown, a number of third-party servicers have popped up promising to support the market. These services range from marketing platforms to online storefronts to logistical support, everything that a winery, brewery, distillery or other prospective DtC shipper will need to deal with once they’ve come […]
Every industry has its own set of unique issues relating to unclaimed property and organizations related to healthcare are no exception. Unclaimed property compliance for healthcare companies generally falls under two categories: general ledger types of unclaimed property resulting from corporate operations such as vendor payables or payroll and unclaimed property in the form of […]
Sales tax is tough, especially when it comes to compliance. Sales and use tax compliance takes time and resources, no matter the size of your business. New laws are constantly added and amended, sometimes with little warning, making compliance seem nearly impossible. To make things worse, sales and use tax audits are on the rise […]
In a blog post earlier this year, we wrote about how several Eastern European countries have started implementing continuous transaction controls (CTC) to combat tax fraud and reduce the VAT gap. However, it’s been an eventful year with many new developments in the region, so let’s take a closer look at some of the changes on the […]
The EU e-commerce VAT package was introduced in July 2021. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. In the last of our series of FAQ blogs, we answer some of the more […]
With the release of Publication 1220 for tax year 2021, we were made aware that the IRS has added Form 1099 NEC to the Combined Federal State Filing (CF/SF) program. This program is intended to relieve the burden of filing 1099s directly with states since the IRS forwards 1099s filed federally to participating state agencies. […]