Blog
Coronavirus has already immeasurably changed how we live, work, travel and socialise, and the insurance industry is certainly no exception. Looking back, policies agreed at the beginning of this year could never have reasonably taken into account the scale of this pandemic because nothing like this situation has graced the world in living memory. Furthermore, […]
As businesses begin to re-open as lockdown orders and advisories are lifted, accounting for the increased cost of doing business is top of mind. The reality is that supply chain costs are generally higher, safety and sanitation expenses are significant, and, in many cases, governmental orders are requiring businesses to operate at substantially decreased occupancy. […]
In February, some of the largest U.S. insurers came together for a Sovos-sponsored virtual forum. The forum focused on how these insurers managed their reporting obligations for the new IRS Forms 1099-LS and 1099-SB. Below you will find important background information on Forms 1099-LS and SB and four tips for issuing Form 1099-SB gathered from […]
A trend is emerging across the country. In the last year, Illinois, Virginia, Florida and Maryland changed their reporting requirements for the 1099-K. Below are the new requirements, by state: Illinois: Beginning with tax year (TY) 2019, issuers of Form 1099-K will be required to submit those reports to Illinois electronically if required by the […]
Anyone involved in insurance premium tax (IPT) compliance will be only too aware of negatives. Sadly, they almost always cause a headache and not only for financial reasons but also from a tax compliance perspective as well. What are negatives? Negatives for IPT purposes mean negative policy lines in documentation created to support the premium […]
Our recent webinar with WineDirect and Enolytics, Post-Pandemic Planning: Customer Engagement for the Road Ahead, was a timely topic that drew lively Q&A—too many to address in our allotted hour! Here are our panelists’ take on the most-surfaced themes in your questions. (Missed the live webinar? You can still access the recording and slides on […]
Following the successful implementation of the e-invoicing mandate that has gradually expanded its scope, Turkey introduced a new mandate to track the movement of goods in a more technology-efficient way. Like many other countries, Turkey has already been able to retroactively track the movement of goods by obliging taxpayers to issue delivery notes. Having seen […]
On Friday 8 May, the European Commission (EC) published a legislative proposal to delay implementation of the e-Commerce VAT Package by six months due to the impact of the COVID-19 crisis. The implementation of the new measures, which were set to come into force on 1 January 2021, have been delayed until 1 July 2021. […]
As we all know, insurance premium tax (IPT) differs country to country and if your company writes insurance cross border, tracking every jurisdiction’s IPT rate can be challenging. We’re often asked by insurers about IPT regimes in overseas France because they vary island to island. Not only does each territory maintain its own IPT regime, […]
The direct-to-consumer wine shipping channel continues to grow each year, with a 7.4 percent increase in value and 4.7 percent increase in volume in 2019. But starting mid-March 2020, as the pandemic progressed, and buying patterns shifted to rely heavily on ecommerce, we’ve seen a significant spike in growth over last year’s numbers. The DtC […]
Compliant archiving of original invoices and similar tax-relevant documents has long been overlooked. As companies gradually made the move to digitize existing paper processes, invoicing became a prime area for transformation into e-invoicing. However, requirements for long-term electronic archiving in traditional tax law were not always adapted in time to reflect the specific challenges of […]
We recently reported the Polish government’s decision to delay introduction of the new JPK_VAT with a declaration structure until 1 July 2020. This move is part of the country’s Tarcza antykryzysowa (“Anti-Crisis Shield”) initiative to support business during the coronavirus pandemic and gives welcome extra preparation time especially as the Ministry of Finance only recently […]
The global tax landscape is rapidly changing as more tax jurisdictions require detailed electronic transactional reporting. This trend also applies to premium taxes, with Spain leading the way having introduced a new digitised reporting system and requesting Consorcio surcharges be declared on a transactional line-by-line basis. Greece shortly followed with detailed IPT reporting and most […]
As of April 28, 2020 the state of New York and the alcohol suppliers within its borders will now be able to streamline the process of filing brand registrations and renewing licenses. With Sovos ShipCompliant’s Product Registration Online (PRO) tool, the process and cost of getting registrations approved for beer, wine and spirits will greatly […]
Unclaimed property compliance is a year-round job. Preparations must be made monthly in order to stay compliant. Below are the top 5 ways you can stay ahead of your unclaimed property obligations, before they turn into penalties. 1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in […]
Finland’s government already receives over 90% of invoices electronically. Aiming to expand the use of e-invoices in B2B transactions, the country has granted B2B buyers the right to receive a structured electronic invoice from their suppliers if requested. The scheme applies to all Finnish companies with a turnover above €10,000 and came into force on […]
Healthcare providers build up patient credit balances from collecting more coinsurance, copays, and deductibles than they earn. Unfortunately, because the fees are unearned, the healthcare provider has inadvertently accepted fiduciary responsibility for the funds. In addition to safeguarding the funds from potential loss, the healthcare provider is now facing penalties and interest from the states […]