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Unbeknownst to many issuers of 1099 and other information returns, Form 15397 Application for Extension of Time to Furnish Recipient Statements was debuted by the IRS in November 2023 and was required to be submitted by filers requesting an extension of time (EOT) for 2023 recipient statements. However, the IRS did not communicate the changes to […]
A couple weeks back, Sovos introduced the Sovos Compliance Cloud. The industry’s first and only solution that unifies tax compliance and regulatory reporting software in one platform, providing a holistic data system of record for global compliance. Accompanying this launch, our CEO Kevin Akeroyd wrote about the global landscape of tax compliance and why the […]
When most people think about “taxes” it’s likely that their thoughts first turn to “direct taxes.” However, in today’s economy, “indirect taxes” are becoming increasingly important in funding state and local governments. Indirect tax is also becoming increasingly complex, especially for businesses charged with meeting their indirect tax compliance obligations globally. In this article, we […]
When considering motor insurance, it’s worth remembering that everything is high – from tax rates to the amount of administration required. This blog includes general information about the taxation of motor insurance policies in Europe, covering the types of applicable taxes, how they are calculated, vehicle exemptions and more. We also have blogs for some […]
Norway has an indirect tax that applies to elements of coverage under a motor insurance policy. This blog details everything you need to know about it. As with our dedicated Spain IPT overview, this blog will focus on the specifics in Norway. We also have a blog covering the taxation of motor insurance policies across […]
Managing compliance with unclaimed property has become challenging due to the constantly changing legislative environment. A recent obligation gaining traction among states, which companies must be mindful of, is the requirement to conduct outreach to owners before their property is considered abandoned. This obligation, referred to as “pre-presumption outreach,” stems from the enactment of the […]
By Andrew Adams, Editor, Wine Analytics Report With another year of winery direct-to-consumer shipments tallied and analyzed, the state of Washington was the only major region tracked by Sovos ShipCompliant and WineBusiness Analytics to enjoy growth over the previous year. Compared to 2022, shipment value by Washington’s wineries grew 11% to $187 million while volume […]
In a recurring theme, the IRS released communication this week that exempts the requirement to e-file Form 1042 Annual Withholding Tax Return for U.S. Source Income (Form 1042) information for 2023 transactions. Form 1042 for 2023 transactions must be filed with the IRS by March 15, 2024. Notice 2024-26 delays the new requirement to electronically […]
Last week, we introduced the Sovos Compliance Cloud. The industry’s first and only solution that unifies tax compliance and regulatory reporting software in one platform, providing a holistic data system of record for global compliance. Accompanying this launch, our CEO Kevin Akeroyd wrote about the global landscape of tax compliance, how we got to this […]
A number of recent lawsuits filed by beverage alcohol producers have raised new interest in self-distribution rights, an often-overlooked area of the industry. Self-distribution is when a supplier of alcohol, such as an importer or domestic manufacturer, is authorized to sell directly to retailers without having to work with a wholesaler to get their products […]
The emergence of digital transformation fundamentally changed how many governments and tax authorities around the world handle modern tax and compliance. What is unique about this process is that each individual government operates under its own set of rules, and global businesses are expected to keep up. In their efforts to address compliance, ironically, many […]
Affordable Care Act (ACA) reporting has started for tax year 2023. ACA reporting can quickly become complicated and costly with IRS penalties if your business does not have an efficient process in place. Although regulations have generally stayed the same for this reporting season, there are some important updates all businesses should be aware of […]
Building and maintaining a program to ensure compliance with the ever-changing unclaimed property laws is challenging, costly and time consuming. As a result, many companies put off or delay coming into compliance or do not put enough resources into creating a robust program. Those delays, erratic reporting and even ignorance that unclaimed property laws exist […]
Last month, Sovos ShipCompliant and WineBusiness Analytics released the 2024 Direct-to-Consumer Wine Shipping Report, marking the fourteenth consecutive collaboration between the two companies. Alex Koral and Andrew Adams presented an overview of the data and analysis from the report, highlighting key trends and statistics. Here, we summarize some of the noteworthy findings starting with the […]
Liechtenstein is one of many countries with Insurance Premium Tax (IPT) requirements, specifically the Swiss Stamp Duty and Liechtenstein Insurance Levy. This blog provides an overview of IPT in Liechtenstein to help insurance companies remain compliant. What kind of taxes are applicable in Liechtenstein on insurance premium amounts? In Liechtenstein, there are two types of […]
The unclaimed property (UP) community will convene in Las Vegas starting Sunday, March 10 for the 2024 Unclaimed Property Professionals Organization (UPPO) Annual Conference. Running until Wednesday, March 13, approximately 600 people will descend upon the Planet Hollywood hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, […]
Sovos ShipCompliant recently released the 2024 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, WineBusiness Analytics. This look-back at 2023 is the most comprehensive, complete and exclusive collection of data and insights on the state of the DtC channel. While DtC wine shipments saw a decline in volume for the second year in a row, […]
I had the pleasure and privilege of attending the 2024 Direct to Consumer (DTC) Wine Symposium (DTCWS) to speak on the past and future of the direct-to-consumer (DtC) shipping market. As an annual event, DTCWS provides our industry with a regular opportunity to reflect on market conditions and connect on ways we can all help build […]