A non-authorised insurer is the term used to describe an insurance company that isn’t licensed with a particular country to provide insurance. This can also be known as non-admitted insurance. The non-authorised insurer doesn’t have to comply with local laws and regulations, however, one consequence of not being authorised means it doesn’t get the same […]
At a time when the global VAT landscape is undergoing significant change, we teamed up with Shared Services Link to understand more about the key challenges faced by AP and VAT professionals at multinational companies and what their focus is for 2021 and beyond. What remains clear is that pace of digital change is increasing […]
Last week, Sovos purchased the unclaimed property consulting services and reporting technology of Keane. This acquisition boosts our SaaS and services offerings for unclaimed property compliance — just as states are hungry for revenue streams to offset their budgetary gaps. This is a critical time for insurers, financial institutions and other companies facing compliance regulations […]
On July 17th, the IRS released Revenue Procedure 2020-35 which is the annual version of Publication 1179 General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The annual publication contains IRS format requirements for issuing Forms 1099 and other information returns to recipients and for the versions that […]
Addressing Base Erosion and Profit Shifting (BEPS) has been a key priority of governments around the world. The Organisation for Economic Co-operation and Development (OECD) has been working for years to tackle taxation issues across the globe. Much of the world has expressed concern about tax planning by multinational enterprises that make use of gaps […]
Note: This post was updated on May 22, 2023. Though the U.S. workplace model has shifted quite a bit in the past few years, one of the few items that has stayed consistent is IRS compliance requirements associated with “B”(CP2100) and “P”(972CG) notices. As companies start implementing permanent workplace decisions whether that be in-office, hybrid […]
Taxpayers with annual gross sales of TRY 5 million and above are obliged to use e-invoice or e-arşiv invoice from 1 July 2020. Although the e-invoice has the same qualities as a paper invoice, there are occasions where it should be treated differently such as for cancellations and refunds. What is a refund invoice? A […]
Car insurance premiums are always making headlines. With the cost of insurance for younger drivers continuing to rise, a new generation of drivers are questioning the need to own a car. Many drivers who live in the city or commute often only use their cars on weekends, but the cost to insure a car that […]
Earlier this year, Kentucky passed a bill enabling direct-to-consumer (DtC) shipping of wine, beer, and spirits by licensed suppliers. When the bill was originally passed, it was expected it would take effect by July 15, 2020. However, as our partners at Wine Institute recently confirmed, the state is instituting a delay on the implementation of […]
The world has witnessed how several Latin American countries have successfully adopted e-invoices to replace paper versions and close VAT gaps – the difference between the revenue governments are entitled to receive and what they de facto manage to collect. The positive effects of mandatory e-invoicing regimes, such as achieving simplification of the invoicing […]
The beverage alcohol industry has many complicated rules and regulations that vary by state. Even though importers are similar to other members of the “supplier” tier (like wineries and breweries), they are often treated differently in federal and state regulations. This is particularly true when it comes to direct-to-consumer (DtC) wine shipping. Currently, 46 states […]
Sovos ShipCompliant hosted the 15th annual Wine Summit a couple weeks ago, only this time it was a shortened “Piccolo” virtual version. This half-day event featured some of the most popular sessions and presentations originally scheduled for the cancelled live event back in May. The recorded version of the event is available to watch on-demand; […]
VAT gaps can generally be found in countries that collect indirect taxes. This hiatus has led many tax administrations to implement Continuous Transaction Controls (CTCs), through which transactional and accounting data are monitored in real-time or near real-time. However, even countries with sophisticated CTCs may encounter fraud involving missing traders and non-existent supplies. This creates […]
Last year, Sovos promised insurers we would Solve Tax for Good®. A year later, we have helped thousands of insurers ease the burden and risk of modern tax and regulatory compliance. We have kept our promise by helping insurers stay ahead of the Tax Cuts and Jobs Act, SECURE Act and all other tax and […]
Over recent years, the number of insurance captives domiciled in Europe has stagnated, if not fallen. Against this backdrop, the challenges faced by captives across the region are rising and in particular, following the COVID-19 pandemic. A specialized market in restricted jurisdictions Europe is the third largest insurance captive domicile in the world having around […]
Earlier this week, Sovos announced the acquisition of Accordance , a U.K.-based value-added tax (VAT) managed services company that has been a Sovos partner since 2018. Accordance adds a leading service provider with unique VAT expertise to our growing European organization, strengthening the foundation we have been building for continued global expansion. This acquisition — our […]
For rules to carry any real weight, the rule-maker must combine compliance with that rule with either a carrot or a stick. In the field of tax legislation, the rule-maker, in this case, the legislator or the tax authority, almost always goes down the route of the stick in situations of noncompliance. And the penalties […]
As of July 1, 2020, wineries making direct-to-consumer (DtC) shipments of wine into the city of Chicago will face an additional tax burden. Under Chicago ordinance O2020-801, the city’s Liquor Tax will now apply to all sales of alcohol to consumers in the city. What Is The Chicago Liquor Tax? Chicago has long imposed an […]