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Having the correct Tax Identification Number (TIN) is essential when filing W-2s, 1099s and ACA forms. The nine-digit number could be a Social Security Number (SSN), Employee Identification Number (EIN), Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN). A valid Social Security Number may only be obtained through the Social Security […]
If you ask a beverage alcohol regulator what their biggest concern is, nine times out of ten, you’ll hear about efforts to prevent sales to minors. The health risks associated with alcohol, particularly for developing brains, validate those concerns, but there is something of a reflexive response around underage consumption—a response grounded more in fear […]
Changes announced: Click here for the most up to date Form 1042 information. The Treasury Department and IRS released changes to the electronic filing requirements for information returns this week. TD 9972 changed the requirements for a number of tax returns submitted to the IRS by businesses including a variety of 1099s, Form 1042 Annual […]
The unclaimed property (UP) community will convene in Nashville starting Sunday, March 12 for the 2023 Unclaimed Property Professionals Organization (UPPO) annual conference. Approximately 600 people will descend upon the Nashville Renaissance Hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, the “conference integrates networking and premier […]
VAT Registration Threshold of EU Countries The European Union is a collective but its Member States have their own rules and nuances where VAT is involved. Knowing what rules are at play is essential when trading in the EU, and that’s where Sovos’ EU VAT Buster comes in. Each Member State has its VAT threshold […]
Artificial Intelligence (AI) is not a new topic, but with the recent launch of ChatGPT – an AI chatbot – every day internet users now have access to the technology. This had us thinking: what would ChatGPT have to say about outsourcing unclaimed property obligations? We asked the chatbot, “What are the benefits of outsourcing […]
When it comes to reporting payments to non-United States taxpayers, there is one form to rule them all – Form 1042-S. There are over 30 types of 1099 forms used for reporting different types of income to U.S. citizens, such as form 1099-NEC for reporting non-employee compensation or 1099-MISC for reporting other miscellaneous payments made […]
A recently introduced Texas senate bill (TX SB752) would extend direct-to-consumer (DtC) shipping permissions in the Lone Star state for both spirits and beer. These permissions would work largely in the same manner as DtC wine shipping in the state. Specifically, TX SB752 would enable licensed Texas-based producers of beer and spirits to conduct in-state […]
6 Frequently Asked Questions: For more perspective on how ViDA is likely to impact your business, please review some of the more frequently asked questions I have received to this point. Q: When will businesses likely begin to see an impact from ViDA? A: The VAT in the Digital Age proposal suite published by the […]
What is the EU VAT Reform? Aimed at making life easier for businesses, the EU E-Commerce VAT Package simplifies the VAT reporting requirements when trading across European Union Member States. This package is part of wider EU VAT reform. Our live blog collates vital information on the package, with updates whenever governments or tax authorities […]
Whether your retail company is planning to advertise in the Big Game this weekend or just watch the excitement with family and friends, there are always key things to prep for with regard to sales tax compliance. Special events can be a boon to retailers, but realizing taxes are impacted in numerous ways can help […]
You have SAP and you need a solution to manage your e-invoicing compliance. What should you do? As an SAP user, when it comes to implementing an e-invoicing solution you basically have two choices in the approach you take. You can build your own tools on SAP architecture or select an end-to-end provider. These are […]
Singapore’s new Low Value Goods (LVG) rules came into effect at the beginning of the year. As of 1 January 2023, private consumers in the country must pay 8% GST on goods valued up to SGD 400 imported via air or post from GST-registered suppliers. From 1 January 2024, the GST will increase to 9%. […]
Thailand has permitted e-invoicing since 2012. From 2017 – following regulations issued on e-tax and e-receipts – taxpayers may prepare, deliver, and keep their invoices and receipts electronically, subject to prior approval from the Thai Revenue Department. Currently, the Revenue Department and the Electronic Transactions Development Agency (ETDA) are working together to improve the e-tax […]
It can be difficult to know where you stand regarding EU VAT changes and European tax laws. There have been sweeping changes implemented in recent years. This blog breaks down the major updates, including the EU VAT reform, to help ensure your business is on the right path. Additionally, you can speak with our team […]
Across all categories, the number of 2022 registrations showed a 2.3% increase compared to 2021 Winter brings cooler temperatures across the U.S., but beverage alcohol new product registrations are hardly cooling off. Spirits new product registrations led the way (+9.8%), followed by wine (+0.5). The beer/malt category for Product Registration Online (PRO) new product registrations* […]
Updated February 3, 2023 There’s a chance New York may soon allow direct-to-consumer spirits and cider shipping. Last Wednesday, New York Senators James Skoufis (D- 42nd District) and Rachel May (D-48th District) introduced Bill 2852, an act to “amend the alcoholic beverage control law, in relation to authorizing the direct intrastate and interstate shipment of […]
On September 13, 2022, California Governor Gavin Newsom signed AB 2280 into law, paving the way for the creation of a long-awaited Voluntary Compliance Program (VDA Program). However, before such a program can be implemented, two things must take place. First, the California legislature must approve funding for the program by way of an appropriation in […]