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Affordable Care Act (ACA) reporting has started for tax year 2022. 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 […]
Just about a year ago, the Treasury Department published a report on competition in the beverage alcohol industry, which posited several ways to reform federal and state regulations to help create a more even playing field for smaller producers. Among the many ideas proffered, changing how the Tax and Trade Bureau (TTB) approaches and policies […]
All European countries charge VAT on goods and services. VAT is a consumption tax added during each production stage of goods or services. Although VAT is near-universal according to the EU VAT Directive, VAT rates within the EU do differ. This is because the EU VAT Directive allows Member States to choose whether to implement […]
Sovos ShipCompliant recently released the 2023 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, Wines Vines Analytics. This look-back at 2022 is the most comprehensive, complete and exclusive collection of data and insights on the state of the channel. While 2022 saw the first-ever decline in either—let alone both—value and volume of shipments, the DtC […]
Insurance Premium Tax in Germany is complex. From IPT rates to law changes, this quick guide will help you navigate the challenges of IPT in Germany. For an overview of IPT in general, read our Insurance Premium Tax guide. What is the filing frequency for IPT declarations in Germany? Based on IPT declarations made for […]
The EU VAT E-Commerce package has been in place since 1 July 2021. This applies to intra-EU B2C supplies of goods and imports of low value goods. Three schemes make up the package. These are based on the value of goods and the location of the sale of goods. All OSS schemes are currently optional. […]
Unclaimed property is often misunderstood. Despite their best intentions, we find that many companies operate under factually inaccurate assumptions that could put their business at risk. We’ve outlined some of the top myths and misconceptions around unclaimed property to help you stay compliant. Unclaimed property reporting is optional Filing unclaimed property is not an option. […]
On Monday, January 9, the U.S. Supreme Court rejected a petition to hear an appeal of B-21 v. Bauer, a case revolving around the issue of interstate direct-to-consumer (DtC) shipping by alcohol retailers. B-21 stemmed from a challenge to a North Carolina law that allows in-state retailers to ship wine through third-party carriers to North […]
Nearly every major economy has a form of VAT. That’s 165 countries, each with its own compliance and reporting rules. The main exception is the United States. VAT is by far the most significant indirect tax for nearly all the world’s countries. Globally VAT contributes more than 30% of all government revenue. Levying VAT is […]
Building a strong foundation for your finance team is critical for numerous business strategies, including ensuring a compliant and accurate approach to sales tax. We’ve previously discussed the importance of getting your finance/tax and IT teams on the same page, but it’s also critical to take a step back and make sure the teams have […]
Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form 1099-K reporting threshold requirements. The […]
The National Association of Unclaimed Property Administrators (NAUPA) has finally published its long-anticipated draft of the proposed NAUPA III file format after a delay of the anticipated July 5, 2022 release. The 62-page draft includes sweeping changes and represents a major update to the current NAUPA II format. According to NAUPA, “the new version has been […]
The European Commission’s “VAT in the Digital Age” proposal brings significant modifications to the VAT treatment of the platform economy related to the operators in the short-term accommodation (max. of 45 days) and passenger transport services. VAT treatment of the platform economy It is worth mentioning that the ‘VAT treatment of the platform economy’ only […]
States have recently announced an uptick in age verification checks, including Massachusetts, which will be focusing on direct-to-consumer (DtC) wine shippers through the end of the year. At the same time, wine, beer and spirits drinkers are more willing than ever to receive their favorite beverages via DtC shipping, which makes now a great time to […]
Editor’s note: This blog was updated on December 28, 2022 Update: Since this content was published, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K form reporting for tax year 2022 will remain unchanged […]
Sovos ShipCompliant recently released the first annual Direct-to-Consumer Spirits Shipping Report, in partnership with the American Craft Spirits Association (ACSA). The report features in-depth analysis of the craft spirits direct-to-consumer (DtC) channel through a consumer poll, as well as ACSA’s perspective on how the market can continue to make strides. Quick hits from the 2022 […]
Electronic invoicing in Poland via KSeF has undergone a long journey. Providing new expectations for B2B and B2G transactions alike, it is vital for taxpayers to understand what’s to come – though that can be tough when rules and regulations change frequently. This blog provides a comprehensive timeline of Poland’s advancement towards its e-invoicing mandate, […]
Early signs as to what’s ahead To no one’s surprise, 2022 was a busy year in the world of sales tax. Along with the usual barrage of rate, rule and form changes, many of which will become effective on January 1, 2023, we began to witness what is likely the beginning of a shift in […]