While the NAIC Annual Statement instructions are useful when completing your annual statement, they don’t always address every page or every row/column on an exhibit or schedule. The instructions also exclude insights and preparation suggestions that could help you prepare your annual statement more efficiently. If you find yourself looking for more than what the […]
Sovos ShipCompliant recently released its second annual Direct-to-Consumer Spirits Shipping Report, in partnership with the American Craft Spirits Association (ACSA). In just its second year, the report shows consumer demand for DtC spirits shipping is on the rise, with 87% of regular craft spirits drinkers saying they want to be able to legally purchase craft […]
When it was announced recently that the introduction of a new French e-invoicing mandate had been delayed until September 2026 there was a collective sigh of relief amongst many in the tax and finance world. More time to adequately prepare, put systems and methodologies in place and have your business ready to be compliant from […]
Greece’s VAT reform started back in 2020 and it has manifested itself in three continuous transaction control (CTC) initiatives. Namely, the initiatives are: myDATA e-audit scheme Voluntary CTC e-invoicing, performed through service providers who must meet certain certification criteria New generation cash registers which report B2C data to myDATA in real time Recently, the introduction […]
Another tax information reporting season is approaching quickly. As businesses begin the process of filing information with the IRS, there are some important updates that need to be kept in mind. If you previously filed forms in the 1099 series with the IRS via the File Information Returns Electronically (FIRE) system, you will now have […]
As a business, complying with local laws, rules and mandates is not optional, but a requirement to operate. Achieving this takes resources: human, technical and financial. All things that everyone would rather allocate to attracting new customers and growing their business. At Sovos, we get it. The situation The world of regulatory compliance has grown […]
On January 1, 2024, wines and spirits sold in California will become subject to the state’s Container Recycling and Litter Reduction Act, or bottle bill. As the effective date draws near, wineries and distilleries selling in California need to prepare themselves for the new requirements. (Beer and low-ABV mixed drinks were already part of the Act.) […]
Credit.org recently released an excellent article on the five dangers of credit card use. In reviewing the factors that author Melinda Opperman puts forth, it was impossible to ignore the parallels in which many businesses approach their compliance management practices. As credit cards are something that most people have and use regularly, we thought this […]
Banks and credit unions typically use core banking systems that house customer data and other tax information related to customer accounts. When tax information reporting season arrives, these are the back-end systems that data is pulled from. However, there are challenges in utilizing just these systems and not also utilizing a tax information reporting solution […]
CFOs have a lot to consider, especially if their company recently acquired another organization. Are you fully aware of that business’ tax process? How do you know if their approach to exemption certificate management was compliant? With Sovos CertManager, ensuring a smooth tax process after an acquisition doesn’t have to be an unreachable goal – […]
E-documents or electronic documents are rapidly growing in usage across businesses of all shapes and sizes, in countries around the world. While the automated exchange of e-documents is a relatively new phenomenon which is being adopted on a country-by-country basis, there is basic universal information that your business would benefit from understanding – and potentially […]
Manufacturers often buy expensive stuff, including the enormous pieces of machinery and equipment necessary to efficiently run their production processes. In almost every state, manufacturers can purchase at least some items to be used in the production process free of sales tax or possibly subject to a reduced rate. However, the scope of available exemptions […]
Exemption certificate management can be an extremely time-consuming and costly challenge for businesses, especially as their organization expands into new jurisdictions. How can you ensure that all customer and exemption data is correct? Is any data missing? If your team is still utilizing a manual process, are you positive that nothing was overlooked? For growing […]
The two-day 2023 Sovos ShipCompliant Beverage Alcohol Summit virtual event included a wide variety of speakers covering topics that affect every level of the industry. Some of the highlights from the event are presented below. Actionable DEI Strategies for Growth Dr. J Jackson-Beckham, of Brewers Association, shared five strategies to build diversity, equity, inclusion and […]
The beverage alcohol industry might no longer be strictly viewed as a “boys’ club,” but there are a minority of women leading organizations in the space. However, the number of women-led wineries, breweries and distilleries is on the rise, which – as we’ll explain – is likely a very positive thing for the industry. Let’s […]
Unless Congress is able to pass an appropriations bill in the next few days, the U.S. government is set to shut down all nonessential services effective October 1, 2023. This will include (among many other agencies) the Alcohol and Tobacco Tax and Trade Bureau (TTB), which will impact the beverage alcohol industry. If the shutdown […]
Entering into force on 1 January 2025, the EU Commission’s VAT in the Digital Age (ViDA) proposals have been introduced in an effort to modernize VAT across the EU. One pillar of ViDA is the “single VAT registration,” which would reduce compliance costs for businesses. The Commission proposes to achieve this by expanding the Union […]
Another tax information reporting season is just around the corner and now is the time to start preparing your teams handling forms such as Series 1099, 1098, 1042-S, 3921, 5498, W-2, W-2G and more. Getting your teams ready and testing your reporting process ahead of January ensures you are set up for a successful season. […]