Blog
The One Big Beautiful Bill (OBBB), signed into law on July 4, 2025, delivers significant relief to third-party settlement organizations (TPSOs) by reverting 1099-K reporting thresholds and fixing critical compliance gaps. For 2025 transactions, TPSOs will need to issue and file 1099-K forms when both criteria are met for a single payee: aggregate payments to […]
By Freda Pepper, General Counsel, Unclaimed Property Sovos regulatory team is tracking a petition filed with the Supreme Court in Peters v. Cohen, a case that raises fundamental questions about how state unclaimed property laws handle dormant assets and the constitutional protections owed to property owners. The petition presents issues that could affect millions of […]
The National Association of Unclaimed Property Administrators (NAUPA) has approved a major update to their electronic reporting standards with the introduction of the NAUPA III file format. This significant advancement in unclaimed property reporting represents a modernization effort that aims to streamline the submission process while improving accuracy and efficiency for all stakeholders involved in […]
As wine lovers raise a glass to celebrate National White Wine Day on August 4, we’re taking a look at how white wines—particularly Chardonnay and Sauvignon Blanc—have performed in the direct-to-consumer (DtC) shipping channel over the past three years. While the DtC market has faced economic pressure and shifting consumer behavior, these two white varietals […]
Building Your Strategic Roadmap For Global e-Invoicing Compliance By Paula Smith, Managing Director, Indirect Tax Technology Practice, KPMG LLP; Lauren Tallman, Global Invoicing Specialist and Senior Manager, KPMG LLP; and Christiaan Van Der Valk, General Manager, Indirect Tax, Sovos When executives first encounter e-invoicing mandates, a common reaction is to assume their ERP systems […]
The “Shutdown Fairness Act,” signed in November 2025 to end the government shutdown, included a provision banning the sale of most hemp-based THC products. Going forward, under federal law, hemp-derived products cannot have a THC content greater than 0.4 mg. It is expected that this action will severely diminish–if not outright eliminate–much of the existing […]
VAT in the Digital Age (ViDA) is one of the most significant regulation changes to EU VAT in recent years. Changes to requirements became effective on 12 March 2025 with the official adoption of the package, with further rules coming into effect in 2030. This blog discusses the changes impacting businesses, including Digital Reporting Requirements, […]
Regional Approaches To e-Invoicing: A World Tour For U.S. Multinationals By Paula Smith, Managing Director, Indirect Tax Technology Practice, KPMG LLP; Lauren Tallman, Global Invoicing Specialist and Senior Manager, KPMG LLP; and Christiaan Van Der Valk, General Manager, Indirect Tax, Sovos The global e-invoicing landscape resembles a patchwork quilt rather than a uniform blanket. […]
With the pilot phase of France’s e-invoicing reform fast approaching, we’re prepared to support businesses every step of the way. As a global provider of tax compliance solutions and a trusted technology partner, we’re ready to help companies navigate the upcoming transition with confidence. Preparing for a Milestone Year The French B2B e-invoicing reform is […]
In the whirlwind of tax policy changes sweeping through Congress, one provision of the recently passed “One Big Beautiful Bill” (OBBB) has quietly slipped through with minimal public scrutiny, despite its potentially massive fiscal impact. The bill increases the reporting threshold for Forms 1099-NEC and 1099-MISC from $600 to $2,000 for payments made after December […]
For 20 years, the Sovos ShipCompliant Wine Summit has been about gathering winery professionals with the authorities and leaders who make the industry move. At this year’s Wine Summit, attendees heard directly from the regulators, attorneys and brand leaders shaping the future of the wine industry. As economic pressures, shifting consumer preferences and more tasting […]
The Global E-Invoicing Revolution: What U.S. Multinationals Need to Know By Paula Smith, Managing Director, Indirect Tax Technology Practice, KPMG LLP; Lauren Tallman, Global Invoicing Specialist and Senior Manager, KPMG LLP; and Christiaan Van Der Valk, General Manager, Indirect Tax, Sovos If you’re a financial executive at a U.S. multinational company, you’ve likely encountered […]
Iceland holds a unique and critical position regarding natural catastrophes due to its extraordinary geography and climate. Situated on the Mid-Atlantic Ridge, the country is one of the most volcanically and seismically active regions in the world, with frequent eruptions, earthquakes, and geothermal activity. Its mountainous terrain and harsh North Atlantic weather also make it […]
The IRS has officially confirmed a plan to sunset the FIRE system, marking one of the most significant transformations in information return filing in decades. After serving as the backbone of electronic tax reporting since the 1980s, the Filing Information Returns Electronically (FIRE) system will be decommissioned in January 2027. That means 2025 is the […]
The digital business landscape is forever changing, yet one thing is certain: electronic archiving is more than a convenience – it’s a matter of compliance. As governments worldwide invest in digital tax transformation initiatives like e-invoicing and e-reporting, a complex web of e-archiving requirements that vary across borders is also developing. Understanding your e-archiving requirements […]
In a country where sales tax is the norm, a handful of states stand out for going against the grain—they don’t impose any statewide sales tax at all. That’s right—no last-minute filings, no scrambling to collect and remit every month. At least, not for sales tax. But before you pack your headquarters and head for […]
