There were numerous speakers, presentations and panel discussions on key issues impacting tax, regulatory reporting and compliance at the 2023 Sovos Comply & Connect: Reporting conference. The annual event took place in Austin, Texas from October 23-25. We’ve highlighted some of the hot topics that were covered. Leveraging AI & robotics in tax reporting Jessica […]
A few months ago, I wrote a blog on the group capital calculation (GCC) regulation. Since then, I’ve had conversations with many individuals who were in the midst of preparing their first GCC submissions. Frustration and confusion with trying to do the initial submission were common themes. Many of you are in states that have […]
With 2024 just around the corner, it’s necessary to review upcoming regulations that are set to impact wineries and other producers in the direct-to-consumer (DtC) wine shipping market in the coming year. Everything from California’s new bottle bill to Alaska DtC shipping updates were discussed in a recent webinar featuring Jeff Carroll, VP of partners […]
A transmitter control code (TCC) is necessary for businesses electronically submitting information returns to the IRS. We’ve previously discussed how recent changes now require organizations to re-register for a TCC ahead of tax year 2023 filings. However, some filers may not receive active TCCs before their first filing deadline. On average, the IRS claims that […]
Another October unclaimed property filing season is now over for both clients and Sovos. Overall, 70% of reports filed by Sovos on behalf of our clients occur for states with deadlines on October 31 and November 1. The last 60 days of the filing period require significant coordination between our clients and Sovos. Many tasks, […]
Diversity, equity and inclusion (DEI) initiatives have quickly become staples for numerous businesses across industries. The beverage alcohol industry is also demonstrating that these efforts are as core to their company successes as lobbying and member education. We’ve gathered a handful of examples of DEI programs that our partners have implemented, showcasing how ensuring a […]
The IRS recently announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations (TPSOs) for calendar year 2023. Instead, 2023 will be an additional transition year, with reporting not required unless a taxpayer receives over $20,000 and has more than 200 transactions in 2023. “We spent many months gathering feedback […]
Changes announced: Click here for the most up to date Form 1042 information. If in reading this blog you are realizing for the first time that the IRS made changes to the reporting requirements for Form 1042 by no longer accepting paper filings starting with tax year 2023 filings, you are unfortunately already considerably behind […]
Changes announced: Click here for the most up to date Form 1042 information. With the IRS changing the filing requirements for Form 1042 to be electronic, businesses must ensure that they are working with a provider that is properly prepared for those updates. Here are key things to keep in mind when evaluating your provider’s […]
Sovos recently hosted a roundtable discussion to better understand how finance teams within the software industry can utilize artificial intelligence (AI). Experts from Brex, AvidXchange and Zuora joined Sovos’ Tim Roden, solutions principal, to converse on how AI and automation can be implemented for a modern – and compliant – approach to financial reporting. Here […]
We’ve previously discussed how important it is for the right tools, processes and people to be in place to ensure that there is a strong foundation for your finance team. But the tax function within the financial team also needs its own special consideration. Otherwise, a business could overlook certain regulations and requirements, especially as […]
In late October, the District Court of Eastern Washington rejected an effort by the state to dismiss a lawsuit challenging its prohibition on direct-to-consumer (DtC) shipping of spirits by out-of-state producers. While the case remains open before the court, the full-throated denial of the motion to dismiss was notable for what it signals about how […]
Direct-to-consumer (DtC) beer shipping has remained out of reach for beer enthusiasts who crave the convenience of having their favorite brews delivered right to their doorstep. The demand for DtC beer shipping is palpable, but the supply is disappointingly scarce, with only 10 states and D.C. allowing beer to be shipped to its residents. A […]
During our recent “Spooky Season Tax Updates” webinar, we discussed the most important changes that will affect filers in the upcoming tax reporting season. From a lowered e-filing threshold to Transmitter Control Code (TCC) requirements, the implications of changing IRS and state government reporting rules and regulations can be tricky to combat. But don’t worry: […]
As the U.S. economy teeters on a recession and budget shortfalls emerge, states begin searching for ways to expand sales tax revenue. Companies that offer subscription streaming services are increasingly finding themselves the targets of newly proposed taxes and attempts to expand and contort existing taxes to include streaming providers. What is the current sales […]
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 […]
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 […]