There are many things to keep track of with unclaimed property so it’s understandable that certain items, such as unclaimed property pre-presumption outreach and electronic due diligence requirements, can be overlooked. However, they are part of unclaimed property law and therefore require compliance. Sovos tracks all nuances of unclaimed property law and ensures that our […]
Sovos ShipCompliant recently announced new Product Registration Online (PRO) renewal enhancements that will help suppliers and states ensure even more efficient workflows. With these changes, PRO users enjoy fast, easy electronic brand and label registrations for beer, wine, spirits and no-COLA products in participating states. Oklahoma was the pilot state for these enhancements, with their […]
Update: 9 March 2023 by Hector Fernandez IPT in Spain is complex. Navigating the country’s requirements and ensuring compliance can feel a difficult task. Sovos has developed this guide to answer prominent and pressing questions to help your understanding of Insurance Premium Tax in the country. Originally created following a Spain IPT webinar we hosted, […]
It has recently come to our attention that the state of Maryland has increased its audit efforts. Due to the negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for increased unclaimed property compliance enforcement efforts to shore up struggling state budgets. Pursuant to Title 17, Abandoned Property Act […]
Finding all-in-one back office systems to help manage the day-to-day operations of a financial institution or insurance company can seem like an impossible task. Having all your organizational products, processes, channels, customer information and management tools in one place can save you time, increase efficiency and reduce your risk of errors. And that includes tax […]
General ledger is an area all companies, regardless of industry, should monitor for unclaimed property compliance. In this section, general ledger refers to unclaimed property potentially generated from payroll, accounts payable and accounts receivable credit balances. These accounting cycles or functions are present in every organization, therefore it’s important companies explore and review these areas […]
Oregon Governor Kate Brown signed SB 406 into law on May 21, 2021, more than doubling the amount DtC winer Shippers with permits may ship to an Oregon resident per month. Going forward, licensed direct-to-consumer (DtC) shippers of beverage alcohol may ship up to five (5) cases of wine per Oregon resident per month, with […]
As the global pandemic slowly eases, wine producers, retailers and consumers continue to be impacted by fluctuations in wine direct-to-consumer (DtC) shipments. Watching marketplace data is critical to understanding how the industry can keep up with change and account for evolving market needs. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide […]
Sales tax compliance is complicated, ever-evolving and often an increasing burden on IT teams. How can organizations manage the shifting rules and regulations, while also maintaining regular business operations? That was one of several questions posed to Sovos’ Terry Melnik, general manager, sales and use tax, on a recent CIO Talk Network Podcast episode. A […]
An amendment in the General Communiqué No. 509 has announced healthcare service providers and taxpayers providing medical supplies and medicines or active substances must use the e-invoice application from 1 July 2021. The mandated scope for transition to e-invoice and e-arşiv invoice applications in the healthcare industry Published in the Official Gazette the implementation will […]
This blog is an excerpt from Sovos’ Annual VAT Trends report. Please click here to download your complimentary copy in full. VAT requirements and their relative importance for businesses have changed significantly in recent years. For data that is transactional in nature, the overall VAT trend is clearly toward various forms of continuous transaction controls […]
In September 2020, Italy introduced major changes to the country’s rules on the creation and preservation of electronic documents. These new requirements were expected to be enforced on 7 June 2021. However the Agency for Digital Italy (AGID) has now decided to postpone the introduction of the new e-document rules until 1 January 2022. The […]
Alabama Governor Kay Ivey signed HB 437 into law on May 13, 2021, making Alabama the latest state to legalize direct-to-consumer (DtC) wine shipping. With this step, only Delaware, Mississippi and Utah continue to prohibit this popular and valuable means of selling wine. Alabama’s new DtC law will not become effective until August 1, 2021. […]
What is unclaimed property due diligence? An unclaimed property due diligence letter is an organization’s last chance at contacting an apparent owner and preventing their property from escheatment. Each state or reporting jurisdiction has its own unique set of requirements and standards. Due diligence letters are typically required to be sent 30 to 120 days […]
On 22 March 2021 the EU Council approved DAC7, which establishes EU-wide rules meant to improve administrative cooperation in taxation. In addition, the Directive addresses additional challenges posed by a growing digital platform economy. What is DAC7? In 2011, the EU adopted Directive 2011/16/EU on administrative cooperation in the field of taxation in the EU […]
Russia introduces a new e-invoicing system for traceability of certain goods on 1 July 2021. Federal Law No. 371-FZ will amend the Russian Tax Code to introduce the new procedure for the traceability system, which will bring the introduction of mandatory e-invoicing for taxpayers dealing with traceable goods. Since its introduction, B2B e-invoicing in Russia […]
On May 6, 2021, Tennessee Governor Bill Lee signed HB 742 into law, establishing a slew of new provisions affecting the direct-to-consumer (DtC) shipping of wine in the state. These provisions, however, will not become effective until January 1, 2022. While the bill does impose several new restrictions and requirements on businesses involved in DtC […]
Kansas became the latest state to adopt effective economic nexus rules after the state legislature overrode a Governor’s veto to pass SB 50. The new law becomes effective on July 1, 2021, to apply to sales made after that date. Under the new economic nexus law, remote sellers will face sales tax liability on their […]