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The beverage alcohol industry has many complicated rules and regulations that vary by state. Even though importers are similar to other members of the “supplier” tier (like wineries and breweries), they are often treated differently in federal and state regulations. This is particularly true when it comes to direct-to-consumer (DtC) wine shipping. Currently, 46 states […]
Sovos ShipCompliant hosted the 15th annual Wine Summit a couple weeks ago, only this time it was a shortened “Piccolo” virtual version. This half-day event featured some of the most popular sessions and presentations originally scheduled for the cancelled live event back in May. The recorded version of the event is available to watch on-demand; […]
VAT gaps can generally be found in countries that collect indirect taxes. This hiatus has led many tax administrations to implement Continuous Transaction Controls (CTCs), through which transactional and accounting data are monitored in real-time or near real-time. However, even countries with sophisticated CTCs may encounter fraud involving missing traders and non-existent supplies. This creates […]
Last year, Sovos promised insurers we would Solve Tax for Good®. A year later, we have helped thousands of insurers ease the burden and risk of modern tax and regulatory compliance. We have kept our promise by helping insurers stay ahead of the Tax Cuts and Jobs Act, SECURE Act and all other tax and […]
Over recent years, the number of insurance captives domiciled in Europe has stagnated, if not fallen. Against this backdrop, the challenges faced by captives across the region are rising and in particular, following the COVID-19 pandemic. A specialized market in restricted jurisdictions Europe is the third largest insurance captive domicile in the world having around […]
Earlier this week, Sovos announced the acquisition of Accordance , a U.K.-based value-added tax (VAT) managed services company that has been a Sovos partner since 2018. Accordance adds a leading service provider with unique VAT expertise to our growing European organization, strengthening the foundation we have been building for continued global expansion. This acquisition — our […]
For rules to carry any real weight, the rule-maker must combine compliance with that rule with either a carrot or a stick. In the field of tax legislation, the rule-maker, in this case, the legislator or the tax authority, almost always goes down the route of the stick in situations of noncompliance. And the penalties […]
As of July 1, 2020, wineries making direct-to-consumer (DtC) shipments of wine into the city of Chicago will face an additional tax burden. Under Chicago ordinance O2020-801, the city’s Liquor Tax will now apply to all sales of alcohol to consumers in the city. What Is The Chicago Liquor Tax? Chicago has long imposed an […]
Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance. Captive insurance companies are yet another niche within that, which only narrows the […]
Beginning July 1, remote sellers making sales into Louisiana must register with the Louisiana Sales and Use Tax Commission for Remote Sellers (“the Commission”) in order to be compliant with new requirements to collect, remit and report state and local sales tax. The information below is intended to explain what companies will be impacted, what […]
This post was updated on December 13, 2021. Sales and use tax is complex and growing more so by the day. The number of jurisdictions, tax forms and rate changes makes managing these processes enough to deplete the resources of even the most experienced accounting and finance teams. States have been working to alleviate the […]
On 18 June 2020 European officials announced that an EU-wide digital services tax (DST) will be introduced if the US’s recent withdrawal from global tax negotiations stops international agreement. The US’s withdrawal follows the United States Trade Representative’s (USTR) initiation of Section 301 investigations into DSTs adopted or proposed in the EU and nine countries. […]
A touch of CLASS: simplifying access to customs tariff data CLASS – short for Classification Information System – is the new single point access search facility from the European Commission. It provides access to tariff classification data of goods entering or leaving the EU and is the latest step in developing an integrated approach to […]
Do you have questions about the rules, regulations, and compliance requirements of the beverage alcohol industry? This series, Ask Alex, is a perfect opportunity to get those pressing questions answered straight from one of the industry’s regulation and market experts, Alex Koral, Senior Regulation Counsel, Sovos ShipCompliant. To take advantage of this opportunity and get […]
Did your company receive an invitation in February 2020 to join the Delaware Voluntary Disclosure Agreement Program (SOS VDA Program)? If so, you have extra time to enroll in the program. The Office of Unclaimed Property extended the enrollment deadline to July 18, 2020. How to enroll If you intend to enroll, send a completed […]
myDATA updates On 22 June, the joint Ministerial Decision that sets forth the myDATA framework was published. The decision specifies, among other things, the scope of application and applicable exemptions, the data to be transmitted, transmission methods and procedures, applicable deadlines and how transactions should be characterized. Starting from January 2021, the required data must […]
Looking to enter a new market or expand your product line? Growing any business can be complicated, and the beverage alcohol industry is no exception. Not knowing how or where to begin can be the biggest hurdle. From market research and branding to strategic considerations and compliance, this 10-step guide will get you on the […]
For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm. The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]