Blog

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 […]

How can manufacturers navigate the ever-evolving and increasingly complex world of value added tax (VAT)? There are several, key ways to evaluate your current and future approach to VAT, maintaining compliance the entire way. 1. Ensure alignment between IT and tax teams Far too often we have seen IT-centric processes miss (or at least misunderstand) […]

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 […]

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. […]

If you didn’t join us in D.C. or San Francisco earlier this year, you won’t want to miss one last opportunity in 2023 to take part in live continuing education. Sovos Education is returning to the Orlando area for a full week of statutory accounting CPE opportunities and we’re hoping to see you there. Sun […]

A trend of the last few years has been the surge in new products entering the beverage alcohol market, from hard seltzers to RTD cocktails, along with the entry of well-established, traditionally non-alcoholic brands, like Hard Mountain Dew and Simply Spiked. While the growth of hard soft drinks is great for consumers, who benefit from […]

Changes announced: Click here for the most up to date Form 1042 information. We’ve previously discussed how the IRS released final electronic filing requirements for information returns effective with 2023 returns. One of those key changes is that businesses can no longer submit Form 1042 withholding tax returns on paper starting with tax year 2023 […]

Updated: 28 January 2025 Intrastat thresholds are value thresholds which decide if companies in an EU Member State qualify to file a return to tax authorities, based on their intra-community trading. These thresholds change annually, prompting businesses to conduct an annual recalculation to know their obligations. This blog contains all the Intrastat reporting thresholds for […]

Intrastat is an obligation created in 1993 that applies to certain businesses that trade internationally in the European Union. Specifically, it relates to the movement of goods – arrivals and dispatches – across EU Member States. The requirements of Intrastat remain similar across the EU, though certain Member States have implemented rules differently. As a […]

There may only be two certainties in life, but consumer preferences are still undoubtedly going to evolve over time. This is definitely true in the direct-to-consumer (DtC) wine industry. Whether consumers are pushing for greater sustainability, increased transparency through a brand’s marketing or want something else entirely, wineries must work to incorporate that into their […]

In addition to selling automated solutions, software-as-a-service (SaaS) companies often provide a variety of related services, including configuration, implementation, training, testing, bug fixes, technical support, and software enhancements.  Each of these services could have sales tax consequences different from those applicable to the underlying software. Even more challenging, the rules can sometimes vary based on […]

The U.S. software industry is no stranger to evolving technology. But what about sales tax compliance? Can this segment keep pace with ever-changing regulations, while still meeting customer needs? Sovos and SG Analytics conducted a survey to better understand how software organizations are planning to improve sales tax management. Overall, 43% of respondents said they […]