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Sovos is the industry leader in U.S. insurance accounting and reporting, education and software. From our expert level instructors, to our industry best-in-class software and support, to our customized high-quality training, Sovos helps you meet your organizational goals. Being the industry leader requires staying ahead of industry changes in insurance accounting and financial reporting. To […]
With ecommerce continuing to rise in popularity, businesses can face unexpected operational challenges when there are increases in sales. But when utilizing the state of Active/Active availability through Sovos, companies know that they are backed by a scalable technological option that provides unparalleled uptime. Competition occurs every day of the year and is no longer […]
The introduction of the new Portuguese Stamp Duty system has arguably been one of the most extensive changes within IPT reporting in 2021 even though the latest reporting system wasn’t accompanied by any changes to the tax rate structure. The new reporting requirements were initially scheduled to start with January 2020 returns. However this was […]
By Milton Cornwell, COO, Copper Peak Logistics — a ShipCompliant Platinum Certified Partner Why should it matter if your direct-to-consumer (DtC) fulfillment partner has multiple shipping facilities? We at Copper Peak have found that the question of multiple shipping facilities is a very misunderstood concept in the wine fulfillment business, especially when it’s called many […]
In my previous two unclaimed property and cryptocurrency blogs posts titled, “Regulation and the Impact on Digital Assets” and “Due Diligence Requirements and Compliance,” we explored the impact of unclaimed property regulations in the virtual currency world and the what, why, when and how of due diligence compliance. Now that you have completed your due […]
Reciprocity in unclaimed property: why refrain from the practice of reciprocity when it seems so simple? Reciprocity or reciprocal filing came about in 1954 to keep holders from duplicate reporting liability. In other words, if a holder reported unclaimed property to one state (state A for example) and another state (state B) had a better […]
Last updated: November 19, 2024 When it comes to direct-to-consumer (DtC) liquor shipping laws by state, distilleries and other spirits producers must adhere to shipping laws of the destination state. It is also important to remember that just because a state allows DtC beer shipping or DtC wine shipping, it does not necessarily mean that […]
As our webinar explored in depth, location of risk rules are complex and constantly evolving. The Sovos compliance team covered many topics on the session, such as sources for identification of the location of risk and location of risk vs location of the policyholder. Despite this deep dive, there were plenty of questions that we […]
Turkey’s e-transformation journey, which started in 2010, became more systematic in 2012. This process first launched with the introduction of e-ledgers on 1 Jan 2012 and has since reached a much wider scope for e-documents. The Turkish Revenue Administration (TRA), the leader of the e-transformation process, has played an important role in encouraging companies to […]
Preventing alcohol sales to minors is a fundamental responsibility for any business in the beverage alcohol industry. It is illegal in every state to sell alcohol to anyone under the age of 21, regardless of where or how the sale occurs. So, for direct-to-consumer (DtC) shipping of alcohol in the United States, implementing age verification […]
This blog was updated on April 6, 2023. In today’s rapidly evolving and technology-driven regulatory environment, businesses and governments have had to change their operations to stay profitable and compliant. Everything from cloud computing to machine learning and AI to the Internet of Things (IoT) are opening new revenue streams and altering supply chain models. […]
Update: 23 March 2023 by Dilara İnal Japan’s Qualified Invoice System Roll-out Approaches Japan is moving closer to the roll-out of its Qualified Invoice System (QIS), which will happen in October 2023. Under QIS rules, taxpayers will only be eligible for input tax credit after being issued a qualified invoice. However, exceptions exist where taxpayers […]
In this blog, we provide an insight into continuous transaction controls (CTCs) and the terminology often associated with them. With growing VAT gaps the world over, more tax authorities are introducing increasingly stringent controls. Their aim is to increase efficiency, prevent fraud and increase revenue. One of the ways governments can gain greater insight into […]
60-Day Response Period Extended for February VDA Recipients The deadline to respond to Delaware unclaimed property VDA invitations mailed in February 2021 was extended to July 31, 2021. Per an announcement posted to the DE Secretary of State’s website, reminder letters were sent the week of June 14, 2021 to holders that received, but have […]
Since 1993, supplies performed between Italy and San Marino have been accompanied by a set of customs obligations. These include the submission of paperwork to both countries’ tax authorities. After the introduction of the Italian e-invoicing mandate in 2019, Italy and San Marino started negotiations to expand the use of e-invoices in cross-border transactions between […]
Whether your business is looking to expand into more states (or countries), adding e-commerce options or exploring any number of other digital needs, integrating a tax engine with your ERP can be essential to ensuring positive growth. Organizations can see reduced maintenance costs and lessen the burden on internal teams, while also experiencing increased accuracy […]
Following recent acquisitions in Latin America, Sovos announced today we are establishing operations in Portugal with the acquisitions of PetaPilot and Saphety. The two companies both count tax authorities and businesses as customers, and they both solve challenges related to mandates that are accelerating across Europe and beyond, as VAT and business-to-government (B2G) reporting regulations […]
Direct-to-consumer (DtC) beer shipping laws require abiding by the rules of the destination state. While those rules can be similar from one state to the next, there are always key differences between them that producers and other shippers should know. Two states can each allow DtC beer shipping but may have varying requirements and limitations […]