Blog

Sovos announced today that we have acquired North Dakota-based Aatrix Software. This marks another significant milestone in Sovos’ strategic mission of adding complementary companies, services and technology to our portfolio when and where it makes sense to do so. Not only does Aatrix complement and strengthen our current leadership in e-Filing for 1099 and ACA […]

Ever since Louisiana eliminated its economic nexus transaction count threshold and rendered the Halstead Bead challenge to its remote collection requirements moot, the sales tax community has been anticipating whether any new litigation would spring up. Indeed, it has. This newest case was recently filed in the Illinois Independent Tax Tribunal by PetMeds Express. This […]

2024 has not yet begun but there are some potential upcoming regulatory changes affecting the direct-to-consumer (DtC) wine shipping market that we’re already tracking. The first is Wisconsin SB 268, a major overhaul of the state’s beverage alcohol laws. Since the bill was signed by the governor earlier this month, the question is not so […]

Earlier this month, I again connected with the media outlet PYMNTS to discuss important tax information reporting updates that businesses must be mindful of going into the next reporting season. Transmitter control codes (TCCs) are digital IDs that the IRS issues to businesses that need to transmit various information returns, including 1099s. However, many IRS […]

As 2023 comes to a close, now is a great time to review the regulatory changes that impacted the beverage alcohol industry this year. From California’s bottle bill to the  direct-to-consumer (DtC) shipping legal battles that occurred around the country, a lot has happened this year. These updates were covered in a webinar hosted by […]

Recently, I spoke with the media outlet PYMNTS on the latest 1099-K reporting changes. Just last month, the IRS again announced a delay in enforcement of the new $600 Form 1099-K reporting threshold by third-party settlement organizations (TPSOs) for calendar year 2023. In other words, reporting will not be required by TPSOs unless a payee […]

November 2023 saw a sharp increase in the number of Notices Requesting Verified Reports for Report Year 2022 being issued by Delaware. After further research, Sovos learned that Delaware recently contracted four third-party audit firms (Kelmar, Specialty Audit Services, Discovery Audit Services, and Escheatment Experts Consulting Services) to perform the review functions related to the […]

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 […]