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Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form 1099-K reporting threshold requirements. The […]
The National Association of Unclaimed Property Administrators (NAUPA) has finally published its long-anticipated draft of the proposed NAUPA III file format after a delay of the anticipated July 5, 2022 release. The 62-page draft includes sweeping changes and represents a major update to the current NAUPA II format. According to NAUPA, “the new version has been […]
States have recently announced an uptick in age verification checks, including Massachusetts, which will be focusing on direct-to-consumer (DtC) wine shippers through the end of the year. At the same time, wine, beer and spirits drinkers are more willing than ever to receive their favorite beverages via DtC shipping, which makes now a great time to […]
Editor’s note: This blog was updated on December 28, 2022 Update: Since this content was published, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K form reporting for tax year 2022 will remain unchanged […]
Sovos ShipCompliant recently released the first annual Direct-to-Consumer Spirits Shipping Report, in partnership with the American Craft Spirits Association (ACSA). The report features in-depth analysis of the craft spirits direct-to-consumer (DtC) channel through a consumer poll, as well as ACSA’s perspective on how the market can continue to make strides. Quick hits from the 2022 […]
Early signs as to what’s ahead To no one’s surprise, 2022 was a busy year in the world of sales tax. Along with the usual barrage of rate, rule and form changes, many of which will become effective on January 1, 2023, we began to witness what is likely the beginning of a shift in […]
Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form 1099-K reporting threshold requirements. […]
Picking the right sales tax solution is not always apparent. Federal, state and local regulations can quickly change. Businesses evolve, whether through introducing new products and services or by expanding into new jurisdictions. Organizations must consider internal processes as well, ensuring that a sales tax solution helps–not hinders–daily operations. It’s also important to independently evaluate […]
The results are in—Coloradoans will soon be able to purchase wine in more stores than ever before. Proposition 125 allows for “grocery stores, convenience stores and other businesses currently licensed to sell beer to also sell wine.” This follows the expansion of full-strength beer sales in grocery stores, which took effect January 1, 2019. Any […]
Delaware State Rep. Mike Smith (R-Pike Creek Valley) plans to introduce legislation that will open up direct-to-consumer (DtC) wine shipping to Delawareans. Currently, state residents can legally purchase wine through the three-tier system but are not able to purchase directly from a winery and have the product shipped to their front door. Smith’s bill would […]
Microsoft users have been pushing toward the shift to the cloud and modernizing their IT strategy. However, it is essential they do not overlook their sales tax strategy as a factor in these decisions. As businesses grow and tax regulations become more complex, it will be beneficial to keep sales tax compliance manageable. Sovos recently […]
As 2022 draws to a close, it’s time to look back and reflect on the year that was. For beverage alcohol regulation, 2022 saw an interesting mix of big changes on one hand and stagnation on the other. On the direct-to-consumer (DtC) shipping front, there was little overall change, at least compared to the admittedly […]
There are many technology vendors out there promising you the world. With a technology vendor partnership, those miracle solutions to all your business needs are available at your fingertips. However, as with most things in life, it’s important to ensure you check off all the important boxes before making a purchasing decision. When you’re shopping […]
The Great Resignation may technically be behind us, but the ripple effects are far from being complete. More than ever people are pursuing a side gig in addition to a job (full- or part-time). In some cases it’s out of economic necessity, while in others it can be for a lifestyle choice or based on […]
African countries are following e-invoicing and continuous transaction control trends implemented rapidly by many countries around the globe. Each country in the continent is developing their variation of a tax digitization system. This means there is currently no standardisation with compliance requirements differing in each jurisdiction. A common transaction reporting feature among African countries is […]
Historically, the three-tier and direct-to-consumer (DtC) channels for beverage alcohol have operated independently, sometimes even viewing the other as competition. But in reality, there are many opportunities for a symbiotic relationship between these business units. For beverage alcohol producers that depend on both, a collaborative approach is imperative. DtC and three-tier—what’s the difference? First, some […]
By Robert M. Tobiassen, President of the National Association of Beverage Importers, Inc. (NABI) QR codes are not new to beverage alcohol labeling, but they’re seeing a rise in popularity as consumers become savvier to the technology. Once bars are restaurants reopened in the summer of 2022, QR codes became the virtual menu tool of […]
It’s a good year to be an IT leader. After far too many years of the phrase “do more with less” being the mantra of most organizations when it came to technology spending, things are finally looking up. According to research firm Gartner, IT spending will reach an estimated $4.5 trillion in 2022. This represents […]