Blog
By Judy Vorndran, J.D., CPA, TaxOps and Nancy Steele, TaxOps To deal with the uncertainty of evolving sales and use tax policies in numerous jurisdictions, businesses have increasingly turned to software providers to deliver the right rates and calculations for each transaction. Unfortunately, calculating the amount of tax due is only part of what it […]
By Andrew Adams, Editor, Wine Analytics Report The winery market has entered the next era of DtC wine shipping, where we saw total shipments for the past year declined 1.6% by value and 10.3% by volume. While the declines are unprecedented in the more than 12 years Wines Vines Analytics and Sovos ShipCompliant have tracked […]
In our recent blog, “California – One Step Closer to a Voluntary Disclosure Program,” Freda Pepper outlined everything we currently know about the program, including who will be eligible to participate, a requirement to complete an education program, timeline requirements and, most importantly, the benefits related to completing the program. While there’s a lot that […]
The Supreme Court has issued its decision in Delaware v. Pennsylvania and Wisconsin, and Arkansas v. Delaware (the MoneyGram litigation). It is the Court’s opinion that Agent Checks and Teller’s Checks (check instruments) issued by MoneyGram are similar to “money orders and other similar instruments” and should be escheated according to federal law. As a […]
Financial institutions are moving toward a centralized tax solution, but why? We have found five major drivers leading this change. Operational costs Core banking solutions aren’t in business to ensure your 1099 reporting is done accurately or completely, and they likely aren’t keeping up with expanding regulatory requirements, like direct state reporting, which could incur […]
In the month following the release of the 2023 Direct-to-Consumer Wine Shipping Report, several other data snapshots of the wine industry were also published. In response to the various reports, there has been a swell of commentary on what each one signals for the health of and outlook for the U.S. wine industry. It can […]
Sovos ShipCompliant attended the recent American Craft Spirits Association (ACSA) Convention. Celebrating its 10th year, ACSA once again brought together “distillers and suppliers to harness the energy of the industry.” Direct-to-consumer (DtC) spirits shipping was a recurring theme at the convention, with multiple panels discussing what changes must take place to increase DtC spirits shipping […]
If you ask a beverage alcohol regulator what their biggest concern is, nine times out of ten, you’ll hear about efforts to prevent sales to minors. The health risks associated with alcohol, particularly for developing brains, validate those concerns, but there is something of a reflexive response around underage consumption—a response grounded more in fear […]
Changes announced: Click here for the most up to date Form 1042 information. The Treasury Department and IRS released changes to the electronic filing requirements for information returns this week. TD 9972 changed the requirements for a number of tax returns submitted to the IRS by businesses including a variety of 1099s, Form 1042 Annual […]
The unclaimed property (UP) community will convene in Nashville starting Sunday, March 12 for the 2023 Unclaimed Property Professionals Organization (UPPO) annual conference. Approximately 600 people will descend upon the Nashville Renaissance Hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, the “conference integrates networking and premier […]
Artificial Intelligence (AI) is not a new topic, but with the recent launch of ChatGPT – an AI chatbot – every day internet users now have access to the technology. This had us thinking: what would ChatGPT have to say about outsourcing unclaimed property obligations? We asked the chatbot, “What are the benefits of outsourcing […]
When it comes to reporting payments to non-United States taxpayers, there is one form to rule them all – Form 1042-S. There are over 30 types of 1099 forms used for reporting different types of income to U.S. citizens, such as form 1099-NEC for reporting non-employee compensation or 1099-MISC for reporting other miscellaneous payments made […]
A recently introduced Texas senate bill (TX SB752) would extend direct-to-consumer (DtC) shipping permissions in the Lone Star state for both spirits and beer. These permissions would work largely in the same manner as DtC wine shipping in the state. Specifically, TX SB752 would enable licensed Texas-based producers of beer and spirits to conduct in-state […]
Whether your retail company is planning to advertise in the Big Game this weekend or just watch the excitement with family and friends, there are always key things to prep for with regard to sales tax compliance. Special events can be a boon to retailers, but realizing taxes are impacted in numerous ways can help […]
Across all categories, the number of 2022 registrations showed a 2.3% increase compared to 2021 Winter brings cooler temperatures across the U.S., but beverage alcohol new product registrations are hardly cooling off. Spirits new product registrations led the way (+9.8%), followed by wine (+0.5). The beer/malt category for Product Registration Online (PRO) new product registrations* […]
Updated February 3, 2023 There’s a chance New York may soon allow direct-to-consumer spirits and cider shipping. Last Wednesday, New York Senators James Skoufis (D- 42nd District) and Rachel May (D-48th District) introduced Bill 2852, an act to “amend the alcoholic beverage control law, in relation to authorizing the direct intrastate and interstate shipment of […]
On September 13, 2022, California Governor Gavin Newsom signed AB 2280 into law, paving the way for the creation of a long-awaited Voluntary Compliance Program (VDA Program). However, before such a program can be implemented, two things must take place. First, the California legislature must approve funding for the program by way of an appropriation in […]
Affordable Care Act (ACA) reporting has started for tax year 2022. ACA reporting can quickly become complicated and costly with IRS penalties if your business does not have an efficient process in place. Although regulations have generally stayed the same for this reporting season, there are some important updates all businesses should be aware of […]