Blog
Building and maintaining a program to ensure compliance with the ever-changing unclaimed property laws is challenging, costly and time consuming. As a result, many companies put off or delay coming into compliance or do not put enough resources into creating a robust program. Those delays, erratic reporting and even ignorance that unclaimed property laws exist […]
Last month, Sovos ShipCompliant and WineBusiness Analytics released the 2024 Direct-to-Consumer Wine Shipping Report, marking the fourteenth consecutive collaboration between the two companies. Alex Koral and Andrew Adams presented an overview of the data and analysis from the report, highlighting key trends and statistics. Here, we summarize some of the noteworthy findings starting with the […]
The unclaimed property (UP) community will convene in Las Vegas starting Sunday, March 10 for the 2024 Unclaimed Property Professionals Organization (UPPO) Annual Conference. Running until Wednesday, March 13, approximately 600 people will descend upon the Planet Hollywood hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, […]
Sovos ShipCompliant recently released the 2024 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, WineBusiness Analytics. This look-back at 2023 is the most comprehensive, complete and exclusive collection of data and insights on the state of the DtC channel. While DtC wine shipments saw a decline in volume for the second year in a row, […]
I had the pleasure and privilege of attending the 2024 Direct to Consumer (DTC) Wine Symposium (DTCWS) to speak on the past and future of the direct-to-consumer (DtC) shipping market. As an annual event, DTCWS provides our industry with a regular opportunity to reflect on market conditions and connect on ways we can all help build […]
In the dynamic landscape of finance, Chief Financial Officers (CFOs) play a pivotal role in steering their companies towards success. One crucial aspect of their responsibilities is tax compliance, and in a recent survey, we delved into how CFOs perceive and leverage tax technology. The survey revealed valuable insights into how companies manage tax compliance, […]
Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to companies to participate in the Delaware Voluntary Disclosure Agreement (VDA) program November 15, 2024. This is the second wave of invitations for 2024. In the event that a company receives an invitation to participate in the VDA program and is interested […]
Last year, Sovos and Comply Exchange held a customer roundtable discussion on recent Form W-8 and Form W-9 changes. Here are some of the top points that participants brought up during the roundtable. Decentralized organization challenges In the realm of decentralized organizations, a recurring issue emerged – tax reporting departments often unearth problems with Form […]
Sovos often faces the question: “What triggers an audit from the States regarding unclaimed property compliance?” While each case is unique, there are common situations that can increase the likelihood of an audit. In this blog, we explore these triggers and provide insights on how companies can navigate the complexities of unclaimed property compliance. Here […]
As we approach annual statement season, join us at Sovos Education for one of our refresher or short courses to get up to speed on preparation. Each of these classes are bite-sized at just one to two hours in length. Starting the first week of December, we began our mini P&C annual statement preparation courses […]
In the world of ever-evolving regulation changes, staying informed is crucial for businesses to achieve complete compliance in their tax information reporting processes. In 2023, the IRS rolled out significant updates that businesses need to be aware of ahead of filing season. We have summarized the most impactful changes you need to know about for […]
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 […]