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It’s essential to stay on top of your company’s VAT requirements. This requires sound knowledge of the rules and what authorities expect of businesses. This includes dealing with supplies of goods and services outside standard VAT obligations. Not every product or service incurs VAT. This is VAT exemption. VAT exempt supplies of goods and services […]

The EU Commission’s VAT in the Digital Age proposals include a single VAT registration to ease cross-border trade. Due to enter into force on 1 July 2028 (1 January  2027 for electricity, gas, heating and cooling), the proposal is part of the commission’s initiative to modernise VAT in the EU. The single VAT registration proposal would mean only […]

When it comes to consumption taxes, the United States has always taken a different approach than the rest of the world. There is a proposal, however, that is currently sitting in the U.S. House that would upend the U.S. tax system and more closely align it with the rest of the world. While this bill […]

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 the past year, the Greek tax authority published a series of legislative acts introducing new requirements (the QR code and prefilling of VAT returns) and amending existing ones. It’s been more than three years since the rollout of myDATA as a voluntary scheme, but the system is far from complete. myDATA is a broad […]

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 […]

Did you know? Over 170 countries worldwide have implemented VAT or GST. Despite how common VAT is, the tax is difficult at the best of times to understand. Knowing who pays VAT – the buyer or the seller – is straightforward, though, if you take the time to learn about the tax or have help. […]

Following the publication of various circulars by the Federal Ministry of Finance in Germany in 2021, rules on the taxation of guarantee commitments were made effective 1 January 2023. This blog explains how this affects insurers and other suppliers. Scope of the rules for guarantee commitments The Ministry of Finance published its initial circular in […]

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 […]

Having the correct Tax Identification Number (TIN) is essential when filing W-2s, 1099s and ACA forms. The nine-digit number could be a Social Security Number (SSN), Employee Identification Number (EIN), Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN).  A valid Social Security Number may only be obtained through the Social Security […]

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 […]

VAT Registration Threshold of EU Countries The European Union is a collective but its Member States have their own rules and nuances where VAT is involved. Knowing what rules are at play is essential when trading in the EU, and that’s where Sovos’ EU VAT Buster comes in. Each Member State has its VAT threshold […]

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 […]