Blog
This March, Sovos ShipCompliant released the second annual Direct-to-Consumer (DtC) Beer Shipping Report in partnership with the Brewers Association. The report features exclusive insights and data on the state of the channel, an economist’s review of the marketplace opportunity and key findings from a consumer preferences survey. Fast facts from the 2022 DtC Beer Shipping […]
The tax season isn’t over yet, but one of the biggest organizational reporting challenges is behind us– issuing and filing of Form 1099-NEC for payments companies made to nonemployees in exchange for their services. As we look back on the flurry of activities that our organizations orchestrated to issue and file millions of Forms 1099-NEC […]
No company wants a focus on managing sales tax to distract them from their primary business objectives. But it’s a mandatory part of business that can be particularly daunting for SMBs that lack the necessary time and resources to keep pace with the complexities of sales tax. With over 12,000 U.S. tax jurisdictions that are […]
Regulatory scrutiny is a constant in the beverage alcohol industry, and direct-to-consumer (DtC) shipping is no exception to that. However, the DtC market does bring some unique regulatory concerns. The last several years have seen increased efforts by regulators to get a handle on the growing market, which has led to more audits and enforcement […]
Let’s face it: no one likes dealing with tax, and no one likes learning they’ve done something wrong when it comes to their organization’s compliance. Sovos launched the Sales Tax Learning Series to guide you through revamping your team’s sales tax strategy. This learning series was designed with industry-leading partners to help you navigate the […]
Suppliers looking to get into the valuable and growing market of direct-to-consumer (DtC) alcohol shipping often need support from third parties. From setting up sales to managing shipping logistics to handling complicated tax filings, DtC alcohol shipping is often too much for any one business to deal with entirely on their own. Within the ecosystem […]
Managing sales tax doesn’t have to be a complicated, overwhelming and time-consuming process. Assuming of course that you properly evaluate your internal capabilities, existing technology and varying levels of expertise correctly. With thousands of tax regulations that can change at a moment’s notice, it can seem a nearly impossible task for businesses to remain compliant. […]
Among the many facts and analysis shared during our recent webinar on the 2022 Direct-to-Consumer Wine Shipping Report, a few really stood out. We gathered some highlights and key stats from the session. The report is an annual collaboration between Sovos ShipCompliant and Wines Vines Analytics, providing detailed insights into the DtC wine channel. The […]
On February 16, 2022, California introduced AB 2280, allowing the California Controller to establish a California Voluntary Compliance Program (VDA Program). This is a significant development as California has long declined to provide a formal or informal unclaimed property voluntary disclosure agreement (VDA) program, despite automatically assessing 12% interest on late reported property. In the […]
By Andrew Adams, Editor, Wine Analytics Report This year’s annual Direct-to-Consumer Wine Shipping Report featured an additional set of data to help put the past two years of unprecedented winery shipment growth in context. Since the surge of shipment volume in March and April 2020, there has been sustained interest in trying to understand just […]
If the last two years have been any indication, no industry is safe from the Great Resignation. The latest PwC Pulse Survey found that 77% of respondents said hiring and retaining employees is their most critical growth driver this year. As we have previously covered, many employees see the current job market as the perfect […]
The three-tier system is the prevailing way that alcohol is distributed and sold in the United States, based on a clear cut distinction between different sectors (or “tiers”) of the beverage alcohol market. In the three-tier system, suppliers, such as producers and importers, are required to sell to wholesalers and distributors, who in turn sell […]
As unclaimed property regulations continue to change and the methods that states implement to engage holders evolve, it is important for holders to gain from the lessons learned and make adjustments to remain compliant and effectively manage unclaimed property liabilities. The following information captures just a few of the insights and lessons Sovos learned throughout […]
On February 9, the Treasury Department issued a report on competition in the beverage alcohol industry, identifying several areas where possible reforms could foster a more level playing field for small businesses, craft producers and new market entrants. The report was part of Executive Order 14036, initiated by the Biden Administration to investigate ways to […]
It’s hard to believe that the first month of 2022 is already in the rearview mirror, but the same way that time keeps moving along, the DtC wine shipping world continues to change. With more states implementing DtC shipping options — and some that took a step in the other direction — it can be […]
While the concept of a sales tax holiday, or a tax free weekend, is not new, it is one that can evolve and change over time. A state may have initially not had one, but implemented one within the last few years. Retailers’ tax departments must remain vigilant about applicable sales tax holidays, ensuring that […]
Several states are redefining their sales tax laws to better consider gender equality in evaluating what is a necessary good. Often, this means states are looking into how the “pink tax” is applied. The “pink tax” refers to the application of sales tax or value-added tax (VAT) in a way that is considered disproportionally unfair […]
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since the release of Bitcoin in 2009, thousands of cryptocurrencies have emerged, with Ethereum being another prominent name. The current cryptocurrency market is estimated to be worth more than $3 trillion […]