Blog

Making the Case: Seven Benefits of Automating Your Tax Exemption Certificate Management Process

Tax exemption certificate management might not be the topic at the forefront of every executives mind, but if your organization is serious about reducing the risk of adverse audit assessments (including penalties and interest), it’s a process you absolutely have to get right. Manual processes have proven time and time again that they are no […]

Read More
7 Signs that Your Exemption Certificate Management Process is Putting You at Risk

Maintaining valid tax exemption certificates is one of the more difficult and labor intensive, yet critical, compliance requirements. Doing it correctly and completely is essential to protecting your business from audit exposure. As the tax landscape continues to evolve and grow more complex, managing this process is becoming increasingly difficult and time consuming. Many companies […]

Read More
Be Wary of the Tax Implications of the COVID-19 Surcharge

As businesses begin to re-open as lockdown orders and advisories are lifted, accounting for the increased cost of doing business is top of mind. The reality is that supply chain costs are generally higher, safety and sanitation expenses are significant, and, in many cases, governmental orders are requiring businesses to operate at substantially decreased occupancy. […]

Read More
The Top 4 Tips for Insurers Issuing Form 1099-SB

In February, some of the largest U.S. insurers came together for a Sovos-sponsored virtual forum. The forum focused on how these insurers managed their reporting obligations for the new IRS Forms 1099-LS and 1099-SB. Below you will find important background information on Forms 1099-LS and SB and four tips for issuing Form 1099-SB gathered from […]

Read More
Prepare for New 1099-K Reporting Requirements Across the U.S.

A trend is emerging across the country. In the last year, Illinois, Virginia, Florida and Maryland changed their reporting requirements for the 1099-K. Below are the new requirements, by state: Illinois: Beginning with tax year (TY) 2019, issuers of Form 1099-K will be required to submit those reports to Illinois electronically if required by the […]

Read More
Answered: Most-Asked Questions from the Sovos ShipCompliant–WineDirect–Enolytics Webinar, Post-Pandemic Planning: Customer Engagement for the Road Ahead

Our recent webinar with WineDirect and Enolytics, Post-Pandemic Planning: Customer Engagement for the Road Ahead, was a timely topic that drew lively Q&A—too many to address in our allotted hour! Here are our panelists’ take on the most-surfaced themes in your questions. (Missed the live webinar? You can still access the recording and slides on […]

Read More
DtC Shipments Continue to Increase as Buying Channels Shift

The direct-to-consumer wine shipping channel continues to grow each year, with a 7.4 percent increase in value and 4.7 percent increase in volume in 2019. But starting mid-March 2020, as the pandemic progressed, and buying patterns shifted to rely heavily on ecommerce, we’ve seen a significant spike in growth over last year’s numbers. The DtC […]

Read More
How New York will Reduce Time & Costs for Suppliers, Distributors and State Agencies

As of April 28, 2020 the state of New York and the alcohol suppliers within its borders will now be able to streamline the process of filing brand registrations and renewing licenses. With Sovos ShipCompliant’s Product Registration Online (PRO) tool, the process and cost of getting registrations approved for beer, wine and spirits will greatly […]

Read More
The Top 5 Ways to Stay Ahead of Unclaimed Property

Unclaimed property compliance is a year-round job. Preparations must be made monthly in order to stay compliant. Below are the top 5 ways you can stay ahead of your unclaimed property obligations, before they turn into penalties. 1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in […]

Read More
The Danger of Unclaimed Property for Healthcare Providers

Healthcare providers build up patient credit balances from collecting more coinsurance, copays, and deductibles than they earn. Unfortunately, because the fees are unearned, the healthcare provider has inadvertently accepted fiduciary responsibility for the funds. In addition to safeguarding the funds from potential loss, the healthcare provider is now facing penalties and interest from the states […]

Read More
Foster Lasting Customer Relationships by Adding Education to Your Ecommerce Platform

Younger or less experienced wine consumers may find speaking with a wine expert at a tasting room or wine retailer intimidating. There is plenty of wine-specific terminology that consumers outside of the wine industry may find opaque or confusing. Don’t underestimate the role that even seemingly basic education can play in helping convert customers. At […]

Read More
Thinking about a Post Pandemic Sales Tax Enforcement Landscape

For those tax professionals responsible for keeping their company safe from audit risk, the time is coming (if it’s not already here) to think about how states may act to shore up budget shortfalls stemming from decrease in sales tax revenue  as a result of the COVID-19 pandemic. While the US economy was (until recently) […]

Read More
The Top 4 Benefits of a Cloud-based Unclaimed Property Solution

According to Forrester Research, 65 percent of North American enterprises relied on public cloud platforms in 2019. This is five times the percentage that used cloud platforms 6 years ago. Leading businesses are flocking to cloud solutions because of the numerous benefits they provide. Below are the top 4 benefits of using a cloud-based unclaimed […]

Read More
The Top 5 Ways Coronavirus is Affecting your Business’s Tax Reporting Obligations

The Coronavirus Aid, Relief and Economic Security (CARES) Act addresses the economic impacts of the COVID-19 outbreak. It authorizes emergency loans to distressed businesses, payouts of tax rebates to individuals and their children and provides paid family leave and paid sick leave benefits to employees by offsetting tax credits to employers. The bill provides for […]

Read More
The Top 5 Challenges of Forms 1099-LS and 1099-SB

Forms 1099-LS and 1099-SB were born out of the 2017 Tax Cuts and Jobs Act (TCJA) as part of the Life Settlement reporting section. They were first introduced for the 2019 tax season, and require reporting from both the purchaser and the life insurance carrier when a life insurance policy is sold to a new […]

Read More
Sales Tax Obligations, Economic Nexus for DtC Shippers

Sales tax always has been, and always will be, an integral part of compliance for wineries, especially for those shipping direct-to-consumer (DtC). In recent years the standards for determining who is obligated to collect sales tax and at what rates has changed due to evolving legislation like the Supreme Court case South Dakota v. Wayfair.   […]

Read More
The Top 5 Things Tax Professionals Need to Know About Form 1099-NEC

Tax professionals around the country are preparing for the new Form 1099-NEC. A lot of confusion surrounds this form. Below are the top 5 things you should be aware of. 1. Form 1099-MISC changed too: Because the IRS also adjusted the layout of Form 1099-MISC, payors will need to analyze how the source transaction systems […]

Read More
Gig Economy & Referral Marketing Businesses: Take Advantage of Real-Time TIN Matching

Every 1099 form transmitted to the IRS has the potential to become a costly penalty. For organizations experiencing rapid growth, an influx of new contractors, distributors or service providers can be exciting, but fraught with risk as tax season approaches. Regardless of your business model and how you classify payments to your service providers, having […]

Read More