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The Alaska Department of Revenue is sending out notices alerting holders of their obligations to file unclaimed property reports to the state in accordance with Alaska’s Uniform Unclaimed Property Act. These communications are targeted to those that filed unclaimed property reports and remitted property to Alaska in 2019 but did not in 2020. Due to […]

The securities industry continues to be an area of focus from an unclaimed property standpoint. Individual issuers and transfer agents are being targeted for audits.  The auditors are using traditional techniques to confirm that holders are in compliance with unclaimed property laws but they are also using nontraditional techniques to identify audit populations and shifting […]

Kansas Governor Laura Kelly signed HB 2137 into law on May 19, 2021, establishing new regulations affecting the direct-to-consumer (DtC) wine shipments in the state. These regulations became effective immediately. What is included in HB 2137? HB 2137 includes provisions that now require both in-state and out-of-state fulfillment houses to register and received a Fulfillment […]

In my previous blog, Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets, we explored the impact of unclaimed property regulations in the virtual currency world. We determined that if you have a direct legal obligation to the owner, it is important that you review the requirements for unclaimed property reporting and partner […]

Last month, Sovos ShipCompliant hosted its 16th annual Wine Summit. The virtual event featured sessions and keynotes devoted to regulatory updates, education and how the industry has continued to make adjustments in the wake of the pandemic. We gathered some Summit highlights and fast facts from a few sessions. Industry & ShipCompliant Product Updates Larry […]

To understand why there is an ongoing evolution in the managing and administration of value added taxes (VAT), it is important to first understand the motivations of the governments behind the changes. The primary responsibility of any tax authority is to collect the revenue in which the government is legally owed. The difference between what […]

In Part I of our series on the VAT Evolution, we explored the motivations of tax authorities and governments around the world to embrace digitization and technology of a method of increasing revenue collection and shrinking tax gaps. More information on this topic can also be found by downloading your free copy of our IDC […]

In Part I of our series on the VAT Evolution, we explored the motivations of tax authorities and governments around the world to embrace digitization and technology of a method of increasing revenue collection and shrinking tax gaps. Then in Part II, Three Focus Areas for VAT we discussed some of the priority concerns for […]

There are many things to keep track of with unclaimed property so it’s understandable that certain items, such as unclaimed property pre-presumption outreach and electronic due diligence requirements, can be overlooked. However, they are part of unclaimed property law and therefore require compliance. Sovos tracks all nuances of unclaimed property law and ensures that our […]

Sovos ShipCompliant recently announced new Product Registration Online (PRO) renewal enhancements that will help suppliers and states ensure even more efficient workflows. With these changes, PRO users enjoy fast, easy electronic brand and label registrations for beer, wine, spirits and no-COLA products in participating states. Oklahoma was the pilot state for these enhancements, with their […]

It has recently come to our attention that the state of Maryland has increased its audit efforts. Due to the negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for increased unclaimed property compliance enforcement efforts to shore up struggling state budgets. Pursuant to Title 17, Abandoned Property Act […]

General ledger is an area all companies, regardless of industry, should monitor for unclaimed property compliance. In this section, general ledger refers to unclaimed property potentially generated from payroll, accounts payable and accounts receivable credit balances. These accounting cycles or functions are present in every organization, therefore it’s important companies explore and review these areas […]

Oregon Governor Kate Brown signed SB 406 into law on May 21, 2021, more than doubling the amount DtC winer Shippers with permits may ship to an Oregon resident per month. Going forward, licensed direct-to-consumer (DtC) shippers of beverage alcohol may ship up to five (5) cases of wine per Oregon resident per month, with […]

As the global pandemic slowly eases, wine producers, retailers and consumers continue to be impacted by fluctuations in wine direct-to-consumer (DtC) shipments. Watching marketplace data is critical to understanding how the industry can keep up with change and account for evolving market needs. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide […]

Sales tax compliance is complicated, ever-evolving and often an increasing burden on IT teams. How can organizations manage the shifting rules and regulations, while also maintaining regular business operations? That was one of several questions posed to Sovos’ Terry Melnik, general manager, sales and use tax, on a recent CIO Talk Network Podcast episode. A […]

Alabama Governor Kay Ivey signed HB 437 into law on May 13, 2021, making Alabama the latest state to legalize direct-to-consumer (DtC) wine shipping. With this step, only Delaware, Mississippi and Utah continue to prohibit this popular and valuable means of selling wine. Alabama’s new DtC law will not become effective until August 1, 2021. […]

On May 6, 2021, Tennessee Governor Bill Lee signed HB 742 into law, establishing a slew of new provisions affecting the direct-to-consumer (DtC) shipping of wine in the state. These provisions, however, will not become effective until January 1, 2022. While the bill does impose several new restrictions and requirements on businesses involved in DtC […]

Kansas became the latest state to adopt effective economic nexus rules after the state legislature overrode a Governor’s veto to pass SB 50. The new law becomes effective on July 1, 2021, to apply to sales made after that date. Under the new economic nexus law, remote sellers will face sales tax liability on their […]