Sovos recently hosted a roundtable discussion to better understand how finance teams within the software industry can utilize artificial intelligence (AI). Experts from Brex, AvidXchange and Zuora joined Sovos’ Tim Roden, solutions principal, to converse on how AI and automation can be implemented for a modern – and compliant – approach to financial reporting. Here […]
We’ve previously discussed how important it is for the right tools, processes and people to be in place to ensure that there is a strong foundation for your finance team. But the tax function within the financial team also needs its own special consideration. Otherwise, a business could overlook certain regulations and requirements, especially as […]
In late October, the District Court of Eastern Washington rejected an effort by the state to dismiss a lawsuit challenging its prohibition on direct-to-consumer (DtC) shipping of spirits by out-of-state producers. While the case remains open before the court, the full-throated denial of the motion to dismiss was notable for what it signals about how […]
Direct-to-consumer (DtC) beer shipping has remained out of reach for beer enthusiasts who crave the convenience of having their favorite brews delivered right to their doorstep. The demand for DtC beer shipping is palpable, but the supply is disappointingly scarce, with only 10 states and D.C. allowing beer to be shipped to its residents. A […]
During our recent “Spooky Season Tax Updates” webinar, we discussed the most important changes that will affect filers in the upcoming tax reporting season. From a lowered e-filing threshold to Transmitter Control Code (TCC) requirements, the implications of changing IRS and state government reporting rules and regulations can be tricky to combat. But don’t worry: […]
As the U.S. economy teeters on a recession and budget shortfalls emerge, states begin searching for ways to expand sales tax revenue. Companies that offer subscription streaming services are increasingly finding themselves the targets of newly proposed taxes and attempts to expand and contort existing taxes to include streaming providers. What is the current sales […]
It’s hard to avoid headlines discussing artificial intelligence (AI) these days, whether it’s how ChatGPT is being used in court cases or how teachers must learn to spot computer-generated essays. But how could this technology impact the beverage alcohol industry? Is AI already being used, and if so, how? Let’s see how AI is currently […]
While the NAIC Annual Statement instructions are useful when completing your annual statement, they don’t always address every page or every row/column on an exhibit or schedule. The instructions also exclude insights and preparation suggestions that could help you prepare your annual statement more efficiently. If you find yourself looking for more than what the […]
Sovos ShipCompliant recently released its second annual Direct-to-Consumer Spirits Shipping Report, in partnership with the American Craft Spirits Association (ACSA). In just its second year, the report shows consumer demand for DtC spirits shipping is on the rise, with 87% of regular craft spirits drinkers saying they want to be able to legally purchase craft […]
When it was announced recently that the introduction of a new French e-invoicing mandate had been delayed until September 2026 there was a collective sigh of relief amongst many in the tax and finance world. More time to adequately prepare, put systems and methodologies in place and have your business ready to be compliant from […]
Greece’s VAT reform started back in 2020 and it has manifested itself in three continuous transaction control (CTC) initiatives. Namely, the initiatives are: myDATA e-audit scheme Voluntary CTC e-invoicing, performed through service providers who must meet certain certification criteria New generation cash registers which report B2C data to myDATA in real time Recently, the introduction […]
Another tax information reporting season is approaching quickly. As businesses begin the process of filing information with the IRS, there are some important updates that need to be kept in mind. If you previously filed forms in the 1099 series with the IRS via the File Information Returns Electronically (FIRE) system, you will now have […]
As a business, complying with local laws, rules and mandates is not optional, but a requirement to operate. Achieving this takes resources: human, technical and financial. All things that everyone would rather allocate to attracting new customers and growing their business. At Sovos, we get it. The situation The world of regulatory compliance has grown […]
On January 1, 2024, wines and spirits sold in California will become subject to the state’s Container Recycling and Litter Reduction Act, or bottle bill. As the effective date draws near, wineries and distilleries selling in California need to prepare themselves for the new requirements. (Beer and low-ABV mixed drinks were already part of the Act.) […]
Credit.org recently released an excellent article on the five dangers of credit card use. In reviewing the factors that author Melinda Opperman puts forth, it was impossible to ignore the parallels in which many businesses approach their compliance management practices. As credit cards are something that most people have and use regularly, we thought this […]
Banks and credit unions typically use core banking systems that house customer data and other tax information related to customer accounts. When tax information reporting season arrives, these are the back-end systems that data is pulled from. However, there are challenges in utilizing just these systems and not also utilizing a tax information reporting solution […]
CFOs have a lot to consider, especially if their company recently acquired another organization. Are you fully aware of that business’ tax process? How do you know if their approach to exemption certificate management was compliant? With Sovos CertManager, ensuring a smooth tax process after an acquisition doesn’t have to be an unreachable goal – […]
E-documents or electronic documents are rapidly growing in usage across businesses of all shapes and sizes, in countries around the world. While the automated exchange of e-documents is a relatively new phenomenon which is being adopted on a country-by-country basis, there is basic universal information that your business would benefit from understanding – and potentially […]