Blog

Weekly FATCA Updates: May 21-May 27, 2016

Here’s a full list of weekly FATCA updates compiled by the experts in our Tax Department to help you. The FATCA reporting deadline of May 31 is right around the corner and countries have kicked up efforts to issue guidance so financial institutions can comply on time or changes to systems and other important information that […]

Read More
Breaking News: VAT Attempt Repealed in Puerto Rico

Dispatches from The Commonwealth of Puerto Rico: The Final Installment (For Now!) At last, the legislation repealing the VAT in Puerto Rico is official law and we can say with certainty that the existing sales tax will apply on transactions on and after June 1, 2016. The route to VAT repeal was circuitous and somewhat […]

Read More
Napa Valley Sees Growth in Value and Volume

It’s not a surprise that Napa Valley is considered the most famous winery destination in the United States. Around 500 wineries occupy Napa Valley’s 150 square miles. The region’s industry employs 46,000 workers, most of which work at wineries that produce fewer than 10,000 cases annually. Within the direct-to-consumer space, Napa Valley makes up 32% […]

Read More
Vermont’s Tax on Soft Drinks

Did you know that sweetened iced tea is considered a soft drink in Vermont? The state of Vermont passed Legislation effective July 1, 2015, imposing its sales and use tax on soft drinks. House Bill 489 (H.489) revised the definition of food and food ingredients found in 32 V.S.A. § 9701(31) by indicating that “food […]

Read More
Is Your Company Prepared for Mexico CFDI changes?

As the second largest exchanger of e-invoices in the world – behind only Brazil – Mexico is quickly becoming one of the most sophisticated financial compliance governments in the world. In some ways, it is even starting to supersede Brazil in terms of complexity – particularly in the way it can now link individual business […]

Read More
Join Us: Complimentary VAT Automation Event in London

We would like to invite you to a special VAT automation event, “VAT in a Digital Age”, taking place on the 9th of June at the Brown’s Hotel in London, 1.30pm – 6.30pm. Are you part of the 80% of organisations that are still using manual labour for VAT compliance processes? Do you want to […]

Read More
DIRECT | Tentative Agenda Released!

The tentative DIRECT 2016 Agenda is now available! To help you prepare for the conference, we’ve put together a tentative agenda-at-a-glance. Below you’ll find an outline of the breakout sessions, keynote presentations, and networking opportunities at the event. We haven’t set the agenda in stone yet, but we are planning to begin each day at 8am and end at 5pm. Note, that this is not a final version of the agenda.

Read More
IRS Releases Helpful ACA Corrections Webinar?

At this point, you’re likely preparing to send your transmittal for ACA reporting if you haven’t already, which means you may be anxious about any corrections you’ll need to perform. Generally, transmitting correction files are required to correct errors found on original filings, replacement filings, or other corrections filings. As a filer, you may discover […]

Read More
Weekly Roundup | Virginia Website Update, South Carolina’s Initiatives, and Record Property Values for Napa Valley

Happy Monday, everyone! Hope you had a great weekend. Today’s roundup covers changes to Virginia’s website, a look at South Carolina’s legislative impacts on the craft beer industry, and details about Napa Valley Vineyard land values increases. As always, if you read something I missed, let me know in the comments. Have a great week!

Read More
Visit Sovos at the Internet Retailer Conference & Exhibition (IRCE)

Stop by the Sovos Compliance booth (#1573) during the Internet Retailer Conference & Exhibition (IRCE) from June 7-10 at McCormick Place West in Chicago. We welcome the chance to update you on the exciting ways we can help your company improve operational efficiency and reduce compliance risk, including the benefits of automating your process using our robust and […]

Read More
Virginia Updates Its Website

The Virginia Department of Alcohol Beverage Control (ABC) recently updated its website, introducing many new features which greatly improves its utility for industry members. Licensees, soon-to-be licensees, and generally anyone else, can now conduct online searches for approved labels, licenses, distribution/franchise details, and many other wine and beer reports. Wineries and breweries can now create […]

Read More
Weekly Global Update: May 8-May 20, 2016

This week’s global update covers FATCA, CDOT, and CRS modifications as we near the first-ever reporting deadline for CDOT and a critical deadline for FATCA. Check out all the different types of changes compiled by our expert research team, including countries that are shifting their FATCA due date late in the game.   Liechtenstein Extends due date […]

Read More
New Peru Mandates Expand Beyond VAT to Withholding and Perception Taxes

Two new mandates announced by the SUNAT, the Peruvian tax authority, are set to take effect starting July 1, 2016. The companies mandated to comply with these measures – Comprobantes de Retencion (CRE) and Comprobantes de Perceptcion (CPE) – can expect cash flow repercussions as the SUNAT seeks to keep tax payments from foreign invoices […]

Read More
2016 Craft Brewers Conference Highlights

I was fortunate enough to be able to moderate a panel at this year’s Craft Brewers Conference in Philadelphia. This was another incredible CBC, with over 13k attendees, hundreds of vendors, and dozens of content-packed sessions. If you weren’t able to attend this year’s event, don’t worry. I’ve prepared a brief recap of the event, […]

Read More
UPDATES: VAT or No VAT? – Dispatches from Puerto Rico

UPDATE on the Legislative Future of VAT – May 16, 2016 The future of the VAT in Puerto Rico, including the rate increase for B2B and designated professional services, is now in the hands of the Governor. While both the House and the Senate of Puerto Rico passed legislation to repeal the VAT, the Governor is […]

Read More
Weekly Roundup | Protection Against Proposition 65, Washington Wine Growth, and April Wine Sales

Happy Monday, everyone! Hope you had a great weekend. Today’s roundup covers information on California’s proposition 65 BPA lawsuits, an overview of Washington’s wine market, and details about April wine sales growth. As always, if you read something I missed, let me know in the comments. Have a great week!

Read More
Compliance Implications Abound for Maquiladoras in Mexico

Maquiladoras, a special class of manufacturers in Mexico, benefit from reduced tax obligations, making business-to-government compliance accuracy even more critical for the companies holding this status. A change in a manufacturer’s Maquiladora certification would impact its tax rating, increasing tax liabilities and affecting cash flow. Introduced in the 1960s to increase employment in Mexico, the […]

Read More
To Increase or Not Increase: That's Japan’s Consumption Tax Question

The Proposed Changes to Japan’s Consumption Tax In Japan, consumption tax is paid by consumers when they purchase goods and services. Presently, Japan’s consumption tax rate is 8%. On March 29, 2016, the Japanese Diet (National Parliament) approved the Fiscal Year 2016 Budget, including various tax reforms. The reforms include an increase in the consumption […]

Read More