The IRS created the Combined Federal State Filing (CF/SF) program more than 20 years ago to help alleviate the administrative burdens on small businesses reporting 1099 information to states. This program integrates federal and state filings. The IRS uses information filed in federal filings and then forwards relevant information to states on a business’ behalf. […]
The California Voluntary Compliance Program (VCP) is now available, according to an announcement from the California State Controller. For the first time, we are hearing from the State Controller’s Office (SCO) regarding the VCP authorized by the California legislature in September 2022. The announcement on the SCO’s website provides guidance concerning the upcoming program and […]
Sovos ShipCompliant’s recent 2023 Direct-to-Consumer (DtC) Wine Shipping Report, released with our partner Wines Vines Analytics, showed the first-ever decline in both value (-1.6%) and volume (-10.3%) of shipments. While these numbers are concerning, it’s important to look at the industry in its entirety and keep in mind the overall context of pandemic responses from […]
While the first annual Direct-to-Consumer (DtC) Spirits Shipping Report, presented by Sovos ShipCompliant and the American Craft Spirits Association (ACSA), found that 80% of regular craft spirits drinkers would purchase spirits for DtC shipping monthly if permitted in their state, it’s not necessarily as apparent to producers how they can legally ship spirits DtC. We’ve […]
Tax identification numbers (TINs) play an extremely important role in the 1099 reporting process. However, it is often misunderstood just how important a role valid TINs play. If incorrect names and/or TINs are reported, the consequences can be substantial. Here are key basics to remember about TINs when filing 1099s. What is the initial impact […]
By Wendy Walker, Solution Principal, Sovos and Jessica Metts, Director of Client Services, Comply Exchange With the 1042-S reporting deadline approaching , Comply Exchange recently partnered with Sovos to deliver a webinar breaking down the end-to-end information reporting and withholding lifecycle. A lot of withholding agents or payers do not think of the information reporting […]
Craft beer drinkers want expanded direct-to-consumer (DtC) beer shipping options, and if recent pieces of legislation are any indication, they may soon start to get that wish. Currently, several states have introduced bills that could expand the DtC alcohol shipping landscape for breweries and wineries alike. We’ve highlighted the details below. Hawaii DtC beer shipping, […]
Craft beer drinkers want their beer shipped DtC—legally—and they are willing to pay for it. Those are among the conclusions of the third annual Direct-to-Consumer (DtC) Beer Shipping Report, released this March by Sovos ShipCompliant in partnership with the Brewers Association. The report includes a regulatory review of the DtC beer shipping channel, the latest […]
By Judy Vorndran, J.D., CPA, TaxOps and Nancy Steele, TaxOps To deal with the uncertainty of evolving sales and use tax policies in numerous jurisdictions, businesses have increasingly turned to software providers to deliver the right rates and calculations for each transaction. Unfortunately, calculating the amount of tax due is only part of what it […]
By Andrew Adams, Editor, Wine Analytics Report The winery direct shipping market has begun a new post-pandemic era as total shipments for the past year declined 1.6% by value and 10.3% by volume. While the declines are unprecedented in the more than 12 years Wines Vines Analytics and Sovos ShipCompliant have tracked the channel, they […]
In our recent blog, “California – One Step Closer to a Voluntary Disclosure Program,” Freda Pepper outlined everything we currently know about the program, including who will be eligible to participate, a requirement to complete an education program, timeline requirements and, most importantly, the benefits related to completing the program. While there’s a lot that […]
The Supreme Court has issued its decision in Delaware v. Pennsylvania and Wisconsin, and Arkansas v. Delaware (the MoneyGram litigation). It is the Court’s opinion that Agent Checks and Teller’s Checks (check instruments) issued by MoneyGram are similar to “money orders and other similar instruments” and should be escheated according to federal law. As a […]
Financial institutions are moving toward a centralized tax solution, but why? We have found five major drivers leading this change. Operational costs Core banking solutions aren’t in business to ensure your 1099 reporting is done accurately or completely, and they likely aren’t keeping up with expanding regulatory requirements, like direct state reporting, which could incur […]
In the month following the release of the 2023 Direct-to-Consumer Wine Shipping Report, several other data snapshots of the wine industry were also published. In response to the various reports, there has been a swell of commentary on what each one signals for the health of and outlook for the U.S. wine industry. It can […]
Sovos ShipCompliant attended the recent American Craft Spirits Association (ACSA) Convention. Celebrating its 10th year, ACSA once again brought together “distillers and suppliers to harness the energy of the industry.” Direct-to-consumer (DtC) alcohol shipping was a recurring theme at the convention, with multiple panels discussing what changes must take place to increase DtC spirits shipping […]
If you ask a beverage alcohol regulator what their biggest concern is, nine times out of ten, you’ll hear about efforts to prevent sales to minors. The health risks associated with alcohol, particularly for developing brains, validate those concerns, but there is something of a reflexive response around underage consumption—a response grounded more in fear […]
The Treasury Department and IRS released changes to the electronic filing requirements for information returns this week. TD 9972 changed the requirements for a number of tax returns submitted to the IRS by businesses including a variety of 1099s, Form 1042 Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, and more. Effective […]
The unclaimed property (UP) community will convene in Nashville starting Sunday, March 12 for the 2023 Unclaimed Property Professionals Organization (UPPO) annual conference. Approximately 600 people will descend upon the Nashville Renaissance Hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, the “conference integrates networking and premier […]