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Delaware Unclaimed Property VDA Notices

Delaware VDA Responses Due Monday, April 19, 2021 If you received one of the recent unclaimed property DE VDA invitations sent February 19, 2021 your response is due Monday, April 19, 2021. Holders that received an invitation and do not respond by April 19th will be referred to State Escheator for audit examination. Double check […]

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When Are Unclaimed Property Reports Due and Other FAQs

When are unclaimed property reports due? This is a fairly common question asked by holders that are new to the escheat reporting process, or not as well versed in the intricacies of escheatment reporting. Fortunately, Sovos has provided answers to some of the most frequently asked escheat reporting questions to help your organization survive unclaimed […]

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Unclaimed Property Landscape for the Life Insurance Industry

Most unclaimed property professionals are familiar with the story of Verus Analytics, LLC’s (“Verus”)[1] appearance on the contract audit “field of play” some ten years ago, as it cut a swath across the life insurance industry with audits focused on the industry’s failure to report and remit unclaimed life insurance proceeds based on the insurers […]

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What are the New Mexico Economic Nexus Details?

New Mexico is one of many states that updated its economic nexus following the South Dakota v. Wayfair, Inc. decision. With the passing of New Mexico House Bill (H.B.) 6, the Land of Enchantment adopted a sales tax collection requirement for out-of-state sellers and marketplace facilitators. The below outlines several of the major points in […]

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Massachusetts Unclaimed Property Self-Review Invitations

There has been an interesting development from the Commonwealth of Massachusetts State Treasurer’s Office as they introduce a new wave of unclaimed property self-review invitations. Recipients of these self-review invitations have 30 days from the receipt of the letter to log into the state website to provide updated contact information. This timeline is shorter than […]

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Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets

For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to comply effectively and efficiently has caused many sleepless nights for unclaimed property professionals. Well, that may be a bit extreme, however, state regulations are difficult to master. When the first […]

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Massachusetts Adds Safe Harbor to New Accelerated Payment Program

Taxpayers worried about complying with the new Massachusetts “Advance Payment” requirement, applicable to sales/use and room occupancy tax taking effect on April 1, 2021, should take note of a temporary safe harbor added to the final version of Technical Information Release TIR 21-4 published by the Department of Revenue on March 31, 2021. As previously […]

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How to Navigate Increased Crypto Tax & Compliance Obligations in 2021

“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS, SEC and CFTC have been playing catch-up for years, and in their defense, it’s not easy to hit a moving target. The digital asset ecosystem continues to grow exponentially and […]

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What is the Sales Tax Nexus in North Carolina?

Following the South Dakota v. Wayfair, Inc. Supreme Court decision, North Carolina issued a policy directive (SD-18-6) indicating that it would be enforcing the imposition of tax on remote sellers under N.C. Gen. Stat. § 105-164.8(b). This directive was later codified in Session Law 2019-6. Remote sellers and marketplace facilitators should regularly ensure that they […]

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Massachusetts to Implement Advance Sales Tax Payment Program for April

As previously reported by my colleague, Erik Wallin, the Massachusetts Department of Revenue is set to start enforcing a new advance payment program applicable to sales, use and room occupancy tax. The requirements are detailed in a draft Technical Information Release and in an email sent to taxpayers on March 5. There are two critical changes […]

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1099-K Reporting Requirements: Threshold Changes From Stimulus Bill

President Biden signed the American Rescue Plan Act of 2021 which included a variety of provisions aimed at helping Americans get through the aftermath of the COVID-19 pandemic. To help fund this most recent round of aid, Section 9674 of the Act includes a change to the Form 1099-K reporting threshold for Third-Party Settlement Organizations […]

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Switching vs. suffering: Sales and use tax pain is avoidable

As one of the more complicated administrative aspects of a retail business, sales and use tax filing processes are ripe for re-evaluation. Begin by asking yourself questions such as: Does my current solution do enough to make my life simpler? Do I get more out of it than I am putting in? Believe it or […]

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How Marjam Building Supply solved sales and use tax

Almost two decades ago when Bruce Respler joined Marjam Building Supply, one of the largest distributors of building materials on the East Coast, he was in charge of calculating and filing sales taxes manually. The company, which now owns 40 lumberyards, was only selling into a few states at the time. But even then, the […]

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Maryland Enters the World of Digital Tax – Part 2

As reported here, a few weeks ago the Maryland Legislature enacted two bills impacting the state’s approach to tax in the digital economy. The first bill was a first-in-the-nation tax on digital advertising that is already being challenged in the courts on Constitutional grounds. The second, HB 932, while far less controversial, should not be […]

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Growth is great – but is your approach to sales tax keeping up?

When business is booming, the last thing you want to do is focus on tax liability.  But as you expand, so does complexity. Moving into new geographic areas or creating new products and services will likely affect your business’ sales tax obligations, so it’s vital to keep up with new requirements as you grow.  After […]

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If cars can drive themselves, should filing sales and use tax be so hard?

Picture this scenario: You input your sales and use tax data into your automated tax management tool and wait for your filings to be ready. A few days later, you get your determinations and have 24 hours to sign off.  You try to do quality control, but the forms don’t provide visibility into what data […]

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It’s 2021. No more unpleasant sales and use tax surprises

It’s no secret 2020 was a year of personal and professional disruption, requiring rapid adaptation. So long, office happy hour. Hello Zoom quarantinis! Of course, businesses have been adapting just like each of us. You may have been growing your online sales… perhaps quickly. Maybe you’re selling into states you’ve never done business in before […]

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Mississippi Sales Tax Nexus Changes

The Supreme Court’s 2018 ruling on South Dakota v. Wayfair, Inc. had a ripple effect across the country on how out-of-state businesses must collect and remit sales tax. The Mississippi sales tax nexus is just one example of how remote sellers and marketplace facilitators need to ensure they remain compliant as regulations are updated. Below […]

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