Observations and Predictions: The Future of Tax and Compliance
Sovos Compliance | Intelligent Compliance Blog
by Kevin Akeroyd
5d ago
When I became the CEO of Sovos one year ago, I knew that I was stepping into an innovative company in an industry primed for a seismic transformation. However, even with this knowledge in place, I must admit that the speed and scope of change over the past year has been extraordinary to witness. Here are my observations and predictions on the future of tax and compliance. We are in the midst of a shift in the way global business is conducted and tax revenue is recognized and collected by governments. The message to businesses all around the world is that global governments will no longer rely ..read more
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Streamlined Sales Tax (SST) Attempts to Simplify Compliance for Digital Sellers
Sovos Compliance | Intelligent Compliance Blog
by Charles Maniace
2w ago
Accurate sales tax determination is historically predicated on the seller knowing the precise street address of their customer. Since sales tax jurisdictional boundaries do not necessarily correspond to governmental boundaries (e.g., state, county, city) and don’t tightly align with zip codes, the only way to apply correct local rates is by knowing the pinpoint location of the buyer. However, in today’s digital economy, unless a physical good is being shipped, digital sellers do not need to know the customer’s exact location and their customer may be hesitant to share that information. The Mem ..read more
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19th Annual Wine Summit: Highlights and Takeaways
Sovos Compliance | Intelligent Compliance Blog
by Alex Koral
3w ago
Over May 8-9, Sovos ShipCompliant hosted its 19th annual Wine Summit. For two days, wine makers, managers, consultants, attorneys and other industry members gathered at the Napa Valley Marriott to hear from a cavalcade of experts on regulatory and marketing advice and updates related to the wine industry.  19th annual Wine Summit Recap from Presenters Rob McMillan from Silicon Valley Bank talked on how current market trends will affect the future of the wine industry. Acknowledging that the industry is experiencing a global downturn unlike anything seen in the last 30 years, Rob was optim ..read more
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What’s Happening Next with VAT in the Digital Age (ViDA)
Sovos Compliance | Intelligent Compliance Blog
by Christiaan Van Der Valk
3w ago
It was widely expected that when the finance ministers of the EU convened last week that we’d receive news of a political agreement on the VAT in the Digital Age (ViDA) proposal. Unfortunately, due to the objections of one member state around the platform rules, this did not happen. Now, the official move forward date of ViDA has been put on hold while these concerns are worked through amongst the membership. However, the Belgian presidency reiterated its commitment to maintaining the proposal as a unified package and aims to secure an agreement before the end of its presidency in June 2024, i ..read more
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The Truth is in the Transaction: How the E-Invoice Ties the Global Economy Together
Sovos Compliance | Intelligent Compliance Blog
by Christiaan Van Der Valk
1M ago
Let’s begin with a basic premise. When it comes to tax compliance, you may trust your data, however, the government does not. Businesses may aspire to develop perfect visibility into business operations, but good visibility will often be good enough for meeting business objectives. Data insight is a relative rather than an absolute goal: it competes with many other objectives to deliver shareholder value. For the tax administration, the best possible insight into your data is mission-critical to allow the societies that depend on them to thrive. It is an absolute goal: even the smallest improv ..read more
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Unlocking VAT Recovery: Guidelines, Deadlines and Essentials
Sovos Compliance | Intelligent Compliance Blog
by Michail Konstantinou
1M ago
Following a webinar covering regulatory updates alongside key points of the VAT recovery process, this blog aims to shed light on the crucial aspects of VAT recovery – especially fast-approaching deadlines. Understanding the nuances of VAT recovery applications is essential for businesses seeking to optimize operational costs by recovering VAT incurred in a different country. Let’s explore the fundamental aspects of the VAT recovery process. The VAT recovery process Businesses can reclaim VAT incurred during their operations through VAT returns if registered in the country where costs are incu ..read more
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3 Reasons Craft Beer Drinkers Want DtC Shipping
Sovos Compliance | Intelligent Compliance Blog
by Rachel Hoffman
2M ago
While only 11 states and D.C. allow direct-to-consumer (DtC) beer shipping, more than half of Americans ages 21+ (51%) would purchase more craft beer if they were able to have it shipped directly to their home. In this blog, we discuss the top three reasons why craft beer drinkers want beer sent directly to them via third-party shipping. One of the key findings of the recently released 2024 Direct-to-Consumer Beer Shipping Report is the strong desire among Americans to have the option of purchasing craft beer directly from breweries and having it shipped to their homes. This is particularly tr ..read more
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States Are Looking to Expand DtC Spirits & Beer Availability
Sovos Compliance | Intelligent Compliance Blog
by Alex Koral
2M ago
2024 is shaping up to be a banner year for legislative efforts related to the direct-to-consumer (DtC) shipping of beverage alcohol. While these proposed laws span a range of legal issues, the primary driver of the bills is expanding access to the DtC market for beer and spirits producers. Currently, 47 states and D.C. permit DtC shipping by domestic wine producers—but only eleven and eight states do so for beer and spirits, respectively. As the DtC wine shipping market has blossomed over the years into a $4 billion annual market, it is no wonder that the beer and spirits industries would be v ..read more
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Market Conduct Annual Statement Reminders and More
Sovos Compliance | Intelligent Compliance Blog
by Sarah Stubbs
2M ago
On the second Wednesday of each month, Sovos experts host a 30-minute webinar, Water Cooler Wednesday, to share the latest updates on statutory filings. In March, Sarah Stubbs shared information about the many filings due after March 1, from Market Conduct Annual Statements to health supplements for P&C and life insurers writing A&H businesses and more.  This blog will serve as a revisiting of some reminders for the post-March 1 filings that many companies must contend with. LTC Insurance Experience Reporting  Writers of long-term care (LTC) coverage need to file the LTC Expe ..read more
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How Producers Can Build a DtC Shipping Market
Sovos Compliance | Intelligent Compliance Blog
by Alex Koral
3M ago
Direct-to-consumer (DtC) shipping has become one of the leading sales models for businesses of all sizes and in all markets. The idea of connecting directly with consumers is notably attractive, as it helps brands develop a personal relationship and avoid costly distribution chains. Yet, for all its popularity, DtC is often a hard concept to define, especially within the beverage alcohol industry. For producers and suppliers of beverage alcohol products, the lack of clarity around what DtC means and where and how it can be done can lead to real problems if they try to do something that even ap ..read more
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