Tax Information Reporting

Tax Reporting Best Practices

New Report: Leading Financial Institutions Weigh in on Tax Reporting Best Practices

January 31, 2017, 4:51 pm EDT in 1099, Blog, Tax Information Reporting

Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs.With this in mind, Sovos commissioned a survey to better understand how organizations are...


IRS Clarifies Safe Harbor Rules for De Minimis Errors

January 12, 2017, 5:00 pm EDT in Blog, IRS Regulation Updates, Tax Information Reporting

The Protecting Americans from Tax Hikes Act (PATH Act) enacted in December 2015 creates, extends and permanently implements a number of exemptions and deductions that affect individual and business taxpayers alike. The PATH Act also contains a number of provisions intended to cut down on potential tax fraud. One of...

IRS Delays E-Service Re-Registration Planned for October 24

IRS Delays E-Service Re-Registration Planned for October 24

October 5, 2016, 2:26 pm EDT in Affordable Care Act, Blog, Tax Information Reporting

Update from the IRS as of October 24th Revised Date Information for e-Service Users To ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS...

B Notice

Is Your Organization Prepared for B and P Notice Season?

August 18, 2016, 12:09 pm EDT in Blog, Tax Information Reporting

The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can...


IRS Releases Long Awaited TIN Solicitation Guidance

August 4, 2016, 1:41 pm EDT in Affordable Care Act, Blog, Tax Information Reporting

The IRS recently released long-awaited guidance for filers regarding TIN solicitation. The IRS proposed regulations for 6055 contain a number of clarifications for providers of health insurance. The most recent guidance—Notice 2015-68—filers received was released last September, just shy of a year ago.The proposed regulations discussed comments from filers regarding...

Texas Capital

1099 Client Success Story: Texas Capital Bank

July 20, 2016, 10:38 am EDT in Blog, Tax Information Reporting

Many organizations, like Texas Capital Bank, struggle with handling their tax reporting obligations. It is a necessary function that can easily be overlooked because revenue producing initiatives come first. However, failing to properly handle these requirements can end up costing you more, put you at risk for incurring large penalties,...