Press Release: Sovos Compliance Recognized as 2016 Best Tax Information Reporting Firm
Wealth & Finance International awards compliance software provider for helping businesses comply with complex and ever-evolving regulations.
December 22, 2016, Wilmington, Massachusetts — Wealth & Finance International named Sovos Compliance as the 2016 Best Tax Information Reporting Firm (U.S.), recognizing the organization for its success in helping finance leaders around the world reduce the burden and risk of compliance in a turbulent regulatory environment.
The award focused on the software company’s suite of business-to-government reporting solutions, which help financial services and insurance companies deal with a variety of tax reporting challenges, including 10-series reporting to the IRS, Affordable Care Act compliance, and the automation of data aggregation and reporting on foreign taxpayer accounts in alignment with new automatic exchange of information laws, including the Foreign Account Tax Compliance Act (FATCA) in the U.S.
Sovos is the largest private filer of 10-series forms (including 1099s) in the U.S., and in 2015 alone, the company implemented 162,373 tax rule changes across the globe — over 10,000 changes per month — in its software solutions. Sovos clients include Genworth Financial, Nationwide and over half the Fortune 500.
“Government reporting requirements are constantly changing, putting pressure on financial professionals around the world,” said Sovos CEO Andy Hovancik. “Addressing complex business-to-government reporting regulations is hardly a core function of business. Further, nearly half of CFOs list compliance as their number one barrier to growth. At Sovos, we aim to mitigate the burden and risk of compliance so businesses can grow and thrive.”
“We are proud to be recognized by Wealth & Finance International as the Best Tax Information Reporting Firm in the U.S. We will continue to invest in products and services that ease the burden of business-to-government reporting for our clients,” said Hovancik.
“We are proud to be recognized by Wealth & Finance International as the Best Tax Information Reporting Firm in the U.S. We will continue to invest in products and services that ease the burden of business-to-government reporting for our clients,”
said Sovos CEO Andy Hovancik.
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Sovos Compliance is a global leader in tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world. With a 35-year track record of accurate and complete regulatory analysis and a global suite of software solutions, Sovos helps finance, tax and HR professionals in 4,500 companies, including half of the Fortune 500, stay ahead of complex and fast-changing government regulations. The company’s compliance platform integrates with a wide variety of business applications, providing the control and visibility required to manage global tax compliance activities. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit www.sovos.com.
About Wealth & Finance International
Wealth & Finance International is dedicated to working around the clock to provide a platform to the brightest, best performing and most deserving companies and individuals from across the funds and investments landscape. They are fiercely passionate about recognising outstanding achievement, game-changing innovation and stellar performance, and all of our awards are carefully tailored to provide detailed and in-depth analysis of the very best each market, industry, sector and region has to offer. Choosing winners is taken very seriously with every single one selected purely on merit, meaning that, no matter how big an organisation and regardless of budget, there is no way to buy your way to success.