Industry Specific Reporting Needs

Experts for Every Industry

Each industry offers a unique set of challenges when it comes to tax reporting and we understand all of the demands, complexity and regulations that you will face each tax season. Let the experts at Sovos Compliance help you get to the finish line.

Insurance

We Understand Your Complex Needs

1099 tax reporting requirements for insurance organizations are some of the most complex in information reporting. Organizations have to deliver a variety of complex 1099 forms to clients while reporting to regulatory agencies for life, disability, property/casualty, health insurance payments, just to name a few.  This type of filing necessitates compliance knowledge and expertise to keep up with federal and state regulatory changes.

Convey Provides Many Advantages

  • Extensive state reporting requirement capabilities
  • Withholding calendars and calculators
  • TIN Compliance/B-notice abatement automation
  • Built-in compliance
  • Intuitive and configurable customer service interface to help answer recipient questions quickly and accurately

What Convey Solutions Do For You

  • Ensures you are in compliance for all aspects of state and federal of tax information reporting.
  • Provides a centralized tax information reporting solution that allows customer service staff to query and provide vendors and clients with up to date tax information providing better customer service to your clients.

TIN Compliance Services

For organizations making one-time payments with frequently changing TIN or EIN data, Convey provides organizations due diligence and recipient correction processes.

Convey’s Withholding Management

Companies with extensive withholding requirements can leverage Convey to manage compliance, withholding, remittance and reconciliation requirements on every regulatory level.

Financial Services

Your Intricate Processing Demands

Demanding Our Attention

If you are in Financial Services, we understand that your organization is often burdened with the intricate processing demands in 1099 tax reporting.

  • Mutual funds
  • Stocks
  • Bonds
  • Savings accounts
  • Trusts
  • Annuities
  • Mortgages

eStatements Solutions

Provides clients the ability to offer recipient forms online and track the opt-in/opt-out requests of recipients. Convey provides consolidated tax statements for easier recipient readability and filing while decreasing printing and mailing costs.  The end result is better customer service and increased customer loyalty for less cost.

Advanced Compliance Expertise

Tax deferred compensation plans, stock sales, and mortgage instruments require some of the most advanced compliance expertise in 1099 processing, so staying ahead of the tax reporting regulations for both federal and state is even more important for you. Convey provides the Financial Service Industry:

  • Easy to access and query data for multiple departments
  • Automated and updated software eliminating IT support
  • Elevated customer service/branding through convenient consolidated form presentation
  • Handles all aspects of 1099 processing
  • Provides a centralized tax information reporting system accessible to customer service staff who need to provide clients with up-to-date information on tax forms.

Gaming

Keeping Players Playing

  • Instantly and accurately validate SSNs and check against the Office of Foreign Assets Control (OFAC) designated nationals list.
  • Avoid huge fines (for failure to ensure compliant withholding/due diligence) and even jail time (for paying out to an individual on the Office of Foreign Asset Control’s Designated Nationals list) by relying on Convey.

Adding Value During Every Stage of Casino 1099 Processing

With Convey, you gain ensured compliance, efficiency, and optimal customer service in one solution.  The capability means reduction or even elimination of B-Notice penalties that can amount to tens or hundreds of thousands of dollars. The Taxport solution is the ultimate web-enabled casino operations system.

Convey Provides the Gaming Industry:

  • On-demand identity verification for compliant payouts
  • Streamlined one screen automated process that involves minimal player disturbance
  • Integration with other identity management systems:
    • Resort Advantage continues to lead the gaming industry with its Title 31 compliance innovations. Title 31 Accelerator brings the industry’s best compliance tools together into one comprehensive and integrated solution for complete FinCEN and IRS regulatory compliance that meets the needs of our casino customers today and into the future. For more information visit www.resort-advantage.com.

Corporate

Streamlined Processes Are Possible

Your organization is unique and your filing needs are very specific. From 1099-Misc for payments to a vendor or independent contractor to form corrections and multi-state filing requirements, Convey will work with you to identify a solution perfect for your organization’s environment.

  • Extensive state reporting requirement capabilities, including Puerto Rico territory
  • Withholding calendars and calculators
  • TIN matching/B-notice resolution tracking
  • Updated annually to comply with all the latest federal and state regulations
  • Intuitive and configurable customer service interface for answering recipient questions real-time

For organizations looking to improve the quality of their 1099 processing:

  • Convey offers Taxport or Fully-Managed Services to reduce the internal burden of 1099 processing.
  • Convey’s solutions offer the most comprehensive form capabilities for real-time corrections without re-loading data.
  • Convey’s systems are ISO 27001 certified hosted environment, reflecting a focus and commitment to the highest standards of data security and privacy.
  • In addition to complete tax reporting management, clients benefit from Convey’s comprehensive TIN Compliance Services that handle every facet of ensuring good recipient TINs , from B-Notice solicitations to interfacing with the IRS TIN Matching program.

Government

Helping to Stretch Every Dollar in Your Budget

Tax reporting needs for government agencies and organizations are time consuming and a bigger challenge than ever before given all the budget cuts and reductions in resources available to manage the process. From 1099-Misc for payments to a vendor or independent contractor to corrections and backup withholding responsibilities, Convey will work with you to identify a solution perfect for your organization’s environment.

  • Updated every year to meet ever changing federal and state reporting requirements
  • Intuitive interface for users to easily pull-up and reprint lost 1099 statements
  • TIN matching capabilities/B-notice resolution automation
  • Able to accommodate tax data files from any governmental back-office system

For organizations looking to improve the quality of their 1099 processing:

  • Convey offers Taxport or Fully-Managed Services to reduce the internal burden of 1099 processing.
  • Convey’s solutions offer the most comprehensive form capabilities for real-time corrections without re-loading data.
  • Convey’s systems are ISO 27001 certified hosted environment, reflecting a focus and commitment to the highest standards of data security and privacy.
  • In addition to complete tax reporting management, governmental organizations can benefit from comprehensive TIN Compliance Services that handle every facet of TIN compliance, from W-9/B-Notice solicitations to interfacing with the IRS TIN Matching program to validate correct TINs.