Sovos State of Compliance Newsletter
Upcoming Webinar: Penalties Increase Again for 1099 and ACA Reporting
The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, these penalty increases include late and in-accurate filing, corrections, and maximum penalty cap for all tax information, 10-series, and ACA form reporting requirements. These increases apply for taxable years beginning in 2015!
 
Join our webinar on April 6 at 2:00 PM EDT to find out more »
 


Breaking Down the Economics of Affordable Care Act Reporting
Have you ever thought about just how much it will cost your organization to comply with mandatory ACA reporting? What will Affordable Care Act reporting cost you in terms of time and impact? The IRS estimates that it will take 12 minutes to fill out each 1095-C return—and this is assuming you know how to fill it out correctly the first time and have all the necessary information immediately at your disposal. Find out more »
 

 
Making the Most of Your Season Review with Wendy Walker: Upcoming Webinar

May 4 @ 2:00 3:00 PM EDT
Most of the main tax season deadlines have come and gone. It’s now time to collect your notes and start preparing your review to internal stakeholders. How do you compile this information and present this data in a clear manner that will help drive process improvements for next year? Find out more »
 

 
ACA Reporting Compliance: What’s Next on the Horizon: Webinar On-Demand

You’re probably familiar with the Affordable Care Act (ACA) and its complicated legal changes, compliance obligations, and coverage requirements. You also may know a fair bit about the IRS reporting requirements in your efforts to be compliant this tax year as you work towards meeting your own obligations.
 At this point, many organizations are focused on meeting this year’s ACA reporting requirement. The deadline extension granted some relief with additional months to print and mail 1095 forms to employees and send the 1094 electronic transmittal to the IRS. But what about the other business ACA impacts you’ve been working through? View our on-demand ACA webinar to hear more about 
ACA reporting overview and its obligations, insights behind the ACA deadline extension, and more.



News for 1099, ACA, and AEOI Reporting
1099/ACA: ACA and 10-Series Form Penalties Increase Again!
The IRS has raised penalty amounts once again. As stated in IRS announcement 16-11, you may now be penalized up to $260 per record if you are late or inaccurate in all tax information, 10-series, and ACA form reporting requirements. Click here to read more »
 
1099: Managing Form Changes Through the Eyes of Form 1042-S
The March 15th deadline for form 1042-S has come and gone, but the memories of 1042-S challenges feel like they will last forever. However, the reality is they don’t last forever. As process owners begin preparing for their tax season review to internal stakeholders, most are left trying to recollect their notes and determine how to present them well enough to drive improvements to the process for next year. Click here to read more »
 
AEOI: Get Weekly FATCA Updates as Complexity grows!
In 2016, FATCA reporting will include accounts reported in 2015, new US entities, preexisting US financial institution accounts, and pre-existing high net worth individuals. As FATCA continues to grow more complex, stay up to date on all of the latest changes summarized in our weekly FATCA update blogs.
 
This week’s blog includes the Revenue Department in Ireland releasing an updated FAQ’s for reporting on FATCA. To read more about this week’s changes and to sign up for our AEOI blogs click here to read more »
 
AEOI: Networking is Driving Organisational Readiness for AEOI
As global information reporting continues to grow in complexity, it also continues to test the versatility of organisations internal tax compliance and tax operations teams. For larger organisations, this means managing an increased responsibility for FATCA, reporting for CDOT this May, and continuing to prepare for complete global transparency with CRS starting in tax year 2016. Click here to read more »

Top Ten Sales Tax Changes of 2015
Each year there are hundreds of tax rules and rates changes; 2015 was no different. These changes cover everything from rate changes to what is taxable and of course, sales tax holidays. Having incorrect sales tax rates could increase the risk of penalties and fees or trigger an audit. If you are charging a customer the wrong rate, it would create an unfavorable experience that could impact your revenue and reputation. Sovos has a team of experts tracking and continuously updating the rule and rate changes across the globe. Check out our Infographic for some of our tax team’s favorite changes made in 2015!
 
 
Upcoming Events
Curious about what's next for AEOI? Join us on April 20 in London to find out!
There are few, if any, events being held about Global Information Reporting and AEOI (FATCA, CDOT and CRS) that recognize the importance of bringing both tax compliance and tax operations together. Sovos will host a complimentary quarterly networking event focused on how organisations are interpreting, preparing, and implementing global reporting on April 20 in London, UK. Find out more and register now » 
 
Visit Sovos at Benefits Selling Expo: April 18-20, Ft. Lauderdale, FL
Benefits Selling Expo has for more than eleven years thousands of benefits brokers and agents and featured national political, industry and motivational experts in its speaking faculty. Sovos experts will be on hand this year to discuss our ACA tax information reporting solutions. Come visit us at Booth #101 to get an update on all of the exciting ways we can help your company improve operational efficiency, reduce compliance risk, and help your clients achieve peace of mind.

Sovos Sponsors Cheryl Riedlinger’s 30th Annual Tax Reporting and Withholding Conference: 
April 25-27, Arlington, Virginia
Financial institutions file billions of 1098, 1099, and 1042-S information returns each year.  IRS penalties are now $250 per form.  Learn how IRS tax reporting and withholding impacts your bottom line.  You can establish best practices and be a part of the solution by getting all the tax information your institution needs in one-stop by attending this two day conference April 26 - 27, 2016 in Arlington, Virginia. Find out more »

16th Annual European Shared Services and Outsourcing Week: May 24-26, Dublin, Ireland
This event has established a reputation as the place to meet and exchange ideas that will decide the direction for the Shared Service Centers (SSC) and Global Business Services (GBS) market. This year’s theme Driving Strategic Value through Automation, Process Excellence and Data is a reflection on the fact that, no matter the maturity, in 2016 all GBS and shared service entities are looking at ways to transform themselves from transactional centers to value-adding hubs. Find out more »
 

 
SovosCon 2016: October 19-21, Baltimore, MD
 
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Sign up for this year's event, "Navigating a Sea of Compliance" to join our tax compliance experts for educational breakout sessions tailored to tax veterans and novices alike, expanded product training of Sovos software, and one-on-one labs designed to tackle your unique compliance questions and concerns. Our Agenda features sessions that focus on requirements like exemption certificate management, international expansion, vendor accountability and the AP process, audit defense, and working effectively with states for sales tax compliance.
 
Register today and use the code "TIRSOC" for an additional $250 off of the current rate!

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