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How to Report Your Non-Fungible Tokens (NFTs)
Non-fungible tokens (NFTs) are the latest crypto craze to dominate the headlines; although these tokens are nothing new to the blockchain industry. In 2015, CryptoKitties
Category: 1099
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1099-K Reporting Requirements: Threshold Changes From Stimulus Bill
President Biden signed the American Rescue Plan Act of 2021 which included a variety of provisions aimed at helping Americans get through the aftermath of
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Better Late Than Never: IRS Releases 1099 Reporting Guidance Impacting 2020 Season
January is in full-swing as businesses and software filers scramble to prepare Forms W-2, 1099, 1098 and other information returns to issue to recipients by
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The Top 5 Things Tax Professionals Need to Know About Form 1099-NEC
This blog was updated on February 10, 2023 With the introduction of Form 1099-NEC in 2020, the way filers report non-employee compensation and use Form
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Sovos Acquires LTtax, Strengthening Automated Tax Withholding Capabilities
Earlier this week, Sovos acquired LTtax, a New York-based provider of payroll withholding and unemployment tax software. The company serves some of the largest retailers,
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Things Are Looking Up for Direct Sellers for 2021 NEC Reporting
This week, the IRS released draft instructions for 2021 reporting of tax information on Forms 1099-MISC and 1099-NEC. One of the most notable changes included
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Tax Issues Only Going to Get Worse with PayPal Going Crypto
Starting in early 2021, PayPal customers can buy, sell and trade select cryptocurrencies using their PayPal and Venmo online wallet accounts. Shoppers will also be
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2020 GCS Intelligent Reporting | Session Recaps
Tuesday, October 6 CEO Keynote: Our Journey to Solve Tax for Good | Andy Hovancik, President & CEO, Sovos GCS Intelligent Reporting kicked off with
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2020 GCS Speaker Spotlight Series | Lukka
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the
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2020 GCS Speaker Spotlight Series | Cointracker
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency
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2020 GCS Speaker Spotlight Series | KPMG & Zions Bancorporation
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series kicks off with the introduction to two brilliant women in the world of tax, Kelli
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Updated Publication 1220 Pushes States Towards Direct State Reporting for Form 1099-NEC
The IRS has released the 2020 version of Publication 1220. One of the most notable changes is that Form 1099-NEC (Nonemployee Compensation)—which was previously reported
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Five Tips to Ensure You (and Your 1099 Service Provider) Are Prepared to Report on Form 1099-NEC (and MISC) This Tax Season
The 2020 tax information reporting season is rapidly approaching and the changes we know about so far are pretty complex. A primary example lies in
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IRS Continues to Look for Crypto Investors the Hard Way
Last week, the IRS released an updated draft of the Form 1040 to be used by individual taxpayers when reporting income taxes for the 2020
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2020 GCS Speaker Spotlight | Government Accountability Office
The Government Accountability Office (GAO) will speak about gig economy tax issues at Sovos’ virtual GCS Intelligent Reporting conference. Jessica Nierenberg from the U.S Government
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GAO Urges IRS to Overhaul 1099 Reporting for the Gig
A couple of weeks ago, the Government Accountability Office (GAO) released a report to the Senate Finance Committee describing the issues the IRS faces in
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IRS Disappoints Direct Sellers with Recent 2020 Form 1099-NEC Reporting Requirements
On July 17th, the IRS released Revenue Procedure 2020-35 which is the annual version of Publication 1179 General Rules and Specifications for Substitute Forms 1096,
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IRS “B” (CP2100) and “P” (972CG) Notice Season is Right Around the Corner
Note: This post was updated on May 22, 2023. Though the U.S. workplace model has shifted quite a bit in the past few years, one