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The Top 4 Tips for Insurers Issuing Form 1099-SB
In February, some of the largest U.S. insurers came together for a Sovos-sponsored virtual forum. The forum focused on how these insurers managed their reporting
Category: 1099
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Prepare for New 1099-K Reporting Requirements Across the U.S.
A trend is emerging across the country. In the last year, Illinois, Virginia, Florida and Maryland changed their reporting requirements for the 1099-K. Below are
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The Top 5 Ways Coronavirus is Affecting Your Business’s Tax Reporting Obligations
The Coronavirus Aid, Relief and Economic Security (CARES) Act addresses the economic impacts of the COVID-19 outbreak. It authorizes emergency loans to distressed businesses, payouts
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The Top 5 Challenges of Forms 1099-LS and 1099-SB
Forms 1099-LS and 1099-SB were born out of the 2017 Tax Cuts and Jobs Act (TCJA) as part of the Life Settlement reporting section. They
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Sports Cancellations Cost States Big Time
This year’s sports cancellations, including the NBA and March Madness, have left many states with far fewer tax dollars than expected. Since it was legalized
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Overcome the Latest Challenges of Form 1042-S
The 1042-S form is one of the most complex IRS forms. Our recent webinar: “Form 1042-S: Turn Stress into Success” discusses updates to the 1042-S
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Virginia Lowers Reporting Threshold for Third-Party Settlement Organizations
The Virginia legislature recently passed legislation which makes significant changes to the reporting obligations of gig economy participants and specifically third-party settlement organizations (TPSOs). SB
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Prepare to Pay Taxes on Crypto Held in Foreign Accounts
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
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IRS Agrees to More Clarity on Crypto Information Reporting
The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it
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Will AB5 Become a National Trend?
California’s Assembly Bill 5 (AB5) has sparked a national trend towards increased regulations on the gig economy. New York, New Jersey and Illinois have followed
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Starbucks Shakes Up the Banking World
Experts believe Starbucks plans to enter the financial services industry. This belief is based on the huge sum of money Starbucks holds in stored value
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See the Latest IRS FY19 Updates on Crypto and Gig Economy Enforcement
The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig
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Take 5 Minutes to Learn This Year’s Last Minute Tax Information Reporting Changes
Tax time is upon us, which means last minute IRS and state tax information reporting changes are keeping us on our toes. Take five minutes
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IRS Sunsets Paper e-Filing for 1099s
Historically, the IRS required 1099 filers of 250 or more forms to file electronically (e-file). For businesses filing fewer than 250 forms, the IRS allowed
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Illinois Enacts Form 1099-K Reporting Requirements
For the first time in state history, the Illinois state legislature has enacted form 1099-K reporting requirements as part of the FY20 Budget Implementation Act.
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IRS Tax Gap Data Previews the Future of 10-series Reporting Requirements
A recent fact sheet released by the IRS shows the latest tax gap estimates and overall taxpayer compliance, and demonstrates why the IRS is likely
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Crypto Exchange and Custodian Gemini Chooses Sovos as its Tax Reporting Solution Provider
Gemini, one of the world’s most trusted cryptocurrency exchanges and custodians, has selected Sovos, the largest private filer of 10-series tax forms, to automate Gemini’s
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Withholding State Reporting Beyond an Organization’s Physical Presence
Introduction Tax information reporting and withholding at the state level is often a complex undertaking for organizations to manage. With 43 states now requiring income