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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, financial institutions and insurers operating in the United States, and its automated withholding technology solves a critical need for large enterprises that manage their own payroll services. Sovos saw an […]
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 in the “What’s New” section of the instructions is the indication that the IRS has added the Payer Made Direct Sales of $5K or more checkbox to the Form 1099-NEC. […]
Course Offering Spotlight In this week’s course offering spotlight, we are highlighting another one of Sovos’ regularly offered courses, Schedule P Preparation. This course teaches you how to complete schedule P of the annual statement and understand its analytic value. In our upcoming Sovos Insurance Regulatory Summit 2020, we will be offering a session on […]
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 able to use crypto to purchase goods and services using their PayPal account, according to Reuters last week. For the 26 million merchants participating in the PayPal network, expanding payment […]
With more than 50-years helping professionals succeed in their career, our Sovos Booke regulatory team is known and trusted throughout the insurance industry and is the premier compliance destination for information and emerging trends in tax, regulatory reporting and compliance. Our team of educators share their knowledge and experience to teach the nitty-gritty of insurance […]
Tuesday, October 6 CEO Keynote: Our Journey to Solve Tax for Good | Andy Hovancik, President & CEO, Sovos GCS Intelligent Reporting kicked off with our Sovos CEO, Andy Hovancik, sharing more on what attendees can expect to get from this year’s event and helping attendees better understand Sovos’ mission to “Solve Tax For Good.” […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the cryptocurrency industry. In this segment, we welcome Roger Brown of Lukka, who will be presenting at our upcoming conference in early October. Roger will highlight the anticipated OECD developments involving […]
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 industry. In this segment, we welcome Sheehan Chandrasekera of Cointracker, who will be attending & presenting at our upcoming conference in early October. In this segment of the “Speaker Spotlight” […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series kicks off with the introduction to two brilliant women in the world of tax, Kelli Wooten of KPMG LLP and Susie Jensen of Zions Bancorporation, who will be attending & presenting at our upcoming conference in early October. These two professionals are particularly well-versed in […]
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 on Form 1099-MISC utilizing Box 7—will not be a Combined Federal/State Filing (CFS) form. This means that Form 1099-NEC cannot be filed with the states through the CFS Program. The […]
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 the new Form 1099-NEC which was reintroduced by the IRS last fall and is required to be used for reporting 2020 nonemployee compensation payments (formerly reported in Box 7 of […]
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 calendar year. The new version contains the question about whether a taxpayer held an interest in virtual currency assets on the front page of the form. Crypto investors and the […]
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, 1098, 1099, 5498, and Certain Other Information Returns. The annual publication contains IRS format requirements for issuing Forms 1099 and other information returns to recipients and for the versions that […]
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 of the few items that has stayed consistent is IRS compliance requirements associated with “B”(CP2100) and “P”(972CG) notices. As companies start implementing permanent workplace decisions whether that be in-office, hybrid […]
Last year, Sovos promised insurers we would Solve Tax for Good®. A year later, we have helped thousands of insurers ease the burden and risk of modern tax and regulatory compliance. We have kept our promise by helping insurers stay ahead of the Tax Cuts and Jobs Act, SECURE Act and all other tax and […]
Finding relevant insurance accounting education has always been a challenge for insurance professionals. Insurance is a global industry. But, the financial reporting and tax rules for insurance transactions represent only a small niche within the extensive realm of statutory and GAAP guidance. Captive insurance companies are yet another niche within that, which only narrows the […]
The Coronavirus pandemic revived a longstanding debate amongst lawmakers about what unemployment benefits to provide to independent contractors and how to decrease the underreporting of income. Chairman of the Senate Finance Committee’s Taxation and IRS Oversight Subcommittee, John Thune, believes simplifying tax requirements would ensure that self-employed workers report accurately, pay all taxes owed and […]
With the acquisition of Eagle Technology Management (ETM) and Booke Seminars, Sovos has united the very best in statutory reporting solutions, technology and expertise. Below is an overview of our strategy following these acquisitions: Sovos’s SaaS and Security Strategy Sovos at its core is a Software as a Service (SaaS) and cloud-first company. This means […]