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Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]

It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]

In both the House and Senate, Congress is looking to change the thresholds for Form 1099-MISC and Form 1099-K reporting. Form 1099-MISC, which is used to report miscellaneous income, currently has a general threshold of $600 with some exceptions (e.g. royalties of $10 or more, or direct sales of at least $5,000 of consumer products […]

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

A recent move by the IRS to reject 1040 forms that don’t properly indicate taxpayers’ health-insurance status shows that the Affordable Care Act is both still in effect and relevant to tax reporting. After a summer of attempts to repeal the ACA, the law survived, as did the tax information reporting requirements it carries.  Now, […]

Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2017 Version of Form […]

The Affordable Care Act and its associated reporting requirements remain the law of the land after the Senate announced it will not hold a vote on the Graham-Cassidy bill. Here are three things businesses need to keep in mind when planning for ACA reporting season: You’re on the hook for reporting. Senate Republicans have tried […]

Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels.  In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2018 Draft Form 1098-T, […]

The changes in state tax reporting thus far in 2017 reflect much of what we learned in 2016: State governments want more information, and they want it sooner than before. Some examples of this phenomenon can be found in states such as Iowa, Maryland, Oklahoma, and Connecticut. Iowa now requires both W-2 and 1099 reporting […]

The employer mandate could be repealed if Senate Republicans push through their newest attempt to repeal and replace the Affordable Care Act, but it appears as though ACA reporting requirements under IRC 6055 and 6056 would remain intact. Republicans introduced the Graham-Cassidy Plan in recent weeks. The Senate has until September 30 to pass the […]

Note: This blog was updated on September 3, 2021. According to the Treasury Department’s American Families Plan Tax Compliance Agenda, the most recent assessment of the gross tax gap for tax year 2019 is approximately $580 billion. Recently, Treasury Deputy Assistant Secretary Mark Mazur testified before Congress that the projected tax gap could balloon to […]

Note: This article on 1099 B and P notices was updated on September 14, 2021. Sovos recently held a webinar on best practices for dealing with “B” Backup Withholding and “P” Penalty notices related to name and taxpayer identification number mismatch errors in 1099 reporting. Here, Sovos regulatory experts answer questions from webinar viewers on IRS B […]

Despite multiple repeal attempts, the Affordable Care Act (ACA) is alive and well. Employers still have to report ACA information or face increasing penalties. With ACA reporting still on HR professionals’ agenda, Sovos regulatory experts answer selected questions posed by viewers during a recent Society of Human Resources Management (SHRM) webinar. Their answers are here, […]

The Affordable Care Act (ACA) is still the law of the land, having survived attempts to both repeal and replace the legislation. It now has real teeth, with the dollar amounts of financial penalties having doubled in recent years. Here is what HR professionals need to know to prepare for the upcoming filing season and […]

If you don’t know much about the dark web, you’re not alone. Maybe 5 percent of internet users are on it (at a stretch), but it’s anywhere from 6 to 500 times larger than the consumer web. And it can definitely affect your job as a tax professional. Anything and everything is for sale on […]

Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals: Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases New developments in […]

Financial services companies are now forced to tackle a new breed of 1099 reporting requirements for corporate clients. Federal and state governments are increasing audit frequency and requiring more detailed data, and new rules are putting companies’ reputations on the line. Tax leaders at financial services companies have bigger burdens on their shoulders these days, […]

Amidst questions coming out of last week’s Senate vote-a-rama, one thing is clear: Information reporting obligations for Applicable Large Employers and providers of health insurance coverage will remain in place for the foreseeable future. Congress and the Administration are divided on how to proceed after multiple health care bills failed last week in the Senate. […]