Blog

Why Conduct a Pilot Season for Tax Information Reporting?

Another tax information reporting season is just around the corner and now is the time to start preparing your teams handling forms such as Series 1099, 1098, 1042-S, 3921, 5498, W-2, W-2G and more. Getting your teams ready and testing your reporting process ahead of January ensures you are set up for a successful season. […]

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Sovos Education Returns to Orlando with Statutory Accounting CPE

If you didn’t join us in D.C. or San Francisco earlier this year, you won’t want to miss one last opportunity in 2023 to take part in live continuing education. Sovos Education is returning to the Orlando area for a full week of statutory accounting CPE opportunities and we’re hoping to see you there. Sun […]

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Form 1042 (and 945) Returns Electronic Filing Requirement Updates

Changes announced: Click here for the most up to date Form 1042 information. We’ve previously discussed how the IRS released final electronic filing requirements for information returns effective with 2023 returns. One of those key changes is that businesses can no longer submit Form 1042 withholding tax returns on paper starting with tax year 2023 […]

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4 Things to Know About Transmitter Control Code (TCC) Requirements

Organizations that access IRS systems to file information returns, including Form 1099, Affordable Care Act returns and more, need to understand how technological updates could impact their filing processes. As part of its multi-year business systems modernization plan, the IRS has implemented new systems and processes that must be followed for accessing their systems for […]

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Sovos 1099, Unclaimed Property Reporting Build Efficient AP Depts

In today’s complicated world of tax compliance, it can be nearly impossible for teams to keep up with their 1099 and unclaimed property reporting obligations. From ensuring tax identity management for 1099 recipients to executing on the due diligence requirements needed to report unclaimed property, the time your accounts payable (AP) teams spend on compliance […]

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Are You Ready for Your 2023 Statutory Annual Statement?

Do you work on your company’s statutory annual statement? If so, a committee of the National Association of Insurance Commissions (NAIC) you should track is the Blanks Working Group (BWG). One of the primary responsibilities of the BWG is to adopt improvements and revisions to the various statutory annual and quarterly statements. Yes, the BWG […]

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Tax Information Reporting: The Basics of 1099

All types of businesses are subject to reporting earnings on the 1099 form series. Tax information reporting 1099s can be a complex process, especially when you must report more than one type of 1099 form. There are also many different parts of the reporting process that can be confusing, including knowing what 1099s to report, […]

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5 Benefits of the Sovos Insurance Regulatory Summit

Where can you go to receive best-in-class education on insurance accounting and theory, network with your insurance professional peers, earn CPE credits and stay ahead of industry change? The Sovos 2023 Insurance Regulatory Summit is that opportunity. This is an annual, exclusive event providing the insurance industry with premier educational sessions from regulatory product experts and […]

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Sovos Booke Statutory Accounting CPE Event Coming to San Francisco

As part of our ongoing effort to return to the in-person model of providing continuing education, the instructors at Sovos Booke are on the move yet again this year. Your next chance to join us is coming up in September so read on to see how we expect the week to play out. Westward ho! […]

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5 Questions to Ask When Outsourcing 1099 Reporting

Outsourcing your 1099 reporting can be a big change for your business and there are many aspects to consider before choosing a partner to aid in the process. Staying compliant is the only way to avoid penalties from the IRS and state governments. Before you choose a partner in your reporting process, be sure to […]

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4 Ways to Elevate Your Direct State Reporting Process

Direct state reporting obligations have gotten increasingly difficult for some businesses over the past few years. With more states requiring direct reporting of form series 1099, more companies are subject to penalties if they do not comply with those obligations. As state reporting evolves, ensuring your process is efficient is critical. Strengthening your reporting process […]

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5 Benefits to Attending 2023 Comply & Connect: Reporting

In-person conferences are back in full force for Sovos in 2023. It’s likely that you, or your employees, have been invited to several industry conferences that offer high-impact keynote speakers and a great depth of potential insights into our industry. How do you evaluate the true value in terms of return on investment for you, […]

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Proposed W-9 Update Expands Backup Withholding Requirements

For the third year in a row, the U.S. Department of the Treasury’s annual General Explanations of the Administration’s FY2024 Revenue Proposals (Greenbook) includes a proposed update that would expand the federal backup withholding requirements. The proposed change would help facilitate more accurate tax information, supporting “the broader goals of improving IRS service to taxpayers, […]

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Sovos Booke to Offer Statutory Accounting CPE in Washington, D.C. Area

For the past couple of years, businesses have been emerging from their pandemic work settings at varying degrees. And during that time, we’ve been listening to your feedback. Sovos Booke (also known as Sovos Education) finally has multiple in-person continuing education opportunities coming your way this year. Your first chance to join us is coming June […]

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Key State Reporting Changes and Trends from Tax Year 2022

This blog was updated on November 28, 2023 Businesses of all sizes must properly determine what tax information to report, where to report it, how to report it and when it needs to be reported. Each state can have its own requirements—and those requirements can change—making it increasingly complicated for organizations when it comes time […]

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How Updated Technology Impacts State Tax Information Reporting

Largely fueled by necessity during the COVID-19 pandemic, Federal and state governments throughout the U.S. have updated their tax withholding and information reporting processes. With funds given via the Coronavirus Aid, Relief, and Economic Security (CARES) Act, states can now create modernized state tax systems. This includes new or updated online systems and processes for […]

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Important Verifications Beyond TIN Matching for 1099 Reporting

If you have been reporting 1099s for a while, you know that Tax Identification Number (TIN) matching is essential to ensure you don’t receive notices or penalties from the IRS. TIN matching typically occurs at two points when paying a vendor or customer: when onboarding a new vendor or customer based on information collected on […]

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What Causes – and Stops – State Tax Deficits?

This blog was updated on November 28, 2023 Direct state reporting for 1099s has increased regulations over the past decade. These regulations include earlier due dates, lowered thresholds and additional reporting requirements. States have also seen late reporting, inaccurate and non-reporting for decades. When an individual or business does not pay the proper amount of […]

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