This blog was updated on March 9, 2023. Every 1099 form transmitted to the IRS has the potential to become a costly penalty; these penalties can be alleviated with proactive TIN matching. For organizations experiencing rapid growth, an influx of new contractors, distributors or service providers can be exciting, but fraught with risk as tax […]
Mergers and acquisitions (M&A) have always been inherent in the financial institution landscape but have recently increased at an unprecedented pace. A recent Fortune.com article indicated a whopping $2.4 trillion in M&A deals in 2021, up 158% from last year. In February 2022, the FDIC prioritized policy updates to the 25-year-old Bank Merger Act in […]
With the annual 2021 statutory filing season behind us, the focus now is on 2022 with all the accounting and reporting changes that it will entail. Do not be fooled into thinking that implementation of these changes will be effortless or without a time investment. Hopefully these items have been considered and addressed already. However, […]
Editor’s note: This blog was updated on December 28, 2022 Update: Since this content was published, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K form reporting for tax year 2022 will remain unchanged […]
The tax season isn’t over yet, but one of the biggest organizational reporting challenges is behind us– issuing and filing of Form 1099-NEC for payments companies made to nonemployees in exchange for their services. As we look back on the flurry of activities that our organizations orchestrated to issue and file millions of Forms 1099-NEC […]
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing and filing annual 1099s, W-2s, and other tax returns by January 31st. When January is in the rear-view mirror, businesses will turn to the next hurdle of 2022 tax reporting season; annual reporting of Form 1042-S […]
The IRS released Proposed Regulations this week that permanently extends the time for businesses to provide the Recipient copy of Forms 1095-B and 1095-C. Rather than continue to issue annual Notices to extend the date to issue the statement to the recipient, these regulations propose to permanently amend §1.6055-1(g)(4)(i) i to automatically grant filers a […]
Editor’s note: This blog was updated on November 13, 2023 The 2023 1099 tax reporting season is rapidly approaching, and the changes and updates are still coming – from the IRS and states. How can you ensure you’re ready for the busy season in time? What are some best practices for ensuring your 1099 information […]
The IRS issued Proposed Regulations in September that included a reduction to the required electronic filing threshold for businesses from 250 information returns to 100 returns for the 2021 tax reporting season. Further, the new requirements change the way that a business determines how to arrive at the number of returns required to be filed […]
2021 ACA reporting will most likely be different than prior years. Last fall, the IRS issued Notice 2020-76, which provided Affordable Care Act (ACA) filers with an extension of time to furnish Forms 1095-B and 1095-C to recipients. Instead of being due by the end of January, the forms could be mailed by March 2 […]
At our Insurance Regulatory Summit, we announced the launch of the Web App, a new browser-based interface for the Sovos Statutory Reporting solution. The Web App is an addition that can further help users comply with statutory reporting and state filing requirements. The Web App was created for and by Sovos users to deliver a […]
Unclaimed property due dates are spread across the calendar year and differ by state and holder/company type. Complicating matters even further, each state’s own unclaimed property rules and regulations are updated frequently. We’ve gathered state-specific information on unclaimed property due dates to help you stay on top of this changing information. The Sovos regulatory analysis […]
Earlier today, Sovos announced it has acquired 1099 Pro, a California-based company that delivers tax information reporting software and services to tens of thousands of small and medium-sized businesses (SMBs), in addition to enterprise organizations. 1099 Pro has been a market leader for three decades, and it brings talented team members to Sovos to extend […]
As offices around the world begin to reopen after nearly 18 months of employees working from home, many buildings aren’t as full as they used to be. In fact, 2.7% of the workforce quit their jobs in June 2021 alone. This is caused in large part by what many are calling the “Great Resignation.” Finance […]
The hotly anticipated crypto 1099 information reporting tax law changes may finally come to light this week. In an interesting twist to the bipartisan infrastructure bill negotiations, Senator Rob Portman (R)-OH added specific 1099 reporting tax law changes for digital asset transactions. The additions to the bill, entitled “Enhancement of Information Reporting for Brokers and […]
As we pass the midpoint of the year, many companies are already looking toward year end, trying to ready themselves for various new reporting requirements. Among those is the expansion to statutory Schedule Y where newly adopted Part 3 will join the family and require disclosures on related party insurer members of a holding company […]
Sovos is the industry leader in U.S. insurance accounting and reporting, education and software. From our expert level instructors, to our industry best-in-class software and support, to our customized high-quality training, Sovos helps you meet your organizational goals. Being the industry leader requires staying ahead of industry changes in insurance accounting and financial reporting. To […]