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Unclaimed Property Dormancy Periods by State: What You Need to Know

Understanding unclaimed property dormancy periods by state and executing the appropriate decisions can make or break your company’s unclaimed property program. This is due primarily to the fact that each state has varying dormancy periods. To complicate matters even further, each state has specific dormancy periods for each corresponding property type. As a result, determining […]

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Is it Time to Level the Tax Playing Field when it Comes to Food?

By Kelsey O’Gorman & Denise Hatem In the United States, food is the third-largest expense for lower-income households, after housing and transportation. For higher-income households, food ranks fifth, following housing, transportation, pension contributions and health care. While income disparity can skew percentages of spending on essential items such as food and housing, there are also […]

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2020 GCS Intelligent Reporting | Session Recaps

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.” […]

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2020 GCS Speaker Spotlight Series | Lukka

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 […]

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2020 GCS Speaker Spotlight Series | Cointracker

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” […]

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2020 GCS Speaker Spotlight Series | KPMG & Zions Bancorporation

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 […]

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Five Tips to Ensure You (and Your 1099 Service Provider) Are Prepared to Report on Form 1099-NEC (and MISC) This Tax Season

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 […]

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New Educational Course: Tax Compliance and Accounting for Captive Insurers

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 […]

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Industry First: Businesses and Government Partner on New Digital VAT Compliance Principles

For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm.  The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]

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The Advantage of a Cloud-First Company

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 […]

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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 obligations for the new IRS Forms 1099-LS and 1099-SB. Below you will find important background information on Forms 1099-LS and SB and four tips for issuing Form 1099-SB gathered from […]

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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 the new requirements, by state: Illinois: Beginning with tax year (TY) 2019, issuers of Form 1099-K will be required to submit those reports to Illinois electronically if required by the […]

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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 of tax rebates to individuals and their children and provides paid family leave and paid sick leave benefits to employees by offsetting tax credits to employers. The bill provides for […]

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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 were first introduced for the 2019 tax season, and require reporting from both the purchaser and the life insurance carrier when a life insurance policy is sold to a new […]

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The Top 5 Things Tax Professionals Need to Know About Form 1099-NEC

Tax professionals around the country are preparing for the new Form 1099-NEC. A lot of confusion surrounds this form. Below are the top 5 things you should be aware of. 1. Form 1099-MISC changed too: Because the IRS also adjusted the layout of Form 1099-MISC, payors will need to analyze how the source transaction systems […]

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Tax Considerations for Good Corporate Citizens

The COVID-19 pandemic has fundamentally changed the business landscape of our country in a matter of weeks. The demand for products such as paper products and hand sanitizers have overridden the ability of suppliers to fulfill orders. And perhaps most alarmingly, we have learned that our critical services such as hospitals, clinics and first responders […]

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US Supreme Court will Hear ACA Challenge: What are the Ramifications for Tax?

On March 2, the Supreme Court announced it would consider a challenge to the Affordable Care Act (ACA), more commonly referred to as Obamacare. The legal challenge, brought by the Attorney General of Texas and before the Supreme Court as California v. Texas, seeks to overturn the landmark healthcare law. The challenge proposes that since the […]

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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 211 stipulates that TPSOs must issue Form 1099-K to report payments made to their payees. And TPSOs must report payments made to participating payees with a Virginia address if those […]

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