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Tax Authority Data Collection and the Analytics Behind It

Data is one of the most valuable assets of companies and individuals. Data gathered, cleaned and analysed well enables businesses to realise their utmost capabilities. With the digitization trend, error-prone paper forms, ledgers and books are replaced by electronic versions. This development gave companies more control over their data and liquidated data for further analysis. […]

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IRS to Require Electronic Filing of Form 1042 and Other Returns

Last summer, the IRS released Proposed Regulations amending the rules for filing electronically for a variety of business income tax returns, information returns, registration statements, disclosure statements and more. These regulations were proposed in conjunction with the Taxpayer First Act of 2019, which required the IRS to focus on increasing electronic return filing. The implementation […]

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Educate Yourself on Sovos Education Services

If you were unable to join us on our recent webinar discussing Sovos Education Services and all the resources we offer, don’t worry.  Read on to find out what you missed. Booke Seminars is now Sovos Education Many of you are likely familiar with Booke Seminars – the longstanding provider of insurance accounting education. Booke […]

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Understanding Recent Form 1099-K Reporting Changes

As the online platform economy has evolved, the related tax reporting requirements are also changing and becoming more intricate for businesses. With Form 1099-K reporting, organizations must ensure that they are up to date on all IRS and state tax regulations to stay in compliance. Form 1099-K is not necessarily a requirement for all businesses […]

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5 Benefits to Attending 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? Sovos’ 2022 Insurance Regulatory Summit is that opportunity. This is an annual, exclusive event providing the insurance industry with premier educational sessions from regulatory experts and instructors. […]

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Top 5 Reasons to Attend 2022 Comply & Connect: Reporting

Every year you are invited to attend dozens of different industry conferences, with many offering high-impact keynote speakers and a great depth of potential insights into our industry. How do you evaluate the true worth to your employer in terms of a return on investment? Comply & Connect: Reporting is the industry’s premier conference for […]

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Insurance Statutory Reporting Due Dates

Insurance statutory reporting filing due dates for the National Association of Insurance Commissioners (NAIC) are spread across the calendar year causing a jumble of different deadlines that apply to certain insurers. The quarterly and annual filings can be easier to remember, but the additional filings certain insurers are required to submit can be tricky to […]

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Take Advantage of Real-Time TIN Matching

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 season approaches. Regardless of your business model and […]

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Tax and Unclaimed Property for Mergers and Acquisitions

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 […]

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Key Statutory Accounting and Reporting Changes for 2022

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, […]

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IRS Clarifies Form 1099-K Reporting Changes for Crowdfunding Payments

Last week, the IRS released a Fact Sheet alerting taxpayers that received money through “crowdfunding” that they may need to pay income taxes on that donated income. The clarifications were also aimed at payers of crowdfunding payments obligated to issue and file Form 1099-K Payment Card and Third Party Network Transactions for those donation payments. […]

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Insights from Tax Year 2021 Form 1099-NEC Reporting

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 […]

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More Changes to Form 1042-S

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 […]

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Latest Updates: State Direct Reporting Requirements for Form 1099-NEC

With the release of Publication 1220 for tax year 2021, we were made aware that the IRS has added Form 1099 NEC to the Combined Federal State Filing (CF/SF) program. This program is intended to relieve the burden of filing 1099s directly with states since the IRS forwards 1099s filed federally to participating state agencies. […]

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IRS Grants Permanent Relief for ACA Recipient Forms 1095-B & C

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 […]

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Are you Ready for 1099 Tax Reporting Season?

The 2021 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? We have four key ways to stay up-to-date on the latest reporting requirements, as well as highlights of notable 2021 […]

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Important eFile Threshold Changes Could be Coming for 2021 Tax Reporting Season

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 […]

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Good Faith Unlikely for 2021 ACA Reporting

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 […]

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