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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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Updated Publication 1220 Pushes States Towards Direct State Reporting for Form 1099-NEC

The IRS has released the 2020 version of Publication 1220. One of the most notable changes is that Form 1099-NEC (Nonemployee Compensation)—which was previously reported on Form 1099-MISC utilizing Box 7—will not be a Combined Federal/State Filing (CFS) form. This means that Form 1099-NEC cannot be filed with the states through the CFS Program. The […]

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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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IRS Continues to Look for Crypto Investors the Hard Way

Last week, the IRS released an updated draft of the Form 1040 to be used by individual taxpayers when reporting income taxes for the 2020 calendar year. The new version contains the question about whether a taxpayer held an interest in virtual currency assets on the front page of the form. Crypto investors and the […]

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IRS Disappoints Direct Sellers with Recent 2020 Form 1099-NEC Reporting Requirements

On July 17th, the IRS released Revenue Procedure 2020-35 which is the annual version of Publication 1179 General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The annual publication contains IRS format requirements for issuing Forms 1099 and other information returns to recipients and for the versions that […]

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IRS “B” (CP2100) and “P” (972CG) Notice Season is Right Around the Corner

Despite the pandemic and work-from-home or limited workforce situations plaguing U.S. companies this year, IRS compliance requirements associated with “B”(CP2100) and “P” (972CG) Notices have not been relaxed. Each of these notices require your organization to take a series of actions within specific timelines in order to avoid being assessed penalties under Internal Revenue Code […]

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The Industry Leader in Tax and Regulatory Reporting

Last year, Sovos promised insurers we would Solve Tax for Good®. A year later, we have helped thousands of insurers ease the burden and risk of modern tax and regulatory compliance. We have kept our promise by helping insurers stay ahead of the Tax Cuts and Jobs Act, SECURE Act and all other tax and […]

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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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Act now: Temporary Extension to Enroll in the Delaware VDA Program

Did your company receive an invitation in February 2020 to join the Delaware Voluntary Disclosure Agreement Program (SOS VDA Program)? If so, you have extra time to enroll in the program. The Office of Unclaimed Property extended the enrollment deadline to July 18, 2020.   How to enroll   If you intend to enroll, send […]

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A Lowered Federal 1099-K Threshold Gains National Attention

The Coronavirus pandemic revived a longstanding debate amongst lawmakers about what unemployment benefits to provide to independent contractors and how to decrease the underreporting of income. Chairman of the Senate Finance Committee’s Taxation and IRS Oversight Subcommittee, John Thune, believes simplifying tax requirements would ensure that self-employed workers report accurately, pay all taxes owed and […]

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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 to Stay Ahead of Unclaimed Property

Unclaimed property compliance is a year-round job. Preparations must be made monthly in order to stay compliant. Below are the top 5 ways you can stay ahead of your unclaimed property obligations, before they turn into penalties. 1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in […]

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The Danger of Unclaimed Property for Healthcare Providers

Healthcare providers build up patient credit balances from collecting more coinsurance, copays, and deductibles than they earn. Unfortunately, because the fees are unearned, the healthcare provider has inadvertently accepted fiduciary responsibility for the funds. In addition to safeguarding the funds from potential loss, the healthcare provider is now facing penalties and interest from the states […]

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The Top 4 Benefits of a Cloud-based Unclaimed Property Solution

According to Forrester Research, 65 percent of North American enterprises relied on public cloud platforms in 2019. This is five times the percentage that used cloud platforms 6 years ago. Leading businesses are flocking to cloud solutions because of the numerous benefits they provide. Below are the top 4 benefits of using a cloud-based unclaimed […]

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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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