Blog

Sovos Unveils Browser-Based Interface for Statutory Reporting Solution

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 […]

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Unclaimed Property Due Dates by State

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 […]

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Sovos Acquires 1099 Pro to Extend SMB Support as U.S. Tax Reporting Rules Grow More Complex

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 […]

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How Accounting and Finance Teams Can Face the ‘Great Resignation’

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 […]

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Top 5 Proposed Changes in Crypto 1099 Reporting Guidance

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 […]

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Expansion to Statutory Schedule Y

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 […]

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5 Reasons to Attend Sovos’ Insurance and Regulatory Summit

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 […]

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5 Ways to Improve Back Office Financial Systems for 1099 Tax Reporting

Finding all-in-one back office systems to help manage the day-to-day operations of a financial institution or insurance company can seem like an impossible task. Having all your organizational products, processes, channels, customer information and management tools in one place can save you time, increase efficiency and reduce your risk of errors. And that includes tax […]

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Tips to Minimize Risk for Form 1099-K Reporting

Financial services and institutions are especially vulnerable to the increased risks that come with handing significantly more Forms 1099 due to new IRS regulations. If you‘re tasked with managing compliance or managing fraud for your organization, this burden may very well fall into your lap. It’s important to be proactive in safeguarding your organization from […]

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Managing Form 1099-NEC Reporting After Publication 1220

Form 1099-NEC changes in 2020 Since the IRS released Publication 1220, announcing that Form 1099-NEC—for nonemployee compensation—would not be included in the Combined Federal/State Filing (CF/SF) program starting tax year 2020, 37 states have implemented direct state reporting requirements for new Form 1099-NEC.  Though there are 32 states that participate in the CF/SF program, the […]

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How to Navigate Increased Crypto Tax & Compliance Obligations in 2021

“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS, SEC and CFTC have been playing catch-up for years, and in their defense, it’s not easy to hit a moving target. The digital asset ecosystem continues to grow exponentially and […]

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How to Report Your Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are the latest crypto craze to dominate the headlines; although these tokens are nothing new to the blockchain industry. In 2015, CryptoKitties took the industry by storm when people spent millions purchasing digital images of cartoon cats. Whether it’s digital art, music, videos, or items created in video games, NFTs offer a […]

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1099-K Reporting Requirements: Threshold Changes From Stimulus Bill

President Biden signed the American Rescue Plan Act of 2021 which included a variety of provisions aimed at helping Americans get through the aftermath of the COVID-19 pandemic. To help fund this most recent round of aid, Section 9674 of the Act includes a change to the Form 1099-K reporting threshold for Third-Party Settlement Organizations […]

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More Changes to Form 1042-S

Another January – arguably the busiest month of the tax season – has ended. Tax reporting professionals were consumed with issuing (and filing, in some cases) Forms W-2, 1099, and other information returns for U.S. taxpayers throughout the month of January. Now, we turn our attention to preparing for another busy month of tax processing. […]

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Better Late Than Never: IRS Releases 1099 Reporting Guidance Impacting 2020 Season

January is in full-swing as businesses and software filers scramble to prepare Forms W-2, 1099, 1098 and other information returns to issue to recipients by the end of this month. As the deadline approaches for what is arguably the busiest month of tax season, the IRS released Notice 2021-06 impacting 1099’s that your company may […]

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IRS and States Continue To Focus on Gaps in Nonemployee Compensation Income Reporting

Nonemployee compensation is the income paid by companies that classify an individual as a nonemployee. Nonemployee compensation can represent a variety of business payments including fees, commissions, prizes or rewards. The IRS and states use a variety of information returns to verify the accuracy of income claimed by individuals and business taxpayers including Form 1099-MISC […]

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

Updated October 5, 2021 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 […]

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Sovos Acquires LTtax, Strengthening Automated Tax Withholding Capabilities

Earlier this week, Sovos acquired LTtax, a New York-based provider of payroll withholding and unemployment tax software. The company serves some of the largest retailers, financial institutions and insurers operating in the United States, and its automated withholding technology solves a critical need for large enterprises that manage their own payroll services. Sovos saw an […]

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