Blog

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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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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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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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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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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Sovos Regulatory Course Spotlight and Meet Our Educators

Course Offering Spotlight In this week’s course offering spotlight, we are highlighting another one of Sovos’ regularly offered courses, Schedule P Preparation. This course teaches you how to complete schedule P of the annual statement and understand its analytic value. In our upcoming Sovos Insurance Regulatory Summit 2020, we will be offering a session on […]

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Sovos Regulatory Course Spotlight and Meet Our Educators

With more than 50-years helping professionals succeed in their career, our Sovos Booke regulatory team is known and trusted throughout the insurance industry and is the premier compliance destination for information and emerging trends in tax, regulatory reporting and compliance. Our team of educators share their knowledge and experience to teach the nitty-gritty of insurance […]

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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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