1099
Form 1099-K Reporting: What TPSOs Should Know
As tax year 2024 approaches, third-party settlement organizations (TPSOs) are keeping a close watch on IRS guidance regarding their obligations under the IRS’s Form 1099-K
Solution: Tax Information Reporting
Tax Compliance
Top 5 FAQs to Prepare for the 2025 Tax Filing Season
While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing
Maryland Releases 2024 W-2 Specifications
Maryland recently released the 2024 Maryland Employer Reporting of W-2 Instructions and Specifications. There are substantial changes. A new portal, Maryland Tax Connect, has replaced
Canada Releases 2024 T4A Form
Canada Revenue Agency (CRA) recently released the 2024 T4A (Statement of Pension, Retirement, Annuity, and Other Income). The description for Box 134 has been updated.
Indiana Releases 2024 W-2 and 1099 Electronic Filing Specifications
Indiana recently released its 2024 W-2 and 1099 electronic filing specifications. The 1099 specifications have several notable changes. Form 1042-S will no longer be accepted
Ohio Releases 2024 W-2 Specifications; Employer Withholding Moving to OH Tax eServices
Ohio recently released its 2024 W-2 Upload Specifications. Most notably, filers should be prepared to navigate a new and improved interface when filing 2024 information
Revenue Quebec Releases RL-1 for 2024
Revenu Québec recently released the RL-1 (Employment and Other Income) for tax year 2024. Beginning January 1, 2024, employers must withhold a second Quebec Pension Plan (QPP) contribution
1099
Sovos Introduces 1099 Professional to Simplify Tax Information Reporting for SMBs
ATLANTA, NOVEMBER 6, 2024 – Sovos, the always-on compliance company, today announced the launch of 1099 Professional, a new solution designed to simplify tax information
1099
Designing a 1099 Operating Model: Where the Rubber Meets the Road
With the advent of new information reporting requirements for digital asset transactions, businesses are navigating uncharted territory. I’ve received countless invitations from industry experts to
Revenu Québec Releases RL-3 for 2024
Revenu Québec recently released the RL-3 (Investment Income) for tax year 2024 through Revenu Québec’s Partner program, which provides early access to forms for product developers
Missouri Releases 2024 1099 Electronic Filing Specifications
Missouri recently released the 2024 Employer Reporting of 1099 Instructions and Specifications Handbook. The tax year has been updated throughout. The CF/SF guidance has been
IRS Releases Update to Publication 1220
The IRS recently updated its Publication 1220. The first version for 2024 was released last week on September 19, 2024. This week, an updated version
IRS Releases E-Filing Direction for Affordable Care Act Returns
The IRS has revised Publication 5165, “Guide for Electronically Filing Affordable Care Act (ACA) Information Returns.” The document provides guidance on electronic filing of ACA
Tax Compliance
Tax Year 2024 Readiness Series
The Sovos team is excited to announce our first-ever reporting season prep webinar series, the Tax Year 2024 Readiness Series. This series is your guide
Mississippi Lowers E-Filing Threshold for 1099 and W-2
Beginning with tax year 2024 returns filed in 2025, Mississippi lowered its electronic filing threshold for filing 1099 and W-2 to 10 or more returns. Previously,
IRS Updates 2024 Instructions for Forms 1099-R and 5498
The IRS recently updated the Instructions for Forms 1099-R and 5498 to reflect that the 10% tax on early distributions does not apply to distributions
IRS Re-releases 2024 5498
The IRS recently re-released the 2024 5498 (IRA Contribution Information). The instructions for Box 14a and Box 14b were updated to reflect that the 10%
IRS Releases 2024 Publication 1220
The IRS recently released its 2024 Publication 1220. This publication contains the filing specifications for the FIRE system to file forms of the 1097, 1098,