Tax Compliance
Sovos Tax Information Reporting Guide: TaxWire
Stay informed on the latest developments in tax information reporting with Sovos’ TaxWire quarterly insights guide.
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IRS Releases Draft of New Form 1099-DA
The IRS recently released a draft version of the long and highly anticipated Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The form will be
Oregon Releases Additional Independent Contractor Reporting Guidance
On January 1, 2024, Oregon law began requiring reporting of newly hired or reengaged independent contractors. From January to March 2024, the Oregon Child Support Program rolled
IRS Updates Instructions for Form 1098-Q
The IRS recently updated the Instructions for Form 1098-Q. The updated instructions include a note to use them with the December 2019 revision of the
IRS Releases 2024 Instructions for Forms 1099-SA and 5498-SA
The IRS recently released its 2024 Instructions for Forms 1099-SA and 5498-SA. These instructions cover reporting of distributions from an HSA, Archer MSA, or Medicare
IRS Releases 2024 Instructions for Form 1099-B
The IRS recently released its 2024 Instructions for Form 1099-B, the form for reporting proceeds from broker and barter exchange transactions. The updates to the
Oregon Conducting ‘Soft Launch’ of Independent Contractor Reporting
Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional
IRS Releases 2024 Form 1099-B
The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS.
IRS Publishes Updated Form for Extension of Time to Furnish Recipient Statements
The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process
IRS Releases 2024 Form 1098-E
The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this
IRS Releases New Application for Extension of Time to Furnish Recipient Statements
The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is
IRS Releases Updated Form 1099-K
The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions.
1099
IRS’ New Extension of Time Impacts 2023 Recipient Statements
Unbeknownst to many issuers of 1099 and other information returns, Form 15397 Application for Extension of Time to Furnish Recipient Statements was debuted by the
1099
Exploring IRS Modernization and its Impact on Tax Information Reporting
The Internal Revenue Services’ (IRS) modernization efforts represent crucial and necessary advancements in shaping the framework of information tax reporting processes to be more accessible,
IRS Waives Electronic Filing Requirement for Form 1042
Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via
IRS Releases 2024 1099-R and 5498 Instructions
The IRS has released its 2024 instructions for form 1099-R and 5498. The revised instructions incorporate a variety of changes, including the following. The age for
Tax Compliance
IRS Delays E-File Requirement for Form 1042: What You Need to Know
In a recurring theme, the IRS released communication this week that exempts the requirement to e-file Form 1042 Annual Withholding Tax Return for U.S. Source
IRS Releases 2024 1099-R Form
The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now