IRS Updates Continuous Use Form 1099-DIV for Tax Year 2024
The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the
Solution: Tax Information Reporting
Tax Compliance
ACA Reporting Deadlines and More for Tax Year 2023
Affordable Care Act (ACA) reporting has started for tax year 2023. ACA reporting can quickly become complicated and costly with IRS penalties if your business
1099
Form 1042-S Reporting Updates and Best Practices
Because Form 1042-S encompasses all payments made to non-US recipients and has 429 applicable codes, it’s considered one of the most complex tax forms to
IRS Releases Updated Instructions For Forms 1099-INT and 1099-OID
The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of
New York Updates NYS-50
New York recently updated the NYS-50 (Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax). Most notably, the Department of Labor is rolling out
Minnesota Publishes 2024 W-4MN and W-4MNP
Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year
IRS Releases Update to Form 1099-OID
The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from
IRS Releases Update to Form 1099-INT
The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other
IRS Releases 2024 Form 1042-S
The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form
Arkansas Begins Accepting 1099 Through TAP
In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing
New York Releases 2024 IT-2104 and IT-2104-E
New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to
Tax Compliance
Prepare for Annual Statement Season with Sovos Education Services
As we approach annual statement season, join us at Sovos Education for one of our refresher or short courses to get up to speed on
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A Comprehensive Guide to 2023 IRS Reporting Updates
In the world of ever-evolving regulation changes, staying informed is crucial for businesses to achieve complete compliance in their tax information reporting processes. In 2023,
IRS Releases 2024 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments
The IRS recently released its tax year 2024 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. Aside from being updated for the 2024
Vermont Releases 2023 W-2 and 1099 Specifications
Vermont recently released it’s Electronic Filing Specifications for EFW-2 and 1099 filing with the state. Except for some editorial changes, there were no changes to
Idaho Releases W-2 and 1099 E-Filing Direction
Idaho has released its electronic W-2 and 1099 filing specifications. There are no changes to the electronic specifications themselves. There are some filing direction changes.
Arkansas Releases 2023 W-2 and 1099 Electronic Reporting Specifications
Arkansas has released its electronic filing specifications for W-2 and 1099 forms submitted to the state for tax year 2023. There are no changes to
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Navigating Tax Year 2023’s Most Impactful Regulatory Updates
Join Sovos’ Solution Principal, Wendy Walker, for an exploration into the regulatory changes that will shape tax year 2023. Discover the latest updates on state