1099 Client Success Story: Texas Capital Bank

Sovos
July 20, 2016

This blog was last updated on June 27, 2021

Many organizations, like Texas Capital Bank, struggle with handling their tax reporting obligations. It is a necessary function that can easily be overlooked because revenue producing initiatives come first. However, failing to properly handle these requirements can end up costing you more, put you at risk for incurring large penalties, dissatisfaction amongst your customers and damage to your reputation.

Texas Capital Bank’s Tax Reporting Problems

In 2013, Cathy Reynolds, the Vice President of Client Operations who manages the centralized maintenance of the banks, including all of the tax reporting, found that her current vendor wasn’t keeping them in compliance with their required state reporting as they expanded the bank’s services and offerings, which was very important and concerning to them. Also, B-Notices were on the rise, but their vendor didn’t help with these. Cathy realized it was time to make a change.

The Suite of Sovos 1099 Solutions

Cathy then ended up speaking with a representative from Sovos at a conference. She decided to use Sovos for Real-Time TIN matching and Bulk TIN matching. After seeing a dramatic reduction in B-Notices and improved compliance in this area, Cathy decided to expand Texas Capital’s use of Sovos by purchasing Sovos 1099 (formerly Taxport) as well as Managed Services. According to Cathy, not only was the implementation process very easy and smooth, but they were able to purchase the solution in November and still use it to file all of their  forms on time the following January. Cathy is a huge fan of Managed Services, not only because they have helped the bank gain more control over making changes to their process, but because of the excellent customer-service and subject matter expertise they provide. She wants Texas Capital Bank to expand their use of Sovos for ALL their tax information reporting needs across the business. To read more about Cathy and Texas Capital’s experience using Sovos 1099 and Managed Services, please download a copy of our Texas Capital Bank client success story today. If you need help, Sovos 1099 can help you with form generation, printing, mailing and transmittal. Contact us today to learn more

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
Share this post

Hungary Supplemental Insurance Premium Tax
EMEA IPT
July 11, 2022
Extra Profit Tax: An Introduction to Supplemental IPT in Hungary

This blog was last updated on October 28, 2024 Update 7 October 2024 by Edit Buliczka Hungarian Tax Office Updates IPT Declaration Form for 2023 The procedure necessary to correct an underdeclared premium figure in Hungary can be complicated. The complexity of a correction for return form 2320 has become even more challenging. Following a […]

2025 bond project
North America Tax Information Reporting
November 4, 2024
The Insurer’s Guide to the 2025 Bond Project

This blog was last updated on November 4, 2024 The regulatory landscape for insurance companies is undergoing significant changes with the Principles-Based Bond Project which is set to take effect on January 1, 2025. These changes, driven by the National Association of Insurance Commissioners (NAIC), will impact how insurance companies classify and value bond investments, […]

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
November 1, 2024
New ViDA Proposal Set for ECOFIN Approval

This blog was last updated on November 1, 2024 The Council of the European Union has released a new proposal regarding the VAT in the Digital Age (ViDA) reform. The proposal aims to modernise and streamline VAT systems across the EU, notably e-invoicing and Continuous Transaction Controls (CTC). Members States will review it on 5 […]

what is peppol
E-Invoicing Compliance North America
October 29, 2024
What it is PEPPOL?

This blog was last updated on October 29, 2024 Peppol E-invoicing explained: What it is and how it works The global adoption of electronic invoicing is accelerating. Governments worldwide are pushing to adopt e-invoicing to digitally transform their national systems and, often, to close the VAT gap. While many countries have introduced their own e-invoicing […]

remote sellers sales tax
North America Sales & Use Tax
October 28, 2024
Will Congress Act to Simplify Remote Seller Sales Tax Collection

This blog was last updated on October 29, 2024 When the United States Supreme Court ruled in 2018, that South Dakota’s law imposing sales tax collection requirements on sellers without in-state physical presence was constitutional, it did not grant states free reign. States are still responsible for ensuring that their sales tax requirements are manageable, […]

dtc shipping laws for craft spirits
North America ShipCompliant
October 23, 2024
Why It’s Time to Reform DtC Shipping Laws for Craft Spirits

This blog was last updated on October 23, 2024 While wine lovers have enjoyed the convenience of direct-to-consumer (DtC) shipping for nearly two decades, the craft spirits market is still not afforded the same access. Outdated and restrictive spirits shipping laws have kept the spirits industry from fully leveraging the benefits of DtC shipping, leaving […]