1099 Client Success Story: Texas Capital Bank

July 20, 2016

Sovos

Author

Sovos

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

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.

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