This blog was last updated on November 29, 2021
Last year, Sovos promised insurers we would Solve Tax for Good®. A year later, we have helped thousands of insurers ease the burden and risk of modern tax and regulatory compliance. We have kept our promise by helping insurers stay ahead of the Tax Cuts and Jobs Act, SECURE Act and all other tax and regulatory changes.
As part of our commitment to insurance professionals, we acquired statutory reporting market leaders Eagle Technology Management (ETM) and Booke Seminars in 2019 and 2020, respectively. We are now the market leader in statutory reporting. 70 percent of the U.S. insurance market uses our compliance software and educational resources. With the acquisition of ETM, Sovos also adds insurance premium tax and unclaimed property compliance to its portfolio of solutions. By acquiring Booke Seminars, Sovos adds statutory education and federal income tax filing software.
Statutory Reporting
Complying with statutory reporting and state filing requirements is complex and involves several time-consuming tasks. Things like entering and verifying countless schedules, validating and cross-checking data across schedules and submitting filings to the NAIC and state regulators all take vital resources away from your business. We help you eliminate that burden by providing the statutory reporting industry’s leading:
- educational seminars
- handbooks
- insurance compliance calendar
- and statutory reporting, municipal tax, insurance premium tax and federal income tax solutions
Unclaimed Property
Every state imposes its own unique unclaimed property regulations. And changes occur daily. As a result, officials estimate that 80 percent of all businesses are out of compliance with unclaimed property laws. But not keeping track can quickly catch up with you. Fines, penalties, interest and misdemeanor charges can place a massive financial burden on your business. And if fraud is discovered, your business’s reputation will take a hit. Sovos’ Unclaimed Property solutions streamline the reporting process, safeguard businesses from audit risk and have processed more than $8.5 billion of unclaimed property on behalf of our customers.
Tax Information Reporting and Withholding
Every year, Sovos reports 620 million tax forms, making us the #1 private filer of 10-series forms filed to the IRS. Insurers have relied on our wide breadth of tax information reporting solutions for over 30 years. Sovos’ tax information reporting, withholding management and tax identity management solutions reduce manual work by up to 90%. This empowers insurers to focus on their most important business goals while ensuring compliance.
Learn more about Sovos here.
