PATH Act Deadlines Create Problems for Financial Institutions

August 10, 2017

Sovos

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Sovos

This blog was last updated on March 11, 2019

Financial institutions are having to deal with a new set of challenges in tax information reporting. Cheryl Riedlinger, noted tax attorney and head of the Tax Reporting Group, recently identified three new headaches for tax professionals:

Changes to IRS policy regarding W-8 forms, which are causing FIs to repaper their client bases
New developments in de minimis corrections, an issue the PATH Act has arguably made worse
Accelerated deadlines, seemingly a trend that will continue

Riedlinger will present on these topics and more at the Sovos Global Compliance Summit in Florida in October. Sovos has produced a white paper based on her recent observations with advice on how companies can overcome reporting challenges.

Take Action

Visit this page to read the Sovos white paper based on Riedlinger’s latest analysis.

To discover more about how Sovos facilitates 1099 reporting, visit this page.

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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