PATH Act Deadlines Create Problems for Financial Institutions

Sovos
August 10, 2017

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.

Register here for the Global Compliance Summit taking place Oct. 2-4 in Palm Beach, Fla.

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

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Author

Sovos

Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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