This blog was last updated on October 24, 2023
In today’s complicated world of tax compliance, it can be nearly impossible for teams to keep up with their 1099 and unclaimed property reporting obligations. From ensuring tax identity management for 1099 recipients to executing on the due diligence requirements needed to report unclaimed property, the time your accounts payable (AP) teams spend on compliance is increasing. Below are four benefits to centralizing your 1099 and unclaimed property reporting with Sovos.
Scalability
A manual process for reporting 1099s and/or unclaimed property can be grueling on your team and take weeks away from other business-critical tasks. Clients have reported seeing a 70% to 80% reduction in time spent on compliance by utilizing Sovos’ suite of solutions for 1099 and unclaimed property reporting. With Sovos as your compliance partner, we have you covered for all your reporting needs. From reporting software to unclaimed property consulting to complete managed services offerings, Sovos’ state-of-the-art solutions will give you true confidence in year-round compliance, allowing your AP teams to run more efficiently.
Knowledge and expertise
State officials estimate roughly 80% of businesses fail to comply with unclaimed property laws and the IRS reports over $386 billion dollars of the current tax gap stems from non-filing or underreporting. Whether you are struggling to identify past due property reporting or are confused about what your reporting obligations are, Sovos has you covered. Our team has decades of experience ensuring due diligence, escheatment processes and up-to-date reporting obligations. Our team of 65+ regulatory analysts will help work towards compliance and all of your reporting needs. In addition, our solutions ensure that if an audit does occur, you can track your reporting every step of the way.
Industry leader
Sovos is the market leader in tax information reporting and unclaimed property solutions and services. From small businesses to Fortune 500 enterprises, Sovos solutions offer an enhanced customer experience for every business. Our solutions are built to handle the toughest regulations, no matter when they arise. In addition, our team of experts are available year-round to support our clients in any way possible.
Efficiency gains
No matter what your reporting needs are, we offer compliance assistance to your teams, allowing them to focus on other critical business tasks. Whether you are looking to step away from a complex manual approach or scale your process to reconcile with your business needs, Sovos’ reporting solutions can help improve functionality amongst your teams to ensure true confidence in your reporting.
Take Action
Still have questions about how Sovos can take your reporting to the next level? Reach out to our team to learn more.
