Sovos 1099, Unclaimed Property Reporting Build Efficient AP Depts

August 28, 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.


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.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.



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.
Share this post

North America ShipCompliant
September 26, 2023
How Can Women-Led Beverage Alcohol Companies Change the Industry?

The beverage alcohol industry might no longer be strictly viewed as a “boys’ club,” but there are a minority of women leading organizations in the space. However, the number of women-led wineries, breweries and distilleries is on the rise, which – as we’ll explain – is likely a very positive thing for the industry. Let’s […]

North America ShipCompliant
September 25, 2023
Potential Government Shutdown Will Affect Beverage Alcohol Industry

Unless Congress is able to pass an appropriations bill in the next few days, the U.S. government is set to shut down all nonessential services effective October 1, 2023. This will include (among many other agencies) the Alcohol and Tobacco Tax and Trade Bureau (TTB), which will impact the beverage alcohol industry. If the shutdown […]

EMEA VAT & Fiscal Reporting
September 25, 2023
VAT in the Digital Age – Union One Stop Shop (OSS) Expansion

Entering into force on 1 January 2025, the EU Commission’s VAT in the Digital Age (ViDA) proposals have been introduced in an effort to modernize VAT across the EU.  One pillar of ViDA is the “single VAT registration,” which would reduce compliance costs for businesses. The Commission proposes to achieve this by expanding the Union […]

North America Tax Information Reporting
September 25, 2023
Why Conduct a Pilot Season for Tax Information Reporting?

Another tax information reporting season is just around the corner and now is the time to start preparing your teams handling forms such as Series 1099, 1098, 1042-S, 3921, 5498, W-2, W-2G and more. Getting your teams ready and testing your reporting process ahead of January ensures you are set up for a successful season. […]

North America Tax Information Reporting
September 21, 2023
Sovos Education Returns to Orlando with Statutory Accounting CPE

If you didn’t join us in D.C. or San Francisco earlier this year, you won’t want to miss one last opportunity in 2023 to take part in live continuing education. Sovos Education is returning to the Orlando area for a full week of statutory accounting CPE opportunities and we’re hoping to see you there. Sun […]