Sovos Acquires LTtax, Strengthening Automated Tax Withholding Capabilities

Andy Hovancik
December 9, 2020

This blog was last updated on December 9, 2020

Earlier this week, Sovos acquired LTtax, a New York-based provider of payroll withholding and unemployment tax software. The company serves some of the largest retailers, financial institutions and insurers operating in the United States, and its automated withholding technology solves a critical need for large enterprises that manage their own payroll services. Sovos saw an opportunity to extend that capability to non-wage withholding needs, as well — for things like backup withholding, annuity and pension distributions, nonresident alien and Foreign Account Tax Compliance Act (FATCA), and more.

Sovos has deep withholding reconciliation capabilities, and we’re the largest private filer of 10-series IRS forms. This latest acquisition, our fifth of 2020, bolsters our 1099 information reporting offerings by adding withholding automation to the mix. The result is a compelling solution for corporate tax teams that want a single source for withholding management. That’s a particularly strong interest among large life insurance and annuity companies, many of which we serve.

On a mission to Solve Tax for Good

With a strong reputation in its market and a dedicated team of product and support staff, LTtax brings a long-standing customer base and tradition of excellent service, in addition to its technology offering. In 1994, the company founders first automated what had been a manual process for a few marquee customers. More than 25 years later, the team is still known for personalized service and support to a loyal customer base, and we’re glad to bring them into Sovos with last week’s acquisition.

With the acquisition of LTtax — and of ETM, Booke and Keane before it — Sovos now supports the majority of insurance companies in the U.S. These customers come to us for statutory reporting, unclaimed property, tax reporting, or a combination of all three. As we near the end of Sovos’ most acquisitive calendar year yet, I’m reminded that each newly acquired business is a reaffirmation of the promise we make to our 8,000+ customers around the world: to help you Solve Tax for Good, no matter where you do business, and no matter how regulations and mandates continue to evolve.

 Learn more about Sovos here.

Sign up for Email Updates

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

Author

Andy Hovancik

As president and Chief Executive Officer, Andy guides Sovos’ mission to deliver peace of mind through intelligent compliance for the 4,500 clients that are met with demanding tax compliance and reporting obligations while growing their businesses. Andy joined the company in January 2013 at a time when the industry expertise, market leadership and experience of Taxware, VAT Resource, Convey and ShipCompliant solutions were combined under Sovos to resolve businesses’ most complex compliance challenges on a global scale. His leadership experience spans more than 25 years, during which time he has successfully grown technology companies with a forward-thinking approach to solving key challenges in the services and manufacturing industries. With 15 years of experience in regulatory and compliance software, Andy understands the challenges faced with business-to-government compliance and ensures Sovos serves as a proactive partner in compliance, rather than a reactive solution. Andy holds a B.A. in Business Management & Marketing from Cornell University and an M.B.A. from Tulane University.
Share this post

North America Unclaimed Property
February 10, 2025
Delaware Announces 2025 VDA Invitation Dates

This blog was last updated on February 10, 2025 Mark your calendars – April 11, 2025 and August 15, 2025 are this year’s anticipated release dates for the Delaware’s Secretary of State (SOS) VDA program invitations. In the event that an organization receives an invitation to participate in the Voluntary Disclosure Agreement (VDA) program  , […]

North America Sales & Use Tax
February 6, 2025
The Tariff and Sales Tax Mishmash – Untying the Mess

This blog was last updated on February 12, 2025 Talk of tariffs dominates the current news cycle with some commentators suggesting that tariffs will spell disaster for our economy while others say the exact opposite. We’ve seen the stock market sometimes fluctuate as tariffs are announced but later suspended, leaving us to wonder whether an […]

retailer dtc wine shipping
North America ShipCompliant
February 6, 2025
Retailer DtC Wine Shipping: The Time Has Come

This blog was last updated on February 6, 2025 By Tom Wark, Executive Director, National Association of Wine Retailers We are often reminded by the media and those in the wine industry—as well as by wine enthusiasts—that the three-tier system of alcohol distribution in most states hinders consumer access to the expansive number of wines […]

Montana 1099-DA
North America Tax Information Reporting
February 5, 2025
State Filing Alert: Montana’s New 1099-DA Requirements for Crypto Brokers

This blog was last updated on February 5, 2025 Reporting digital asset transactions on Form 1099-DA just got a little more complicated. For 2025 transactions, crypto brokers that file Form 1099-DA with the IRS will be required to file the 1099-DA with the State of Montana. This makes Montana the first state to introduce a […]

North America ShipCompliant
January 23, 2025
DtC Wine Shipping in 2024: A Year-in-Review

This blog was last updated on January 28, 2025 The direct-to-consumer (DtC) wine shipping channel faced a storm of challenges in 2024, navigating some of the toughest market conditions in over a decade. As inflation tightened wallets and consumer behaviors shifted, the industry recorded its steepest declines in shipment volume and value since the inception […]