How to Get a Handle on Tax Information Reporting This Season

Year-end is quickly approaching, which means so is the 2022 tax season. Sovos has been helping companies Solve Tax for Good for over 30 years with our integrated solutions that make managing tax obligations and complying with IRS withholding and information reporting requirements faster and easier. And during this time, we have seen many businesses fall victim to last-minute hurdles and obstacles related to year-end reporting.  

Download this white paper to learn some of the most common issues organizations face during year-end 1099 reporting, along with best practices to help your business avoid them.

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When preparing for your 10-series forms year-end reporting, consider the following:

There are a range of preparations and mitigations businesses can put into action. Among the most important steps to be taken are to:

  • Tracking due dates
  • Communicating due dates to partners and stakeholders
  • Testing data quality
  • Testing all outputs
  • Balancing withholding amounts before filing
  • Filing extensions
  • Communicating changes to recipients
  • Balancing file data
  • Protecting recipients private information

One of the biggest issues that we see in tax reporting is organizations that treat this as a once-a-year obligation. Organizations that wait until the end of the year to begin preparing for the busy month of January often find themselves working long hours, mailing out incorrect tax information and filing corrections and amended corporate returns. Protect your organization while reducing time spent by treating your 1099 tax information reporting process as a year-round responsibility.