Are you prepared for the challenges of the upcoming 1099 Tax Reporting season?
Don’t miss Sovos’ demo session at AP Automation Summit on December 4th at 11:15am.
As tax and accounting professionals may know, this tax season is shaping up to be one of the most challenging in years. With the combination of a significant new form (1099-NEC) and rapidly changing state reporting requirements, stretched resources working remotely may struggle to maintain compliance.
One of the most notable changes to this year’s 1099 reporting is that the IRS announced that that Form 1099-NEC (Nonemployee Compensation) – previously reported on Form 1099-MISC utilizing Box 7 – will NOT be included in the Combined Federal/State Filing (CF/SF) program. This means that for tax year 2020 there will be no mechanism for the reporting of non-employee compensation to state governments. To date 15 states have released guidance for the direct reporting of the 1099-NEC data, with likely many more to come.
Fortunately, Sovos can keep you ahead of this challenge and is eager to help your team rest easy this tax season! In this demo you’ll learn:
- All about the changes to the 1099-MISC and new Form 1099-NEC
- How the states are responding to the 1099-NEC not being included in the CF/SF program and the implications to your team/organization
- How Sovos software and services can eliminate manual processes and empower your team to easily manage all of your federal and state 1099 reporting in less time with fewer errors, working from anywhere
Speakers:
Gerry Nelligan, Manager, Regulatory Analysis & Design
Lindsay Matter, Sales Engineer