Sovos Compliance Helps 1099/1095 Filers Avoid Increasing Penalties

Offering another detailed webinar and supporting educational materials to help businesses with tax compliance and to mitigate new penalty increase exposure.


On June 29, an update was passed to the Trade Preferences Extension Act. H.R. 1295 (now PL 114-27). This legislative change more than doubles the penalty per record from $100/record to $250/record for failure to file properly and also doubles the annual maximum penalty cap for unintentionally failing to file correct Information Returns from $1.5M to $3M for all 1099’s. These new penalties are effective for information returns required to be filed after Dec. 31, 2015. Employers must be ready for this tax season.

Additionally, this major penalty update encompasses the new 1094/1095 Health Care ACA forms, even though sections 6721 and 6722 of the IRS code traditionally relate only to 1099 & W-2 information returns. Sections 6055 and 6056 of the IRS code, which govern minimum essential healthcare coverage reporting requirements, refer back to 6721 and 6722 for penalty enforcement.

These penalty increases add another layer of taxpayer confusion to an ever-fluctuating landscape of regulatory changes and requirements. For most organizations, this will likely result in increased penalty exposure, greater operational complexity and higher risk for audits.

Due to continued significant demand, Sovos Compliance is pleased to offer an encore of the complimentary educational webinar Increased New Penalty Updates and Best Practices for B & P Notices on Wednesday, August 26 at 1:00 pm CT. This live session is designed to help businesses understand these changes and prepare for the substantial impact it will have on tax reporting for the 2015 Tax Year. This webinar is CPE eligible.

Sovos Compliance (formerly Convey Compliance) is the number one US filer of 10 series forms with over 310 million forms filed last year. For nearly 30 years, Sovos Compliance has been dedicated to developing and providing innovative technology solutions for tax information reporting processes. With over 4,000 clients, including nearly half of the Fortune 500, Sovos provides organizations the ability to focus on their business goals as opposed to spending valuable time, money and resources chasing the complexities of the IRS.

For more information, please visit:

The post Sovos Compliance Helps 1099/1095 Filers Avoid Increasing Penalties appeared first on Sovos Compliance.

E-Invoicing Compliance EMEA Spain VAT & Fiscal Reporting
June 10, 2019
Fortune: Sovos plans to Acquire Foriba

Learn more about our intention to acquire the Istanbul-based e-invoicing compliance leader, Foriba, in a recent Fortune Term Sheet article.

Read More
IPT Tax Information Reporting United States
June 10, 2019
Fortune: Sovos Acquires Eagle Technology Management

Fortune Term Sheet covers our recent acquisition of Eagle Technology Management.

Read More
Tax Information Reporting United States
May 29, 2019
Sovos Acquires Eagle Technology Management (ETM), Adding Unclaimed Property Reporting, Insurance Premium Tax, Statutory Reporting Solutions

Extended offerings will help solve toughest tax and regulatory compliance challenges for insurers, financial institutions and corporations BOSTON (PRWEB) MAY 29, 2019 Global tax software provider Sovos today announced it will acquire Eagle Technology Management (ETM), which provides statutory financial reporting and insurance premium tax software to insurers, and unclaimed property reporting solutions and services to financial institutions, […]

Read More
E-Invoicing Compliance EMEA
May 28, 2019
Sovos Acquires Foriba, Bringing Together Worldwide Pioneers of E-Invoicing Compliance

Acquisition strengthens Sovos’ position as a leading global solution for modern tax amid worldwide acceleration of continuous compliance mandates BOSTON (PRWEB) MAY 28, 2019 Global tax software provider Sovos today announced it will acquire Istanbul-based Foriba, a leading player in e-invoicing, e-delivery notes, e-receipts and periodic value-added tax (VAT) reporting in Turkey and beyond. Following Sovos’ recent acquisitions […]

Read More
Sales & Use Tax United States
May 17, 2019
Software survey: Sales tax in 2019

Accounting Today quotes Sovos VP of Regulatory Analysis & Design Charles Maniace on the challenges of sales and use tax compliance in 2019.

Read More