Sovos Compliance Processed Nearly a Million ACA Forms

Sovos Compliance has already successfully implemented an ACA reporting solution for many of their clients this tax season

Minneapolis, MN, April 28, 2015 − Convey Compliance, a Sovos Compliance Company, processed nearly a million 1095 forms this tax season in order to ensure their clients met the new tax information reporting requirements under the Affordable Care Act (ACA).

ACA Form 1095-B and 1095-C, along with their subsequent transmittals, confirm organizations and their members and/or employees are complying with ACA regulations. However, for tax year 2014, organizations were not required to provide proof of coverage via transmittal, Form 1095-B for their employees or Form 1095-C for members. In contrast, individuals were required to provide proof of coverage on their tax returns. The new draft versions of 1040 and 1040EZ tax returns include a section for individual ACA reporting. This section confirms that individuals and their dependents are receiving minimal essential health care coverage. This new line was added to maintain alignment with the ACA and Internal Revenue Code (IRC) 6055 and 6056.

Therefore, some organizations proactively sought out a solution. Considering that ACA reporting is the single largest expansion of tax information reporting since the W-2, taking advantage and participating in the beta year for ACA reporting offered organizations a great opportunity to prepare their teams, test their processes and establish a secure strategy for the upcoming years, when reporting will be required and penalties will be a reality.

“Sovos Compliance has already successfully implemented an ACA reporting solution for many of their clients, proving they offer a viable, tried and true solution that meets the regulatory demands of ACA reporting. For tax year 2015 when this new reporting will be required, Sovos Compliance clients can implement a secure process for ACA reporting by utilizing Taxport, an industry-leading tax information reporting technology,” said Raymond Grove, product marketing manager at Sovos Compliance. “Implementing an ACA solution during the beta year helped these organizations avoid confusion amongst their employees and/or members during tax season. With Sovos Compliance, organizations are partnering with a thought-leader with nearly 30 years of experience in the compliance industry.”

About Sovos Compliance

Sovos Compliance designs technology solutions to help businesses meet the demands of their unique tax compliance and reporting obligations. Our trusted industry expertise and global research capability enables over 3,000 clients to operate with the confidence to efficiently navigate today’s dynamic regulatory environment. Sovos Compliance utilizes a unique ability to turn knowledge into highly functional, scalable software that seamlessly integrates with a wide-array of applications and information technologies used by businesses today. Ultimately, we give clients peace of mind by simplifying tax compliance, providing greater control and visibility and mitigating compliance risk. Learn more at sovos.com

The post Sovos Compliance Processed Nearly a Million ACA Forms 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