The New Jersey Division of Taxation has published the electronic specifications for reporting Tax Year 2018 W-2 information. As has been the case in past years, the specifications conform to those published by the Social Security Administration (EFW2). This booklet contains instructions and specifications for e-filing W-2 information with the Division. Submissions
The New York State Department of Taxation recently updated their website in relation to state and local government tax exempt bond interest information reporting. This type of reporting is used to report interest and dividend payments made to recipients which are derived from tax exempt sources like state and local
Comprehensive software suite provides customizable, always-on solutions for tax determination, e-invoicing and filing (ATLANTA – April 30, 2024) Sovos, the always-on compliance company, introduces its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud, the Indirect Tax
For the past few weeks back, my colleagues and I have been talking a lot about the importance of a global strategy when it comes to addressing today’s modern tax environments. On the heels of Sovos introducing the Sovos Compliance Cloud, many in our company’s leadership team have blogged about
When most people think about “taxes” it’s likely that their thoughts first turn to “direct taxes.” However, in today’s economy, “indirect taxes” are becoming increasingly important in funding state and local governments. Indirect tax is also becoming increasingly complex, especially for businesses charged with meeting their indirect tax compliance obligations
The First and Only Solution to Unify Tax Compliance and Regulatory Reporting Software and Data in One Platform ATLANTA, FEBRUARY 20, 2024 – Sovos, the always-on compliance company, today announced the launch of the Sovos Compliance Cloud, the industry’s first and only solution that unifies tax compliance and regulatory reporting software
Affordable Care Act (ACA) reporting has started for tax year 2023. ACA reporting can quickly become complicated and costly with IRS penalties if your business does not have an efficient process in place. Although regulations have generally stayed the same for this reporting season, there are some important updates all
In the world of ever-evolving regulation changes, staying informed is crucial for businesses to achieve complete compliance in their tax information reporting processes. In 2023, the IRS rolled out significant updates that businesses need to be aware of ahead of filing season. We have summarized the most impactful changes you
Sovos announced today that we have acquired North Dakota-based Aatrix Software. This marks another significant milestone in Sovos’ strategic mission of adding complementary companies, services and technology to our portfolio when and where it makes sense to do so. Not only does Aatrix complement and strengthen our current leadership in
Delaware has released its “W-2 and 1099 Form FAQs” for tax year 2023. This website provides direction on specifications and filing processes for W-2 and 1099s to be filed with Delaware. Delaware follows the federal standard for reporting thresholds that require electronic filing of tax information returns. As the federal
The Spanish Tax Office has issued a new order No. HFP/1284/2023 on November 30, 2023, which contains the regulatory approval of a new model 430 “Tax on Insurance Premiums”. In Spain, the Model 430 is used to declare the self-assessed Insurance Premium Tax (IPT) on a monthly basis. The model
The IRS recently announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations (TPSOs) for calendar year 2023. Instead, 2023 will be an additional transition year, with reporting not required unless a taxpayer receives over $20,000 and has more than 200 transactions in 2023. “We
Missouri has released “Missouri Employer Reporting of W-2s Instructions and Specifications Handbook.” The document provides direction on how to prepare and file electronic W-2 records with the state. The document has change significantly in presentation, however the electronic specifications for filing W-2s with the state has not changed. Missouri generally
During our recent “Spooky Season Tax Updates” webinar, we discussed the most important changes that will affect filers in the upcoming tax reporting season. From a lowered e-filing threshold to Transmitter Control Code (TCC) requirements, the implications of changing IRS and state government reporting rules and regulations can be tricky
Another tax information reporting season is approaching quickly. As businesses begin the process of filing information with the IRS, there are some important updates that need to be kept in mind. If you previously filed forms in the 1099 series with the IRS via the File Information Returns Electronically (FIRE)
The pace of Tax Information Reporting (1099) regulatory changes is on the rise, leaving core banking and legacy systems grappling to keep pace with accurate compliance updates. Our webinar discusses the revolutionary strategy of layering a centralized tax information reporting solution onto your core banking and legacy system(s). Unleash a
Banks and credit unions typically use core banking systems that house customer data and other tax information related to customer accounts. When tax information reporting season arrives, these are the back-end systems that data is pulled from. However, there are challenges in utilizing just these systems and not also utilizing
Kentucky has released “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2023,” which provides electronic filing specifications for W-2 records filed with the state. Other than updates to specific dates to reflect the 2023 tax year, the specifications have not change.