Conquer the New Challenges of 1099 Reporting

Reduce operating costs and ensure compliance with Sovos Tax Information Reporting. 

TAX INFORMATION REPORTING SOFTWARE

Ensuring 1099 Reporting Compliance

As your requirements for 1099 reporting change and become more complex, your company has to spend more time and resources to meet the challenge of staying compliant.

Regulatory changes are constant, and business events such as mergers and acquisitions, growth, geographical expansion and new products create complexity and increase the strain on your tax, finance, AP, IT and compliance departments.  

Sovos Tax Information Reporting keeps up with regulatory changes, so your employees can spend their time on something other than 1099 reporting.

Improve operational efficiency.

Automate and centralize manual processes, reducing operating costs .

Mitigate risk.

Eliminate processes that are prone to errors and prompt audits and penalties.

Enhance customer experience.

Enable a single point of access for all customers, resulting in reduced call volumes.

Achieve new efficiencies in 1099 reporting and protect yourself from risk.

Data scalability and flexibility

Sovos Tax Information Reporting accepts a wide range of data formats, allowing organizations to change and grow without IT or compliance restrictions.

Withholding

Effortlessly track remittances, reconciliation and state withholding reporting responsibilities and never have to track payments manually or match general ledger data line-by-line against transaction-level data.

E-statements

Deliver forms to customers and vendors through electronic statement delivery, reducing costs associated with printing and mailing while providing a secure way to deliver tax information to payees with the ability to view updated tax forms real-time.

Response handling

Manage all solicitation responses in one location through uploading and updating records with correct information to know which payees are subject to backup withholding and to maintain compliant audit records.

Data validations

Sovos validates recipient information, including mailing addresses and IRS specific rules upon import for data completeness and correctness.

Data centralization

Centralizing data enables you to funnel multiple data sources into a single database for seamless recipient statement delivery and government tax information reporting.

Print/mail

Print and mail forms with a click of a button while taking advantage of negotiated print rates, National Change of Address check, and increased security with TIN masking.

Solicitation printing and mailing

Print and mail solicitations to payees appearing on IRS CP2100 or 972CG notices using the correct form of solicitation to receive updated and verified correct name and TIN information.

Agile product development

Sovos quickly and efficiently implements changes within solutions in response to last-minute regulatory changes.

Real-time TIN matching

Sovos validates vendor and customer information against IRS and other key databases to enable you to avoid reporting errors and potential penalties

Customers

“I believe being with Sovos has allowed my department to take on additional business without adding employees.”

Shannon Morris

Senior Tax Analyst, Nationwide Financial