Sovos recently participated in a roundtable discussion facilitated by the IRS regarding digital asset reporting requirements. This session provided valuable insights into the upcoming 2025 reporting landscape and clarified several critical points for digital asset businesses preparing for compliance. IRS Position on 2025 Digital Asset Reporting Timeline Based on recent
Information Reporting and Withholding Suite Automated Tax Information Reporting and Withholding Explore the SuiteChat with a Specialist Automated Tax Information Reporting and Withholding Explore ProductsChat with a Specialist The Sovos Information Reporting and Withholding Suite Includes Learn More 1099 Reporting Delivery and filing of Forms 1099, 1098, 1042-S, 392X, 5498,
As one of the world’s largest airlines, operating in a complex and highly regulated tax environment, was facing a major SAP S/4HANA migration.
A global leader in the chemicals and coatings industry, with revenues exceeding €13 billion and a workforce of 35,000 employees, embarked on a company-wide ERP transformation.
The Washington legislature is considering major changes to its sales tax laws. Senate Bill 5814, which passed the Senate on April 19th, is currently under consideration in the House of Representatives. The bill would expand the scope of services and software that are subject to sales tax. If passed, both
A leading global distribution company operating across North America, Europe, Australia, China and other key international markets, plays a critical role in supplying high-quality, often custom-engineered components.
On April 10, 2025, President Donald Trump signed House Joint Resolution 25 (H.J. Res. 25) into law, officially nullifying an IRS rule that sought to impose stringent tax reporting requirements on decentralized finance (DeFi) platforms. DeFi platforms are platforms and services that facilitate digital asset transactions without taking custody of assets.
Sovos Cryptocurrency Tax Compliance Crypto Tax Software for Businesses, Complete Compliance Without Gaps From tax IDs to cost basis to 1099-DAs, every step of crypto tax compliance is covered in one connected solution built for accuracy, scale, and confidence. 1099-DA updates Compliance starts here → Leverage a proven solution With
The New York State Department of Taxation and Finance recently published the new Publication 72.5 (Electronic Reporting of NYS-45 Information) for quarterly reporting. Beginning March 21, 2025, Publication 72.5 specifications will be used to file all three parts of NYS-45 in a combined report through NYS-45 Web Upload. The NYS-45
New York recently updated Publication 66 (Electronic Reporting of Form NYS-1 Information). This change is part of an overhaul of New York’s withholding reporting processes. There are significant changes to the guide. References to Publication 83 have been replaced with references to Publication 63 throughout the guide. The address for
The IRS recently released the 2025 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). There are notable changes throughout: Filing and furnishing due dates have been updated throughout the guide to reflect holidays and weekends in 2026. Form 1099-DA (Digital Asset Proceeds
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Illinois recently updated Publication 110 (Forms W-2, W-2c, W-2G, and 1099 Filing and Storage Requirements for Employers and Payers, including 1099-K Electronic Filing Requirements). There are several changes of note. First, the deadline for filing tax year 2024 W-2G and 1099-K records will fall on March 31, 2025, which is
Montana recently released the 2025 Employer and Information Agent Guide. There are several significant changes. Most notably, beginning in 2026, taxpayers required to file form 1099-DA (Digital Assets) with the IRS will be required to file form 1099-DA with Montana. Form 1099-DA is a new federal form that will be
With the tax reporting season now in full swing, we wanted to send out some last-minute updates and key reminders for tax year 2024. From critical filing dates and last-minute updates to insider tips to stay organized and avoid common mistakes, we’ve recapped everything you need to know to reduce
The recent wildfires in LA County have caused immense devastation, impacting individuals, families and businesses across the region. If you’re among those affected, we want to acknowledge the extraordinary challenges you’re facing—not just in rebuilding and recovering but also in managing everyday responsibilities. Regulatory agencies understand the strain that catastrophic
Discover the top 2025 tax trends reshaping compliance. Learn how AI, real-time data, and new mandates are transforming tax into a strategic advantage.
The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the