5 Misconceptions Around 1099 State Reporting
As of tax year 2022, over 40 states require direct reporting of one or more series 1099 forms. Do you know the rules and regulations to maintain direct reporting compliance?
As of tax year 2022, over 40 states require direct reporting of one or more series 1099 forms. Do you know the rules and regulations to maintain direct reporting compliance?
By Wendy Walker, Solution Principal, Sovos and Jessica Metts, Director of Client Services, Comply Exchange With the 1042-S reporting deadline approaching , Comply Exchange recently partnered with Sovos to deliver a webinar breaking down the end-to-end information reporting and withholding lifecycle. A lot of withholding agents or payers do not
The Indian Goods and Services Tax Network (GSTN) has announced that new Invoice Reporting Portals (IRP) have been onboarded. IRPs act as a bridge between the taxpayer (or their Accredited Service) Providers and the tax authority backend platform called the GST Portal for the purposes of e-invoice issuance. Until the
Financial institutions are moving toward a centralized tax solution, but why? We have found five major drivers leading this change. Operational costs Core banking solutions aren’t in business to ensure your 1099 reporting is done accurately or completely, and they likely aren’t keeping up with expanding regulatory requirements, like direct
In the Fall of 2022, the IRS released updated Tax Gap numbers estimating increases year over year. The single most effective compliance tool that the IRS uses to ensure income tax compliance is third-party information reporting by businesses. How will the IRS expand or change 1099 reporting to combat the
Having the correct Tax Identification Number (TIN) is essential when filing W-2s, 1099s and ACA forms. The nine-digit number could be a Social Security Number (SSN), Employee Identification Number (EIN), Individual Taxpayer Identification Number (ITIN) or an Adoption Taxpayer Identification Number (ATIN). A valid Social Security Number may only be
Affordable Care Act (ACA) reporting has started for tax year 2022. 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
The Massachusetts Department of Revenue has released 2022 Schedule HC: Health Care Information form, Schedule HC Instructions, Schedule HC-CS: Health Care Information Continuation Sheet. These state forms report insurance offerings to Massachusetts residents as required by state law. They are parallel to and independent of similar federal reporting requirements The
The Louisiana Department of Revenue recently published Revenue Information Bulletin (RIB) 23-006, State Filing Requirements for IRS Form 1099-NEC. This guidance follows an administrative waiver of the filing requirement from tax year 2021 and outlines the filing requirements related to Form 1099-NEC to Louisiana. Beginning January 1, 2023 (for tax
The State of Michigan Form 447 – Transmittal for Magnetic Media Reporting of W-2s, W-2Gs and 1099s remains unchanged for Tax Year 2022. Form 447 contains information regarding requirements for electronic and magnetic reporting for W-2 and 1099 transmittals. The Michigan Department of Treasury, Technical Section has confirmed there will
Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form
Insurance Premium Tax: Your IPT Guide Who should read this IPT Guide? This guide to Insurance Premium Tax (IPT) is for insurers, brokers and anyone needing to understand IPT compliance. From tax managers to financial controllers and compliance managers, this guide provides information and advice for all those working in
Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest
When it comes to 1099 reporting, knowledge is power. Sovos, the leading private filer of 10-series forms and boasting over 30 years of unrivaled experience in tax information reporting, is here to empower you for the upcoming tax year 2023 and beyond. Join us for a webinar where we’ll explore
France is implementing a decentralised continuous transaction control (CTC) system where domestic B2B e-invoicing constitutes the foundation of the system, adding e-reporting requirements for data relating to B2C and cross-border B2B transactions (sales and purchases). Under this upcoming regime, data or invoices can be directly sent to the Invoicing Public
There are several countries within the European Union (EU) and European Economic Area (EEA) that have introduced a Fire Brigade Tax (FBT). Fire Brigade Tax is payable on certain premium amounts and usually in addition to Insurance Premium Tax (IPT). Fire Brigade Tax, or the Fire Brigade Charge (FBC) or
Global tax software provider brings simplified approach to sales tax, helping businesses as regulations evolve and become more complex BOSTON – October 11, 2022 – Sovos recently announced the launch of its Sweet Spot for Sales Tax campaign, aimed at helping companies stay compliant without burning out their tax and
As tax information reporting season approaches, it’s time to start taking note of regulatory changes for this tax year and preparing for January. Threshold changes, various 1099 form changes, IRS and state system updates are just a few things to keep in mind when getting started on this year’s reporting.