Avoid the Risks of Uncertain Cryptocurrency Regulations

The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig and crypto industries.   Publication 5382 was released in December to provide taxpayers with updates on the IRS’  FY19 goals. Of the six goals discussed in the report, goal two promised […]

Not all states have the same requirements for completing an unclaimed property state report. The state of New York requires that certain companies publish unclaimed property information in newspapers in the form of advertisements. It is important to note the advertising does not replace the need to send due diligence letters. Both advertising and due […]

Tax time is upon us, which means last minute IRS and state tax information reporting changes are keeping us on our toes. Take five minutes to learn what these changes are and what you need to do to protect your business from penalties. 1. California’s last-minute change On December 9th, the Franchise Tax Board posted […]

Unclaimed property retention requirements vary based on each state’s rules and regulations. Depending upon the property type and state, record retention periods can take up to 10 years, not including the dormancy period. This means you could retain records for up to 20 years. To successfully keep track of all these records and avoid an […]

We’re going to the capital! Registration is officially open for our annual GCS Intelligent Reporting Summit. This year, the event will take place October 5th – 7th 2020 at the Marriott Georgetown in Washington DC.  Join Sovos as we bring together industry leaders and key policymakers in our nation’s capital to discuss the ever-changing Tax […]

It has been several years since California changed its unclaimed property reporting process, yet many holders are still unsure how to remain compliant. This is because California’s reporting cycle includes two different reports. Below are the steps to submitting those reports and remaining compliant in California: Step 1: Holder Notice Report The first report is […]

Historically, the IRS required 1099 filers of 250 or more forms to file electronically (e-file). For businesses filing fewer than 250 forms, the IRS allowed paper filings. However, the 1099 reporting process will soon be almost completely electronic. The state of Oregon made a similar change in 2018, and the trend is about to go […]

Despite what you may have heard, the Affordable Care Act (ACA) tax reporting requirements are not dead. In fact, enforcement of the Employer Shared Responsibility Provisions (ESRPs) under IRC 4980H is very much alive at the federal level. And states are enforcing the individual mandate. Federal Enforcement of ESRPs Many employers and other filers of […]

For the first time in state history, the Illinois state legislature has enacted form 1099-K reporting requirements as part of the FY20 Budget Implementation Act.   This change is a new direct state reporting requirement for payers of income made to Illinois residents. For 2019 reporting, Illinois requires form 1099-K reporting to be submitted to them […]

Take an in-depth look at all the technological, operational and financial benefits of managing your insurance statutory reporting obligations with a SaaS solution.