Maximizing Efficiency and Minimizing Risk in 1099 and 1042-S Reporting

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Sovos + NetSuite

Sovos and NetSuite combine to help accounts payable professionals navigate the challenges of tax information reporting and protect revenues by reducing risk.

With the growing complexity of the 1099 reporting space, NetSuite has decided to trust Sovos to support organizations throughout the 1099 reporting process. Sovos has created a bundle within NetSuite that offers 1099 reporting capabilities. As of NetSuite version 18.2, NetSuite will discontinue supporting 1099 reporting functionality.

netsuite 1099 reporting

Minimizing AP risk with automation and regulatory insight for NetSuite

Who is Sovos?

Sovos has more than three decades of experience enabling organizations to protect themselves by avoiding the risks associated with 1099 reporting. With automated reporting and regulatory changes automatically included in the solution as they happen, Sovos Tax Information Reporting offers the comprehensive capabilities NetSuite customers need to stay compliant and protect revenues by avoiding both penalties and reporting inefficiencies.

Sovos is the only technology provider built for the digital future of tax compliance and reporting.

  • Governments have gone digital, and as compliance demands add complexity to reporting and impose new rules on data ownership, businesses must adopt a new approach to tax compliance

  • Compliance is at a tipping point, and solutions that have protected businesses before aren’t built for what’s next

  • Sovos is the No. 1 private filer of the 10-series forms to the IRS

  • The future demands “Intelligent Compliance,” an adaptable, data-driven and global approach to compliance

  • Sovos is the only software solution capable of supporting intelligent compliance because it brings together
    • World-class regulatory analysis
    • A nimble software platform
    • Local knowledge and global infrastructure

Sovos Clients Benefit From:

50%

decreases in total tax reporting workloads

75%

less time spent printing and mailing

30%

drop in form counts

 

80%

drop in B Notices

 

Sovos Tax Information Reporting Solution

Staying in compliance with the ever-changing regulatory environment can be difficult, but it doesn’t have to be. With Sovos Tax Information Reporting (TIR) services, AP pros have a solution that facilitates 1099 and 1042-S tax information reporting obligations, combined with expert guidance throughout the process.

All Sovos solutions offer SaaS-based (Software as a Service) options, which require no installation or involvement from an IT department. Sovos features top-of-the-line, client-praised onboarding support, 99.9% platform uptime and the best available data Protection.

Plus, all forms, data formats and regulatory filings are guaranteed compliant, reducing the risk of expensive penalties.

  • Ease-of-use

    From a straightforward process to intelligent technology features, Sovos TIR is our most efficient solution.

  • Cost savings

    Automating reporting processes reduces man hours and mistakes. And, year over year, the cost savings will increase.

  • Real-time data verification

    Proactively validate information. That includes checking data against the IRS TIN Matching Program, Office of Foreign Assets Control, and Death Master File.

  • Automated regulatory content management

    Be sure of having the latest regulatory updates built in. Sovos updates all applications behind the scenes through our content management platform and integrates them into the reporting solution, freeing teams from the work required to monitor, interpret and deliver regulatory content.

  • Corrections made easy

    Sovos TIR enables clients to easily reprint or update current and prior year forms while tracking changes, and electronically submitting the revised information to the IRS is as easily as pressing a button. All tax information and forms, from the current year up to three prior years, are available whenever and wherever.

  • Expertise in 1099 reporting

    Sovos has deep experience and capabilities in reporting form 1099-MISC, form 1042-S and many other forms relevant to tax information reporting for AP professionals.

Sovos Sales Tax Determination for NetSuite

In addition to partnering with NetSuite on 1099 reporting, Sovos can also simplify tax compliance through Sovos Sales Tax Determination for NetSuite, a Built for NetSuite verified integration that leverages NetSuite’s SuiteTax API. The Sovos Sales Tax integration with NetSuite simplifies indirect tax determination and compliance with confidence, so companies can focus on core activities that drive business compliance—providing greater control and visibility, and mitigating compliance risk.