Tax Withholding Solutions from Sovos

Improve the accuracy and efficiency of payroll, non-wage and unemployment tax management

TIMELY AND ACCURATE TAX WITHHOLDING

Tax withholding solutions from Sovos improve accuracy and efficiency

Ensuring timely and accurate tax withholding payments and filings is a challenge for most organizations trying to simultaneously navigate rapidly changing tax rules and business structures. The pressure to get it right and reduce the risk of penalties due to late or inaccurate payments or filings can cause a resource drain and distract from more strategic business objectives such as growth.

Sovos’ Tax Withholding solutions are designed to improve the accuracy and efficiency of tax withholding payments and returns for large, complex financial institutions and corporations. Sovos offers the only all-in-one tax withholding solution that centralizes and automates multi-jurisdictional payments and related reconciling returns for payroll, non-wage and state unemployment tax, ensuring compliance and reducing your risk exposure.

Key features of Sovos’ tax withholding solutions include:

Payment calendar

Import liabilities from any payroll or source system and automatically schedule your tax payments

Full Reconciliation

Ensure accuracy for all transactions being reported to and paid to all federal, state and local agencies

Payments (remittances)

Simplify your process by automating your payments via EFTPS for Federal payments, NACHA for State payments, checks, setup payment feeds to your accounts payable or other financial systems, or completely outsource your payments to the Sovos experts and manage by exception

Filing returns

Produce pre-filled signature-ready IRS-approved Federal Schedules 940, 941, 941-X, 945, 945-X and 1042 forms and electronic filing, obtain information needed to file state equivalent forms, or outsource filing returns to Sovos experts

Audit Trail

Bolster audit defense with complete and transparent audit trails

“Sovos provides us with the confidence that we are greatly reducing our risk by getting it right every time with minimal effort and resources even as we grow. Even in the case of audit, we are ready with easy access to all the data and documentation needed to defend our processes. This was a welcome change from our previous processes which were manual, time consuming and error-prone and managed through internal systems not designed for the complexities of tax withholding.”

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Streamline your tax withholding obligations with Sovos

Create operational efficiencies by automating or outsourcing manual or segmented tax withholding processes so that internal resources can focus on business critical tasks

Reduce compliance and audit risk at all jurisdictional levels by improving the accuracy and timeliness of tax withholding payments, returns and reconciliation

Prevent knowledge drain by automating key processes and moving important institutional knowledge away from a few select employees onto systems available to all

Mitigate security risks by eliminating spreadsheets used in manual withholding processes that are difficult to secure and lack visibility and managerial insight

“Sovos Tax Withholding solutions have improved our organization’s operational efficiency by reducing manual work by upwards of 70%. This has allowed our employees to focus on business-critical tasks while reducing compliance, process and security risks we were previously exposed to.”

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