Take Control of Your Tax and Regulatory Reporting

SIMPLIFY YOUR REPORTING

Reduce risks and simplify processes with a centralized solution

New economies are emerging, and employment and income models are shifting. These changes have created a greater sense of urgency for regulatory authorities to ensure that all potential revenue is accounted for and collected.

In response, they are demanding increased levels of detailed reporting and transparency with the potential to consume vast resources for those trying to manage these processes manually.

Tax and Regulatory Reporting Featured Solutions

Tax withholding (payroll and non-wage)

Software and managed services solutions for large complex financial institutions and corporations that improve the accuracy and efficiency of withholding tax payments and returns for payroll, state unemployment, 1099 backup and IRA tax withholding

1095 Affordable Care Act reporting

Software and managed service solutions for small to large complex employers, as well as health insurers, designed to reduce risk and simplify the complexity of IRS and state Affordable Care Act reporting

Statutory compliance

Software solutions for small to large insurers designed to improve operational efficiencies and improve data accuracy for NAIC annual and quarterly filings, state forms, and premium tax filings

AEOI/CRS reporting

Software solution for large, complex financial institutions with multi-jurisdiction presence designed to reduce risk and simplify FATCA and CRS reporting requirements globally.

Tax and Regulatory Reporting Products and Services

The Latest in Tax and Regulatory Reporting

North America Tax Information Reporting
December 6, 2021
Latest Updates: State Direct Reporting Requirements for Form 1099-NEC

With the release of Publication 1220 for tax year 2021, we were made aware that the IRS has added Form 1099 NEC to the Combined Federal State Filing (CF/SF) program. This program is intended to relieve the burden of filing 1099s directly with states since the IRS forwards 1099s filed federally to participating state agencies. […]

North America Tax Information Reporting
December 1, 2021
IRS Grants Permanent Relief for ACA Recipient Forms 1095-B & C

The IRS released Proposed Regulations this week that permanently extends the time for businesses to provide the Recipient copy of Forms 1095-B and 1095-C. Rather than continue to issue annual Notices to extend the date to issue the statement to the recipient, these regulations propose to permanently amend §1.6055-1(g)(4)(i) i to automatically grant filers a […]

North America Tax Information Reporting
November 30, 2021
Are you Ready for 1099 Tax Reporting Season?

The 2021 1099 tax reporting season is rapidly approaching and the changes and updates are still coming – from the IRS and states. How can you ensure you’re ready for the busy season in time? We have four key ways to stay up-to-date on the latest reporting requirements, as well as highlights of notable 2021 […]

North America Tax Information Reporting
November 23, 2021
Industry Spotlight: Financial Institutions

The last time I wrote to you about recent trends with unclaimed property and financial institutions, I talked about the increased audit activities and unique challenges that financial institutions face. Read the April 2021 article here. Regardless of your industry, I am sure you have heard the Consulting Team at Sovos share just how important […]

North America Tax Information Reporting
October 29, 2021
Important eFile Threshold Changes Could be Coming for 2021 Tax Reporting Season

The IRS issued Proposed Regulations in September that included a reduction to the required electronic filing threshold for businesses from 250 information returns to 100 returns for the 2021 tax reporting season. Further, the new requirements change the way that a business determines how to arrive at the number of returns required to be filed […]