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 growing Tax Gap? What can your business do to prepare for more 1099 reporting requirements? Join Sovos experts to learn about potential changes to expect as well as how you can position your business to stay ahead. Topics will include:
· What is the Tax Gap?
· How does 1099 reporting play into the Tax Gap?
· Areas of increased IRS enforcement and expanded requirements to watch
· How to stay ahead and prepare for changes