New Sovos Tax Information Reporting Solution Solves Escalating Tax Challenges for Accounts Payable Leaders
SAN DIEGO, Mar. 12, 2019 /PRNewswire-PRWeb/ -- SAP CONCUR FUSION - Global tax software leader Sovos today announced that its new tax information reporting (TIR) solution, which debuted October 2018, gained more than 150 clients prior to the January tax season commencement. Sovos, the largest private 10-series filer in the United States, enhanced its TIR solution to make it more intuitive and integrate it with other technologies to solve a wider array of tax challenges.
Sovos' new TIR solution is the only product able to perform real-time taxpayer identification number (TIN) checks and offers a simplified data import, consolidating information from multiple systems. Controllers and accounts payable (AP) managers can now use Sovos to solve a number of tax challenges, including conducting 1099 reporting for contractors and lease payments, identifying use tax obligations, validating tax on vendor invoices, and streamlining federal and state reporting.
The escalating pace and burden of TIR
"Tax information reporting has accelerated over the past five years, and as a result, AP leaders have had to work harder and faster in the month of January," said Paul Banker, general manager at Sovos. "We recognized their desire for easy-to-use 1099 software that navigates them through all reporting requirements in a tight time frame. The rapid adoption of our updated TIR product illustrates the pain point in the market and the need for this solution."
The 2015 PATH Act expedited federal due dates for W-2 and 1099-MISC with nonemployee compensation from March 31st to January 31st because the IRS wanted to reconcile more real-time information with individual tax returns before issuing refunds. States quickly followed this trend by advancing traditional February and March state reporting to January. In fact, 87 percent of state reporting now occurs in January, versus three years prior, when only 22 percent of state reporting occurred in January.
"As federal and state governments go digital and move toward real-time tax systems, AP professionals are facing constant form changes and exponential penalty increases, requiring them to invest more time and money into reporting than ever before," Banker continued. "As deadlines tighten and regulations evolve, Sovos is committed to continually enhancing our TIR solution so AP leaders can solve tax information reporting for good."
Learn more about the future of TIR by visiting https://sovos.com/product/1099-reporting/ and at Booth #126 this week at SAP Concur Fusion in San Diego.
About Sovos
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.
SOURCE Sovos
