Sovos and NetSuite Maximizing Efficiency and Minimizing Risk in 1099 and 1042-S Reporting Who is Sovos? Sovos is the only technology provider built for the digital future of tax compliance and reporting. Sovos Tax Information Reporting 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, businesses 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. We developed Sovos TIR to be agile so the solution reflects IRS form changes less than two weeks. Benefits of the solution include: 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. 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. 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 80% drop in B Notices 30% drop in form countsNetSuite and Sovos Partnership With the growing complexity of the 1099 reporting space NetSuite has decided to trust independent software vendors, such as Sovos, to support organizations throughout the 1099 reporting process. As of NetSuite version 18.2, NetSuite will discontinue supporting 1099 reporting functionality. Sovos has created a bundle within NetSuite that offers 1099 reporting capabilities. NetSuite will continue to track 1099 vendor information as it has in the past. 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. 123 Search and Install “Sovos 1099 Payment Vendor Report” Bundle Run Saved Search: “Sovos 1099 Vendor Payment Report” Export into Microsoft Excel document In NetSuite 123 Import Microsoft Excel document without adjustments Validate data and verify TIN/Name information upon import Print and mail with a click of a button In Sovos TIR Solution 4 Automatically transmit to the IRS How to Integrate with the Sovos TIR Solution Contact us Josh Johnson , Enterprise Alliances Manager 612-812-3230 josh.johnson@sovos.com Atlanta, Boston, Boulder, Cedar Rapids, Minneapolis, Colombia, Lima, Santiago, São Paulo, Tucumán, Amsterdam, Istanbul, London and Stockholm 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 combines world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting.Next >