Thomson Reuters ONESOURCE vs. Sovos

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Sovos provides essential support for businesses in fulfilling their ongoing tax reporting requirements beyond just income tax. This includes responsibilities like information reporting, withholding, and necessary regulatory submissions. Finance and tax departments utilize Sovos to efficiently handle the filing of forms such as 1099, W-2, 1042-S, and ACA, as well as to verify payee information, screen counterparties, and maintain comprehensive records that stand up to audits. Corporate tax teams often grapple with overlapping federal, state, and international regulations, frequently using disparate tools that can lead to mistakes and complicate audit readiness. Sovos streamlines these processes by consolidating all obligations into a single platform with a unified data model, ensuring that you operate from one consistent source of information. Furthermore, Sovos facilitates compliance with FATCA validation, OFAC and Death Master File screenings, and federal filing that meets IRIS requirements. All data is managed within SOC 2 and ISO 27001 accredited data centers. Simplify your corporate tax reporting with Sovos.

Sovos provides essential support for digital asset brokers, exchanges, and financial institutions to navigate the complexities of cryptocurrency tax reporting. Brokers are required to report sales and exchanges of digital assets to the IRS using Form 1099-DA. Initially, this involves reporting gross proceeds, with cost basis reporting being integrated in subsequent years. The introduction of digital asset reporting complicates the filing process due to high transaction volumes, the need for new types of forms, and stringent taxpayer identification requirements. Sovos streamlines this process by offering a comprehensive workflow that facilitates the collection and validation of customer TINs, preparation of 1099-DA and associated information returns, IRS filing via IRIS, and distribution of copies to recipients. With integrated Name/TIN matching, Sovos helps identify discrepancies before submission, thereby minimizing the risk of B-Notices and backup withholding complications. For organizations with a global reach, Sovos accommodates various digital asset reporting regulations, including DAC8 and CARF. Get ready for efficient digital asset reporting with Sovos.

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Sovos streamlines the process of sales and use tax compliance for companies operating in various U.S. states and local areas. It determines the accurate tax rate during transactions, monitors economic nexus thresholds, oversees exemption certificates, and facilitates the preparation and filing of returns, all from a single platform. Given that sales tax regulations are continually evolving and each state establishes its own rates, taxability criteria, and filing timelines, relying on manual rate tables and spreadsheets can lead to errors, overlooked filings, and increased risk of audits. Sovos ensures that your tax content is always up-to-date, adapting to changes in jurisdictions to keep your rates and rules current. Sovos seamlessly integrates with ERP, billing, and e-commerce platforms, allowing tax calculations to occur within your existing workflows. This way, your transaction data, returns, and documentation are consolidated in one easily auditable location. Simplify your sales and use tax compliance with Sovos.

Sovos provides a comprehensive tax compliance solution that streamlines the management of indirect taxes, information reporting, identity verification, and unclaimed property all within a single platform. This enables organizations to efficiently handle various obligations including sales and use tax, VAT, e-invoicing, as well as forms like 1099, W-2, 1042-S, and ACA filings, TIN matching, and escheatment reporting—eliminating the need for multiple vendors. Given the ever-evolving nature of tax regulations across federal, state, and international levels, using disconnected tools often leads to data duplication, manual reconciliation efforts, and incomplete audit trails. Sovos addresses these challenges by consolidating your tax data and regulatory information into a unified data model, ensuring that your records are consistent and readily available for review. The platform’s Sovos Regulatory Graph and Sovi AI seamlessly link regulatory changes with your transactional data. Sovos also ensures compliance with IRIS-ready federal filings, accommodates real-time CTC mandates, and offers various integration options including API, SFTP, and ERP systems. All data is managed in accordance with SOC 2 and ISO 27001 standards for security and reliability.

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Sovos assists organizations in locating, monitoring, and reporting unclaimed assets to various states across the U.S. The platform conducts dormancy assessments, dispatches due diligence notifications to property owners, produces reports formatted for NAUPA compliance, and facilitates electronic filing with state agencies. Each state establishes its own rules regarding dormancy periods, exemptions, and deadlines for reporting. Relying on spreadsheets to manage property can lead to missed deadlines, state investigations, penalties, and accrued interest. Sovos streamlines this process by offering structured workflows and integrated guidance on state regulations, indicating what needs to be reported and the appropriate timing. With automated due diligence notifications, you can proactively contact property owners before assets are escheated. ReportMyUP, a service from Sovos, ensures compliance with NAUPA requirements across all 50+ U.S. jurisdictions and allows for effortless electronic filing in over 30 states. Additionally, a comprehensive audit trail keeps your filing records organized and accessible for any inquiries from state authorities. Begin your journey in managing unclaimed assets and escheatment reporting with Sovos today.

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