back Back

Sovos Withholding Compliance offers consolidated solution for Tax Payments

By Edlyn Cardoza

March 02, 2022

  • ACH Payments
  • Automated Delivery Capabilities
  • IRS
Share

Sovos, Sovos Withholding Compliance Solution, Tax Payments, IRS, LTtax, Payroll, Automated Delivery Capabilities, ACH Payments, USASovos recently announced new automation functionality within its Sovos Withholding Compliance solution for managing payroll and non-payroll withholding tax payments and related IRS and state returns in a single place. Following its December 2020 acquisition of LTtax, Sovos has further expanded its withholding compliance solutions to automate the processing of payroll and non-payroll tax liabilities in a centralised location, linking critical reconciliation capabilities to Forms 1099 and W-2 for compliant Form 940, 941, 944, 945, and 1042 return filing in a single solution.

For decades, organisations have managed payroll and non-payroll tax withholding processes manually and in disparate systems, which puts them at risk for incurring penalties with federal, state, and local governments due to human errors made while processing payments, filing returns or reporting unreconciled tax information. Sovos is eliminating manual processes by automating payment processing, filing returns and reconciliation capabilities and consolidating all withholding processes into one centralised solution, providing greater visibility across tax withholding teams.

“Sovos Withholding Compliance automates the critical manual processes of determining when, where and how much needs to be paid and reported – along with automated delivery of the payments and return information wherever possible,” said John Kreger, vice president, product management, Sovos. “We expect customers to receive 70% of their time back that had previously been devoted to internal, manual withholding tax responsibilities. This will aid in preventing burnout and turnover of valuable accounting and tax professionals – an especially critical move in the midst of the Great Resignation.”

Sovos Withholding Compliance also has the following features:

  • Introduces automated delivery capabilities for IRS and state ACH payments
  • Offers check processing capabilities for fulfilling payments to jurisdictions where automated payments are not accepted
  • Automatically generates electronic delivery for Forms 940, 941,945 and participating state equivalent forms
  • Automatically generates paper delivery for Forms 1042 and amended Forms 94X
  • Supports withholding and State Unemployment Insurance (SUI) wage detail reports through electronic processes
  • Ensures that automation of payments and filing includes detailed audit trails, saved confirmations and the ability to track federal, state, or local penalty correspondences

Previous Article

March 02, 2022

Douugh partners with TrueLayer for open banking data access in Australia

Read More
Next Article

March 02, 2022

Cheddar expands into Open Banking with its acquisition of Upside Saving

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

ACH Payments

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023