Compare Sovos vs. Thomson Reuters ONESOURCE

Sovos provides solutions for businesses to effectively handle their ongoing tax reporting responsibilities that extend beyond income tax, encompassing aspects like information reporting, withholding, and compliance filings. Finance and tax departments utilize Sovos for submitting forms such as 1099, W-2, 1042-S, and ACA, as well as for verifying payee information, screening business partners, and maintaining audit-ready records. Corporate tax teams often grapple with overlapping federal, state, and international regulations using various disconnected tools, which can lead to mistakes and hinder the audit process. Sovos streamlines these requirements into a single platform featuring a unified data model, allowing you to operate from a consistent source of information. Sovos also offers support for FATCA compliance checks, OFAC and Death Master File screenings, alongside IRIS-compliant federal filings. All data is managed in data centers that adhere to SOC 2 and ISO 27001 standards. Streamline your corporate tax reporting processes with Sovos.

Sovos provides essential support for digital asset brokers, exchanges, and financial institutions in complying with cryptocurrency tax obligations. Brokers are required to disclose sales and exchanges of digital assets to the IRS using Form 1099-DA, starting with reporting gross proceeds, with cost basis disclosures being incorporated in subsequent years. The process of reporting digital assets introduces complexities such as increased transaction volumes, the need for new forms, and rigorous taxpayer identification regulations. Sovos streamlines this process by offering a unified workflow that enables the collection and validation of customer Taxpayer Identification Numbers (TINs), the preparation of 1099-DA and associated information returns, electronic filing with the IRS through the IRIS system, and distribution of recipient copies. With integrated Name/TIN matching capabilities, Sovos helps identify discrepancies prior to filing, minimizing the risk of B-Notices and backup withholding complications. For businesses operating internationally, Sovos also facilitates compliance with digital asset reporting frameworks like DAC8 and CARF. Get ready to tackle digital asset reporting efficiently with Sovos.

Sovos streamlines sales and use tax compliance for businesses operating in various U.S. states and local areas. The platform accurately calculates applicable tax rates during transactions, monitors economic nexus thresholds, oversees exemption certificates, and facilitates the preparation and filing of returns all within a single system. Given the ever-evolving nature of sales tax regulations, where 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 jurisdictional requirements. By integrating seamlessly with ERP, billing, and e-commerce platforms, Sovos ensures that tax determination occurs within your existing workflows. This allows all transaction data, returns, and records to be consolidated in one easily accessible and audit-ready location. Simplify your sales and use tax compliance process with Sovos.

Sovos is an all-in-one tax compliance solution designed to assist businesses in overseeing indirect taxes, information reporting, identity verification, and unclaimed property seamlessly. It simplifies the management of various tax obligations, including sales and use tax, VAT, e-invoicing, 1099 forms, W-2s, 1042-S, ACA filings, TIN matching, and escheatment reporting, eliminating the need for multiple vendors to handle different requirements. Given the ever-evolving nature of tax regulations at federal, state, and global levels, organizations often face challenges with fragmented tools that lead to data duplication, manual reconciliation, and incomplete audit trails. Sovos addresses these issues by integrating your tax information and regulatory content within a unified data model, ensuring that your records remain consistent and readily available for audits. Leveraging the Sovos Regulatory Graph and Sovi AI, the platform connects regulatory changes with your transaction data. It enables compliance with IRIS-ready federal filings, real-time CTC mandates, and offers integrations with APIs, SFTP, and ERP systems. All data processing adheres to SOC 2 and ISO 27001 standards, ensuring security and reliability.

Sovos assists enterprises in the identification, monitoring, and reporting of unclaimed assets to various U.S. states. The platform facilitates dormancy analysis, dispatches due diligence notifications to asset owners, produces reports in NAUPA format, and enables electronic filing with state authorities. Each state has its own specific dormancy timelines, exemptions, and deadlines for reporting. Relying on spreadsheets to manage this information can result in overlooked deadlines, state audits, fines, and interest charges. Sovos streamlines the tracking process with intuitive workflows and integrated state-specific guidance, helping you understand what needs to be reported and when. Automated due diligence notifications ensure you connect with asset owners prior to the property becoming unclaimed. ReportMyUP, powered by Sovos, offers NAUPA-compliant reporting across all 50+ U.S. jurisdictions and features one-click eFiling for over 30 states. Additionally, a comprehensive audit trail maintains your filing history for future reference in case of state inquiries. Begin your journey in managing unclaimed assets and escheatment reporting with Sovos.