December 12, 2025

Why Collecting a W-9 From Every Vendor or Payee is Essential for Accurate 1099 Reporting

Collecting a Form W-9 at the start of every vendor or payee relationship is one of the easiest ways to protect your business from IRS errors, fraud, and year-end reporting challenges. A W-9 provides the legal name, tax classification, and taxpayer identification number that the IRS uses to match the 1099 forms you file.   Even... Read more »

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December 11, 2025

How to Format Names for 1099 Filings

One of the most common problems filers run into during the 1099 reporting season is that the name on the form does not match what the IRS has on file for that SSN or EIN. While this may seem like an incredibly simple aspect of filing, this issue frequently leads to B-Notices, CP2100 notices, IRS error flags, and penalty exposure – even if your file is... Read more »

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December 10, 2025

How Real-Time TIN Matching Protects Your Business

Now available in eFileMyForms, real-time TIN matching allows you to verify taxpyaer names and identification numbers the moment you enter them, helping you prevent errors before they reach the IRS. Here’s why real-time TIN matching is one of the most valuable tools you can add to your year-round tax workflow:   Introduction to TINs and... Read more »

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November 17, 2025

1099 Filing Checklist for Small Businesses

When it comes to 1099 reporting obligations, small and medium sized businesses need to be organized in order to ensure compliance throughout the reporting season. January can be a stressful month for small teams, but staying organized is one of the easiest ways SMBs can stay ahead of compliance and avoid tedious IRS Notices and... Read more »

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July 1, 2025

IRS FIRE to IRIS Transition: What Small Businesses Need to Know for 2026 Reporting

If you’re a small business owner who files 1099 forms, there’s an important change coming that could affect how you handle your annual reporting. The IRS is retiring its decades-old FIRE system and replacing it with a new platform called IRIS. Here’s what you need to know to stay compliant and avoid potential headaches.   ... Read more »

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May 15, 2025

CP2100 Notices for 1099 Filers: What Small Businesses and CPAs Need to Know

As a small business owner or CPA filing 1099 forms, receiving an IRS CP2100 notice (commonly called a B-notice) can be alarming. This important document alerts you to discrepancies between the Taxpayer Identification Numbers (TINs) and names reported on your 1099 forms compared to IRS records. Understanding this notice and responding appropriately is crucial for... Read more »

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April 9, 2025

A Post-Tax Season Checklist for Your Business

Congratulations—you’ve officially survived another tax season. Your forms are filed, the IRS hasn’t come knocking (yet), and the spreadsheets are (hopefully) closed. But before you shut the door on another reporting cycle, take time to finish strong and set yourself up for success the next time around.   Step 1: Correct and Resubmit Any Filing... Read more »

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March 5, 2025

Business Tax Deadlines 2025: Important eFiling Dates

March 2025 marks one of the most significant periods of the tax season for businesses, as major electronic filing (e-filing) deadlines approach for 1099 forms, ACA health coverage reporting, and 1042-S filings. Businesses must ensure all required forms are submitted electronically before the following IRS-mandated deadlines to remain compliant and avoid penalties.  1099 E-Filing Deadlines... Read more »

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February 21, 2025

How to File 1099 Corrections: A Complete 1099-NEC Guide

Accuracy is non-negotiable when it comes to tax information reporting. Precision in 1099 filing ensures the integrity of the financial reporting system, helping businesses uphold compliance and avoid costly penalties. These forms aren’t just administrative paperwork—they represent the backbone of accurate financial disclosure, detailing everything from non-employee compensation to various other transactions. Still, mistakes happen.... Read more »

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February 17, 2025

The ACA Employer Mandate: Compliance Tips for Employers

The Affordable Care Act (ACA), established in 2010, brought about transformative changes to the healthcare sector, primarily designed to broaden healthcare access across the nation. In addition to expanding coverage, the ACA imposed new duties on employers, fundamentally reshaping their role in the healthcare ecosystem. A pivotal element of this legislation was the rollout of... Read more »

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February 14, 2025

Form 1042-S Updates: Everything SMBs Need to Know

The IRS has released the new version of Form 1042-S, which is used to report U.S. source income earned by foreign persons and the withholding associated with that income. These Form 1042-S updates reflect important changes filers need to be aware of for the upcoming reporting season. Below is a breakdown of the 2025 1042-S... Read more »

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February 6, 2025

Common Business Tax Mistakes to Avoid: IRS Red Flags

The IRS officially started accepting returns as of January 27, setting off a flurry of activity for businesses, payroll teams, and tax professionals. With the IRS expecting to process over 140 million individual tax returns by the federal deadline, the next few months will be a race against the clock for businesses across the country.... Read more »

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January 28, 2025

Form 1042 Electronic-Filing: Key Insights & Compliance Tips

The IRS is welcoming a new era of tax reporting with updated electronic filing requirements that aim to streamline processes and improve compliance. Starting with tax year 2024, all U.S. withholding agents must electronically file Form 1042 Annual Withholding Returns for U.S. Source Income of Foreign Persons, marking a major shift from the paper-based submissions... Read more »

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January 21, 2025

IRS Tax Deadlines 2025: Key Dates & Filing Tips

Tax season doesn’t have to feel like a last-minute scramble to the finish line for your business. Knowing what’s due and when—whether it’s furnishing information returns to recipients or filing them with the IRS—is the first step in maintaining compliance and avoiding costly penalties. Let’s dive into the key deadlines every business needs to know... Read more »

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January 16, 2025

Important Updates to ACA Reporting 1095-B & 1095-C for SMBs

If your business provides health coverage, you should be aware of new regulations put in law by two bills recently signed by President Biden. These new regulations will impact reporting requirements and include penalty provisions for employers and health insurance providers that provide minimum essential health care coverage under the Patient Protection and Affordable Care... Read more »

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January 15, 2025

Essential Updated Tax Reporting Resources for California Wildfire Survivors 2025

The wildfires sweeping through Los Angeles County have left a significant impact on families, communities, and businesses. At Sovos, our hearts go out to everyone affected. As you navigate these challenging times, we remain committed to supporting all businesses in any way possible. We understand that 1099 and W-2 reporting may not be top of... Read more »

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October 4, 2024

The Tax Season Survival Guide for Small Businesses

Tax season can feel like navigating a maze of forms, deadlines, and complex IRS rules—especially for small business owners. Whether it’s employees, contractors, or vendors, each payment type comes with its own set of tax forms and filing requirements. Yet, missing a deadline or making a mistake can lead to hefty penalties, making it essential... Read more »

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February 29, 2024

IRS Form 1042 eFiling: Breaking Down the Latest Changes

In a late breaking change, the IRS released Notice 2024-26 this week that announced a delay in the new requirement to electronically file Form 1042 (the Annual Withholding Tax Return for U.S. Source Income paid to foreign payees) for 2023 transactions with the IRS’s Modernized e-File (MeF) system. Specifically, the notice indicates that organizations managing... Read more »

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January 3, 2024

What’s New in eFileMyForms for Tax Year 2023

We’ve been busy over the past few months, making sure eFileMyForms provides you with a trouble-free filing experience this tax season. As you begin the process of preparing your filings, here are some helpful tips and updates to get you started! Video guide for tax year 2023 We’ve created an updated and easy to follow ... Read more »

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December 18, 2023

Form 1042 Withholding: Why eFiling Is Now Mandatory

As we approach the year end, there is an important filing change for tax year 2023 that applies to any business that pays US sourced income to foreign persons.  If your organization pays foreign individuals or entities and files the 1042-S form – you are also required to file form 1042, which is the tax... Read more »

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