WILMINGTON, MA — Wealth & Finance International named Sovos Compliance as the 2016 Best Tax Information Reporting Firm (U.S.), recognizing the organization for its success in helping finance leaders around the world reduce the burden and risk of compliance in a turbulent regulatory environment.
The award focused on the software company’s suite of business-to-government reporting solutions, which help financial services and insurance companies deal with a variety of tax reporting challenges, including 10-series reporting to the IRS, Affordable Care Act compliance, and the automation of data aggregation and reporting on foreign taxpayer accounts in alignment with new automatic exchange of information laws, including the Foreign Account Tax Compliance Act (FATCA) in the U.S.
Sovos is the largest private filer of 10-series forms (including 1099s) in the U.S., and in 2015 alone, the company implemented 162,373 tax rule changes across the globe — over 10,000 changes per month — in its software solutions. Sovos clients include Genworth Financial, Nationwide and over half the Fortune 500.
“Government reporting requirements are constantly changing, putting pressure on financial professionals around the world,” said Sovos CEO Andy Hovancik. “Addressing complex business-to-government reporting regulations is hardly a core function of business. Further, nearly half of CFOs list compliance as their number one barrier to growth. At Sovos, we aim to mitigate the burden and risk of compliance so businesses can grow and thrive.”
“We are proud to be recognized by Wealth & Finance International as the Best Tax Information Reporting Firm in the U.S. We will continue to invest in products and services that ease the burden of business-to-government reporting for our clients,” said Hovancik.
(NOTE: The above press release is from Sovos Compliance.)
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