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A comprehensive solution for insurance tax reporting needs including 1099, 1042-S, ACA, CRS, and FATCA. Features include automated form creation, electronic filing, recipient delivery, and state-by-state compliance with insurance-specific reporting requirements.
Tools that address the complex tax requirements of insurance companies, including premium taxes, federal income taxes, and international tax considerations.
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Regulatory Updates System is regularly updated with latest tax codes and regulations. |
Sovos actively monitors tax regulatory changes and the website indicates products are updated to keep pace with evolving tax laws. | |
Jurisdictional Coverage Number of regions/countries supported for compliance. |
No information available | |
Audit Trail Comprehensive tracking of changes for compliance and auditing purposes. |
Audit trails are a common compliance feature. Sovos markets its platform as supporting comprehensive compliance, which includes detailed audit tracking. | |
Filing Assistance Guided workflows for regulatory filings (e.g., premium, income, sales taxes). |
Guided filing workflows are highlighted as a feature, explicitly covering various regulatory form types. | |
Statutory Reporting Automatically generates regulated statutory and compliance reports. |
Statutory and compliance report generation is called out in product literature. | |
Legal Entity Mapping Ability to map and manage multiple legal entities to their unique compliance requirements. |
The system manages reporting and compliance for multiple legal entities, including insurance carriers and their subsidiaries. | |
Exemption Management Tracks, applies, and reports on tax exemptions for specific products or entities. |
The product lists exemption management and tracking as part of its compliance feature set. | |
Retention Policy Management Automated data/document retention in accordance with legal requirements. |
No information available | |
Global Tax Support Supports regulatory requirements for multinational & cross-border transactions. |
The website indicates global tax support (CRS, FATCA, 1042-S, ACA) for multinational operations. | |
Regulatory Alerting Notifies users of upcoming or recent changes in relevant tax legislation. |
Regulatory alerting on changing requirements is specifically marketed as part of Sovos’s compliance service. | |
FATCA/CRS Compliance Ensures product supports reporting under the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS). |
FATCA and CRS compliance/reporting is explicitly stated as a supported feature. | |
Insurance-Specific Tax Compliance Supports unique insurance-related tax requirements (e.g., premium taxes, excise taxes). |
Supports premium tax, excise tax, and other insurance-specific reporting is referenced in documentation. |
Core System Integration Direct connectivity with insurance policy administration, claims, and billing systems. |
Direct integration with insurance core systems (policy, billing) is promoted as a feature, providing seamless data sharing. | |
ERP Integration Support for standard integration with ERP systems (SAP, Oracle, etc.). |
ERP (SAP, Oracle, etc.) integration is listed as a capability on Sovos’s integration solutions page. | |
Data Import/Export Ability to import/export transactional data in common formats (CSV, XML, API, etc.). |
The product supports data import/export via standard formats (CSV, XML, API) as part of its core operational processes. | |
Bank Connectivity Interfaces with banking systems for tax payments and reconciliations. |
Sovos advertises connectivity with banking platforms for payments and reconciliations. | |
API Availability Accessible APIs for custom integrations. |
APIs for integration and data exchange are available (website confirms available APIs for custom workflows). | |
Single Sign-On (SSO) Supports enterprise identity management for seamless user access. |
Single Sign-On and enterprise security options are described in product technical specifications. | |
Cloud Data Connectors Ready-to-use connectors for popular cloud storage and SaaS applications. |
No information available | |
Data Validation on Import Automated validation and reconciliation of data on system entry. |
Data validation upon import is standard for compliance-grade tax reporting tech, and Sovos states data checks as part of the import process. | |
Third-Party Service Integration Pre-built integration with third-party compliance, analytics, and document management services. |
No information available | |
Custom Integration Toolkit Comprehensive developer toolkit for building bespoke integrations. |
No information available |
Premium Tax Calculation Automatically calculates insurance premium taxes across jurisdictions. |
Sovos’s product suite advertises automated premium tax calculations for insurance products. | |
Federal Income Tax Calculation Supports all aspects of corporate federal income tax calculation. |
Federal (1099, etc.) and relevant corporate taxes are supported for calculation and reporting. | |
Deferred Tax Management Tracks and calculates deferred tax assets and liabilities. |
No information available | |
Real-time Calculation Speed Time taken to perform tax calculation for a typical transaction batch. |
No information available | |
Multi-state/Province Tax Calculation Handles calculations for entities operating in multiple regions. |
System supports calculations for all US states and Canadian provinces. | |
Tax Withholding Support Manages and automates withholding requirements where applicable. |
Withholding tax support is described as core to insurance, 1099, and 1042-S reporting. | |
Batch Filing Processing Enables submission and processing of tax filings in batch mode. |
Batch filing is listed as a supported process for large enterprise customers. | |
Adjustments and Reconciling Supports adjustments to tax calculations for prior errors or changes. |
Product documentation indicates support for adjustments and reconciliations based on prior period errors. | |
International Tax Support Calculates taxes for cross-border operations, considering treaties and local laws. |
International tax support is marketed, with specific reference to 1042-S filings and withholding. | |
Auto-Filing Enables direct or guided electronic submission to tax authorities. |
Auto-filing (electronic filing direct to IRS, states, and international) is a key platform value proposition. | |
Payment Processing Facilitates automated payment of tax liabilities. |
Electronic tax payment capability through integrated bank interfaces is noted on the website. |
Custom Report Builder Ability to design and save custom reports. |
Custom report builder functions are described in Sovos’s reporting/analytics offerings. | |
Scheduled Reporting Automated report generation based on predefined schedules. |
Reports can be scheduled for delivery (scheduled reporting is documented in product guides). | |
Drill-down Analytics Interactive analysis with the ability to drill down into transactional and summary data. |
Drill-down analytics and dashboarding are available in reporting modules. | |
Export Formats Number of supported export document formats (PDF, Excel, etc.). |
No information available | |
Dashboards Real-time visual dashboarding of compliance and financial metrics. |
Dashboard and visualization tools available for compliance and finance monitoring. | |
Variance Analysis Compares actuals vs. expected or budgeted tax positions. |
Variance analysis is supported as part of reporting and analytics tools. | |
Statistical Analysis Tools Built-in tools for tax trend and anomaly identification. |
Statistical analysis, trend, and anomaly detection are discussed as available reporting features. | |
Report Distribution Automated and secure distribution of reports to stakeholders. |
Automated and secure report distribution is offered through notifications and workflow delivery. | |
Visualization Options Number of graph/chart types supported in dashboards. |
No information available | |
Audit Reporting Dedicated reports for internal and regulatory audit processes. |
Audit-focused reporting is a feature for compliance-driven clients. | |
Ad-hoc Report Generation Ability to quickly generate reports with custom filters and criteria. |
Ad-hoc report generation is included, as per the product’s reporting functionality. |
Role-based Access Control Customizable security and permissions based on roles. |
Role-based access control is standard for all Sovos platforms and is referenced in security documentation. | |
Multi-language Support Number of languages the interface and reports are available in. |
No information available | |
Mobile Access Availability of full-featured mobile or tablet versions. |
Mobile access via web and some mobile-optimized features/app are available. | |
Web-based Interface Accessible via browser, removing dependency on local installs. |
Fully web-based interface is marketed as a benefit for insurance tax reporting compliance. | |
Customizable Workflows Users can modify and automate their workflows for specific processes. |
No information available | |
Accessibility Compliance System adheres to recognized accessibility standards (such as WCAG). |
No information available | |
User Self-service Configurations Users can configure personal preferences, dashboards, and notifications. |
No information available | |
In-app Help & Tutorials Integrated walkthroughs and help resources. |
No information available | |
Multi-Tenancy Supports multiple companies/entities within a single instance. |
No information available | |
Keyboard Navigation Full keyboard accessibility for fast, efficient navigation. |
No information available |
Encryption at Rest All data is encrypted while stored. |
No information available | |
Encryption in Transit Data is encrypted while being transmitted. |
No information available | |
Multi-factor Authentication User access requires more than one form of verification. |
No information available | |
GDPR/CCPA Compliance Adheres to European and Californian data privacy laws. |
No information available | |
User Activity Logging All user actions are logged for monitoring and incident response. |
No information available | |
Data Masking Sensitive data can be hidden from unauthorized users. |
No information available | |
Disaster Recovery RPO Maximum tolerable period in which data might be lost due to an incident. |
No information available | |
Role-based Data Access Access to sensitive information restricted based on user roles. |
No information available | |
Audit Log Retention Period for which audit logs are retained. |
No information available | |
Penetration Testing System is subject to regular external security testing. |
No information available |
Custom Tax Rule Engine Users can configure bespoke tax rules/logic without code. |
No information available | |
Number of Concurrent Users Supported simultaneous user sessions. |
No information available | |
Multi-entity Support Handles multiple business units, companies, or subsidiaries. |
No information available | |
Transaction Volume Capacity Maximum number of financial transactions processed per day. |
No information available | |
Configurable Workflows Ability to customize process flows to align with business practices. |
No information available | |
Growth Readiness System design supports rapid onboarding of new products, lines, or geographies. |
No information available | |
Custom Field Creation Users can add custom data fields. |
No information available | |
Environment Migration Tools Tools for moving configurations, workflows, and data across environments. |
No information available | |
Limitless Data Storage Support for virtually unlimited data records. |
No information available | |
Resource Elasticity Automatic allocation of compute and storage resources as data volume scales. |
No information available |
Automated Data Extraction Uses OCR or data feeds to pull information from source systems. |
No information available | |
Scheduled Processing Tasks (such as batch calculations or filings) can be scheduled for automatic execution. |
No information available | |
Error Detection/Exception Handling Automatically flags anomalies for user review. |
No information available | |
Workflow Notifications Automated email or in-app notifications for tasks and deadlines. |
No information available | |
Approval Workflow Supports multi-step, multi-user approval of calculations and filings. |
No information available | |
Document Generation Auto-generates standardized tax-related forms and supporting documents. |
No information available | |
Reconciliation Automation Automated matching and reconciliation of financial statements and tax returns. |
No information available | |
Dynamic Task Assignment Tasks can be automatically assigned based on workflow stage, role, or availability. |
No information available | |
Retention Workflow Management Automates document retention, archival, and deletion based on policy/requirements. |
No information available | |
Automated Reminders System generates reminders for key milestone deadlines. |
No information available |
Multi-currency Support Handles transactions and tax calculations in multiple currencies. |
No information available | |
Local Tax Rules Engine Supports custom rule definition to address distinct rules by locality. |
No information available | |
Translation Management Automated or manual translation of interface, documentation, and reports. |
No information available | |
Cross-border Transaction Handling Ensures correct application of treaties, international taxes, and compliance rules. |
No information available | |
Country-specific Templates Prebuilt forms and templates for country-specific reporting/filing. |
No information available | |
Foreign Subsidiary Management Associate and manage tax profiles for multiple international subsidiaries. |
No information available | |
Currency Conversion Automation Auto conversion of values and reporting in local and base currencies. |
No information available | |
Localization of Dates/Numbers Adapts date, number, and currency formats by user locale. |
No information available | |
International Document Support Supports global document standards (XBRL, XML, etc.). |
No information available | |
Cross-border Data Privacy Compliance Implements and tracks compliance with international data privacy requirements. |
No information available |
Internal Messaging Built-in communication tools for team discussions and queries. |
No information available | |
Commenting/Annotations Ability to comment or annotate specific calculations, documents, or workflow steps. |
No information available | |
Task Assignment Users can assign tax tasks and track completion status. |
No information available | |
Approval Routing Route approvals to appropriate stakeholders with full tracking. |
No information available | |
Document Collaboration Multiple users can jointly prepare, edit, or review documents. |
No information available | |
Notifications and Alerts System provides timely alerts on changes, deadlines, or approvals. |
No information available | |
Document Sharing Controls Granular controls on document sharing, print, and download permissions. |
No information available | |
Workflow Status Tracking Real-time visibility of progress and workloads across teams. |
No information available | |
External Auditor Access Provision of secure, time-limited access to external auditors. |
No information available | |
Knowledge Base / Wiki Central repository for tax policies, FAQs, and best practices. |
No information available |
24/7 Helpdesk Availability of support staff around the clock. |
No information available | |
Online Documentation Comprehensive up-to-date user guides and FAQs. |
No information available | |
Implementation Support Guided onboarding and implementation available. |
No information available | |
Knowledge Base Access Access to searchable database of technical and tax domain information. |
No information available | |
User Community Forum Online community for sharing experiences and advice. |
No information available | |
Training Programs Structured training and certification for users. |
No information available | |
Dedicated Account Manager Assignment of a dedicated customer success manager. |
No information available | |
Service Level Agreement (SLA) Commitment to minimum uptime and maximum response time. |
No information available | |
Multi-channel Support Support available via phone, email, and chat. |
No information available | |
Release Notes and Product Updates Regular communication of new features and bug fixes. |
No information available |
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