In the News - November 17, 2021

Today's news includes information about a suite of software that will help you manage what is expected to be a larger-than-usual volume of 1099 e-filings; a new enterprise-level IT service and tech stack for accountants, bookkeepers, and their small- to medium-sized business clients; a question about "The Great Quit"; and news about the closing of Expensify's IPO. 

Sovos 1099 Pro has announced a full suite of software and service options to help businesses of all sizes prepare for an expected influx of 1099 reporting responsibilities. For the 2021 tax reporting season, the IRS announced proposed regulations that included a lowering in the mandatory electronic filing threshold for businesses from 250 information returns to 100 returns. The new standards will alter how firms calculate the number of electronic returns that must be filed. As a result, you should be prepared for even more last-minute electronic filing.

Each organization needs to apply for a unique Transmitter Control Code (TCC), which the IRS will use to identify their organization when information is filed. Unfortunately, the deadline to apply for a TCC for this filing year was November 1, 2021, so clients who may have filed their own 1099s in the past may by necessity need assistance from you. Sovos 1099 Pro may be a beneficial tool to assist you with your filings. 

Swizznet has announced the launch of a new enterprise-level IT services and support solution for small and medium-sized businesses (SMBs). The new cloud-based operating environment for accessing corporate tools and apps is called SwizzStack. Swizznet provides accounting firms and small and mid-size organizations with outsourced information technology (IT) management and cloud-based cybersecurity solutions. Importantly, SwizzStack addresses the cybersecurity preparedness recommendations from the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE).

SwizzStack includes:

Cybersecurity:

• Integrated private cloud platform
• Continuous systems monitoring
• Device management
• Vendor management
• Privately hosted applications
• Private network and secure WiFi

Compliance:

• Audit checklist and support
• Email encryption & archival
• Vulnerability and penetration testing
• Data recovery testing

Technology Support:

• Infrastructure: hardware, Macs, PCs, mobile, network, peripherals
• Integrated O365
• Hardware refresh program
• Unified communications
• Virtual IT department /CISO /CTO

Should the headlines read "The Great Quit" or "The Great Retirement"? In a Forbes article, contributor Avivah Wittenberg-Cox suggests that recent data suggest it may be the latter. August labor statistics showed that 4.3 million Americans left the workforce, but fully two-thirds of those people were retirements. One million people retired 'normally,' while another 1.5 million chose to retire early.

Expensify announced the closing of its initial public offering of 11,190,392 shares of its Class A common stock. Expensify sold 2,608,696 shares of Class A common stock and the selling stockholders named in the prospectus sold 8,581,696 shares of Class A common stock.