|
|
|
|
1099 Rules Repealed
|
|---|
It seems like yesterday when accounts payable departments got the unwelcome news that they would soon have to report payments to all their vendors on forms 1099. After a year of preparation, however, it looks like AP gets some breathing room.
This issue features the latest information on the 1099 repeal, including what it does and doesn't mean for AP departments.
|
| Patrick Harbin – Editor
|
|
|
|
Repeal |
Last week the president signed H.R. 4 into law, which repealed the expanded 1099 reporting requirements originally passed in 2010's health care bill. AP departments everywhere are breathing a collective sigh of relief.
See 1099 Repeal Signed into Law on TAPC.
|
|
|
Other 1099 Provisions |
While the repeal means that corporations and property will remain exempted from 1099 reporting, there are other 1099 changes passed recently that remain unaffected, including:
- Increased Penalties. The Small Business Jobs and Credit Act of 2010 significantly increased failure-to file penalties. These penalties still apply to information returns filed in 2011 and beyond.
- P-card Reporting. IRS Section 6050W took effect earlier this year. This section, which makes merchant banks responsible for reporting p-card purchases, still applies.
1099 reporting rules have been changing faster than many organizations can keep up with. The Accounts Payable Network and IRSCompliance's Certified Information Reporting Specialist Program can train your staff to be 1099 experts and prepare them for whatever the IRS throws at them next.
|
|
|
Just for Fun! |
GPS devices and online map sites have made atlases a thing of the past. However, these maps are not always accurate. One large web company is hoping the input of everyday people will change that. See Google Wants You to Complete its U.S. Map.
|
|
|
|
Membership in The AP Channel features TAPC content, including Blogs, AP articles, resources, and an AP store with downloadable tools including policy templates, forms, metrics spreadsheets, internal controls checklists and more. It's available online in one place. The AP Channel.
|
|
(c) 2011, Financial Operations Networks LLC. All Rights Reserved.
2100 RiverEdge Parkway, Suite 380,
Atlanta, Georgia 30328, (866) 827-6389
|
