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Braving the 1099 Storm
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The 1099 season is upon us again. As you begin the difficult process of pouring over months of financial records to determine which payees are employees and which are independent contractors, stay positive and try your best not to be overwhelmed.
This issue contains information that can help you stay calm during the hectic 1099 season. TAPN's comprehensive Form 1099 Toolkit provides an excellent resource for handling any 1099-related issues that come up. But if you are still having trouble staying positive, you can always wear a fake smile (details provided below). |
| Patrick Harbin – Editor
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Having 1099 Issues? |
One of the biggest challenges accounts payable departments face each year is form 1099 reporting. A common issue departments have when reporting is determining which payees should receive a 1099.
The following are four questions the IRS says you should ask to determine whether a payee should be issued a 1099:
- Is the payment made to someone who is not your employee?
- Did you make the payments for services in the course of your trade or business?
- Did you make the payment to an individual, partnership, estate, or – in some cases – a corporation?
- Did you pay the payee at least $600 during the year?
Answering "yes" to these questions generally means that payee should receive a 1099. However, the issue becomes very complicated when you start factoring in things like middlemen and international payments. To help with those and other issues, TAPN has put together a Ten-CD Form 1099 Toolkit. Comprised of informative 1099-related audioconference recordings, this toolkit will help you maximize accuracy and efficiency during the upcoming 1099 season. More Information
You can purchase the individual 1099 audioconference recordings from the AP Store.
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| What's New with Nichols? |
Does your AP department treat the business units you support as fellow employees are as customers? According to Tom, while most companies choose the former, they should be choosing the latter.
In his latest entry, Tom describes how treating business units as valued customers can go a long way in improving AP's image. With the increased availability of AP outsourcing, it's important for AP to remind their business units of all the services AP provides. Go to Tom's Blog
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Just for Fun! |
Do you have a problem keeping chipper all day? While no one is suggesting you don't love your job, every now and then we all have a day where it's impossible to keep smiling the whole time.
To help you get through those days, Happyworker.com has created the "Happy Worker Mask." Just cut along the dotted line and tie the mask around your head. Now you can feel free to be (secretly) grumpy once in a while.
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