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1099 Compliance: No Time Like the Present
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1099 season is still several months away, but that doesn't mean accounts payable departments aren't thinking about it now. Proper 1099 filing involves year-round attention and preparation.
This issue features information that can help you prepare for the coming 1099 tide. Don't forget to check the "Continuing Education" section for some additional resources to help ensure your organization is 1099 compliant. |
| Patrick Harbin – Editor
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What is Nonemployee Compensation? |
Payments for nonemployee compensation are generally reportable on Form 1099-MISC. For reporting purposes, it is important that AP departments understand exactly what payments count as nonemployee compensation.
The instructions for the 1099-MISC state that miscellaneous income to the following individuals (not an exclusive list) in the following amounts should be reported on a 1099-MISC:
- Payments for services performed for a trade or business by people not treated as employees in an amount of $600 or more
- Rents, royalty payments and prizes in the amount of $600 or more
- Fees paid to attorneys of $600 or more, or gross proceeds paid to attorneys in any amount
1099 filing season will be here before you know it. Make sure you're prepared. Check out the 2008 Roadmap to 1099 Success, an upcoming five-part audio conference series covering a variety of essential 1099 topics and featuring subject matter experts from Balance Consulting.
Train your entire team over a 5-month period without ever having to leave your office!
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| Imaging and Workflow |
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Invoice imaging is the first step many organizations take towards automating their AP processes. Read Invoice Imaging and the War Against Paper on TAPC for some key statistics on how businesses are implementing their imaging systems.
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Just for Fun! |
When flying to another city or country, most travelers can't wait to get out of the airport and see the sights. However, in some cities, the most exciting thing to see might just be the airport itself.
Be sure to read The World's Most Impressive Airport Lounges. You just might hope your next flight is delayed.
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