|
|
|
|
What Time of Year is it?
|
|---|
It's a strange time of year. For many parts of the country, the fleet of school buses on the road says summer is over, while the sweltering August temperatures tell a very different story. While I wish I could say things make more sense in the accounts payable world, we all know that would be a lie.
Another force that's as consistent as Mother Nature is the IRS. With B-notice season fast approaching, this issue features information to help you get ready. |
| Patrick Harbin – Editor
|
|
|
|
Be Prepared for That B-Notice |
While no two AP departments are the same, there are some constants. For example, no department wants to receive an IRS B-notice.
Register for tomorrow's The Accounts Payable Network audio conference, What to Do When You Receive a B-Notice, featuring Steve Mercatante, Esq., Attorney-Advisor and In-House Counsel, Balance Consulting LLC.
B-notices are sent when one of an organization's payees fails to provide an accurate taxpayer identification number (TIN). You are required to perform 28 percent backup withholding on payments to the vendor until an accurate TIN is provided. The B-notice process involves:
- Starting backup withholding when the first B-notice is received and providing a copy of the notice to the payee.
- Performing backup withholding until the payee sends an updated W9.
- If this is the second B-notice in three years, continuing backup withholding until the IRS or Social Security Administration verifies the payee's TIN.
While no AP department wants to get a B-notice, chances are you will receive one or more this October. Don't be caught by surprise.
|
|
| States Seize Unclaimed Property Sooner |
|
With many states facing severe budget shortfalls, some have found a unique way to boost revenue: shortening dormancy periods on unclaimed property. Read the story on TAPC.
|
|
|
Just for Fun! |
For all the movie buffs out there, it's hard to choose which movies to see and which to ignore. Rather than see every movie that comes out, there is a better way.
Check out Rottentomatoes.com, a resource that aggregates critics' reviews for movies new and old and assigns them a "tomatometer" rating. Find out if your favorite movie is fresh or rotten.
|
|
