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1099s Continue to Change
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The latest in a long list of coming 1099 changes is actually beneficial for AP. IRS code section 6050W puts 1099 reporting for p-card payments entirely in the hands of third-party payment processors, relieving the burden on buyers.
With so many 1099 changes coming, keeping up with them can seem overwhelming. This issue features information to take some stress out of the challenge.
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| Patrick Harbin – Editor
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Change for the Better? |
The coming 1099 changes represent a significant increase in work for most organizations. However, in some ways they may actually make the information reporting process less taxing.
See my latest blog entry, 1099 Changes: Look on the Bright Side on TAPC.
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Affecting Change |
Do you have any issues with the enhanced 1099 reporting requirements in the health care bill? You still have two weeks to send your comments to the IRS. The following are some of the concerns that the IRS is seeking comment about:
- The scope of property that should be reportable
- Whether to change reporting deadlines
- How to handle backup withholding
While you wait for the IRS to address these and other issues, prepare for the coming changes by attending the session "Corporate Reporting: Prepare for New Regulations," part of Today's Accounts Payable Compliance Summit 2010. The Summit runs today and tomorrow from noon to 4:15 EDT and earns up to 8 CEUs.
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Just for Fun! |
There is no shortage of great destinations around the world for globetrotters. Sometimes, however, the popular sites overshadow other, equally impressive destinations. See 7 Lesser-Known Wonders of the World.
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