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Remaining TIN Compliant
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One of the most crucial steps to painless 1099 reporting is ensuring you have accurate payee taxpayer identification numbers. Having accurate TINs at the start can avoid B-Notices down the road.
This issue features resources to help you maintain effective TIN matching and solicitation policies. With the IRS about to begin sending out B-notices, it's a reminder of how important this information is. |
| Patrick Harbin – Editor
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TIN Matching |
When one of your payees' taxpayer ID numbers doesn't match IRS records, the result is a B-Notice and, potentially, IRS fines and penalties. To avoid B-Notices, organizations should always verify the accuracy of their payees' TINs.
The IRS makes the process relatively painless thanks to their online TIN matching service. Authorized payers have 24-hour access to the service, which can be used in two ways:
- Interactively: a user submits up to 25 payee TIN-name combinations against IRS records prior to submitting an information return, and receives a response in five seconds.
- Bulk matching: users can upload up to 100,000 name-TIN combinations and receive a response within 24 hours.
Visit the Registration Page to sign up for the IRS TIN matching program and to see all of the eligibility requirements.
Also be sure to sign up for The Accounts Payable Network's upcoming audio conference, Master the Rules for Annual TIN Solicitations, featuring Denise Johnson, Esq., General Counsel and Tax Compliance Manager, Balance Consulting LLC, for valuable information on how to ensure you are following TIN solicitation rules.
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| GAAP Lives On |
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Despite the recent news heralding the adoption of international accounting standards, U.S. businesses would be smart not to forget the old ways of doing business just yet. Read the story on TAPC.
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Just for Fun! |
As AP employees, you know all about paying other people's bills. It's just part of the job. But, when that practice starts spilling over into your personal life, then you might have a problem.
Check out Mooching Friends: How to Deal With Them for some valuable tips on when and how to draw the line while still remaining friends.
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