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Start Planning for 2011
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2010 was an exciting year for payment reporting legislation. With so many 1099 changes announced this year, many AP professionals are still scratching their heads to determine what it all means.
This issue features important information your department will need as you prepare for the coming new year.
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| Patrick Harbin – Editor
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IRS Mileage Rates |
The IRS recently announced new standard mileage rates for 2011. These rates represent the maximum tax-free amount that organizations can reimburse their employees for business use of a personal vehicle.
See 2011 IRS Standard Mileage Rates on TAPC.
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1099 Changes |
By far the most lasting impression 2010 will leave on AP departments is that it was the year of sweeping 1099 changes. The following are key 1099 changes to prepare for in 2011 and beyond:
- Starting in 2011, failure-to-file penalties will increase, some by a factor of four
- IRS Code Section 6050W puts the obligation to report card payments made in 2011 and onward in the hands of the merchant banks
- Beginning in 2012, The Patient Protection and Affordable Care Act makes payments for property and to corporations reportable
For detailed descriptions of these changes, including steps you can take to start preparing, check out The Accounts Payable Network's audio conference recording, Unscrambling How and What to Report on Form 1099 MISC - Tax Years 2010-2013, featuring John and Lynda Foertschbeck of IRSCompliance. Earns 1.5 CEUs.
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Just for Fun! |
People tend to wear their names as a badge of honor. Meanwhile, others who wish their parents had been a bit more creative choose to take matters into their own hands. See What's in a Name? Man Goes from Smith to Awesome.
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