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Is 1099 Season Ever Really Over?
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Sometimes it feels like 1099 season never ends. Between determining which payments are reportable, sending 1099s to payees and the IRS, and then issuing corrected returns, 1099 filing seems less like a season and more like a state of mind.
This issue features information to help departments round the homestretch of the 1099 process – filing corrected returns. Be sure to also check out "Just for Fun!" for ideas on what to do when 1099 season makes way for summer vacation season. |
| Patrick Harbin – Editor
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Filing Corrected 1099s |
Making sure 1099s go out to all your reportable payees is a difficult job by itself, especially for small businesses filing on paper. However, even if you got them all out the door on time last month and are prepared to turn them in to the IRS this week, chances are your work's not done yet. You've still got corrections to deal with.
There are several reasons why the IRS may require a corrected 1099 be filed. The following are three common types of errors the IRS notices on paper returns:
- ERROR 1 – Original return contained no recipient TIN or an incorrect TIN, or incorrect name and address.
- ERROR 2 – Original return contained incorrect money amount, incorrect address, or a return was filed when one should have not been filed.
- ERROR 3 – Original return was filed using the wrong type of return.
The upcoming audioconference, How to File Corrected Forms 1099, sponsored by The Accounts Payable Network and featuring Denise Johnson of Balance Consulting, will feature tips on handling errors and reducing IRS penalties.
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| International Payments |
As if paying domestic vendors doesn't give AP departments enough to worry about, many must also process international payments, which carry their own set of challenges.
International payments can be made via letters of credit, open accounts, advance payments, or documents for collection. TAPC's article, International Payments, discusses the risks and benefits of each.
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Just for Fun! |
As winter weather continues to beat down us with no end in sight, it's easy to forget that there is a time when it's warm enough for people to actually want to go outside.
To get you pining for the warmth of summer, MSNBC has posted a list of the top ten beaches around the world. Check out the list to get ideas for planning your next summer vacation.
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