Metric of the Month: Managing Increased Invoice Volume
Source: 2021 IOFM Survey Data
As organizations see their business rebound, their invoice volumes are increasing significantly. How is AP responding to the greater workload, given all the staff downsizing that occurred? A recent survey conducted by IOFM reveals the answer: Most AP teams are simply working longer hours.
Combined Federal/State Filing
For 2021 returns due in 2022, the IRS has added Form 1099-NEC to the Combined Federal/State Filing Program. Inserting certain codes into the IRS electronic file will trigger IRS reporting to those states that participate — although some still do not.
MEMBER WEBINAR: Year-end Checklist for 1099 Compliance
Are you ready for 1099 season? Members enjoy exclusive access to 12 Compliance Webinars annually. Register for our upcoming Live Compliance Webinar on December 9: Your Year-end Checklist for IRS Form 1099 Filing Compliance.
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IRS Developing a New Filing Platform
1099 filing a headache? There’s improvement on the way! By January 1, 2023, the IRS will roll out a new internet platform that will alleviate the need to use FIRE System programmed files, allowing users to prepare, file and store 1099 data.
Reporting of Software Subscriptions
If your company buys a subscription to software, as many AP organizations do, how is that payment reported on a 1099? Reporting depends on whether the provider is exempt as well as if it’s for a fixed time period or considered software-as-a-service (SaaS).