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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.
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.
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.
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.
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).
What are you waiting for?