The Form 1099 reporting responsibilities for Accounts Payable departments have grown significantly in the past few months.
Tucked away in the healthcare reform bill (The Patient Protection and Affordable Care Act), signed into law on March 23, 2010, are new rules that require reporting of goods, services and payments made to all corporations. Prior to this legislation, businesses only had to report on "services" and corporations were exempt from receiving a Form 1099.
The net result of all these changes is a significantly more complex and burdensome tax reporting process for Accounts Payable departments. If you are like most Accounts Payable professionals and are wondering what these new regulations mean and how to address their compliance, you won't want to miss this complimentary webcast session with speaker Jeff Cronin, Vice President of Product Management at Convey Compliance Systems.
In this webcast, Jeff will discuss new compliance issues, including:
- Ensuring correct vendor name and TIN
- Special considerations to be aware of for P-card vendors
- How automating this process will ensure efficiency, accuracy and compliance