1099 relief could be coming: Here’s why
The Information Reporting Program Advisory Committee (IRPAC) just submitted a report to IRS, and that report includes recommendations that could make dealing with 1099s much easier for Accounts Payable.
The IRPAC’s major complaint centers around the burden A/P takes on when IRS makes last-minute changes to the 1099-reporting process.
Here’s what the IRPAC recommends: Whenever IRS issues the final form or instructions for 1099-filing within six months of the filing deadline, it should give employers a six-month extension to deal with those changes.
An extra half a year would be a huge help to all A/P staffers, but that’s not all. The IRPAC also recommended that, in the case of “extensive changes,” the feds should grant an 18-month extension of 1099 filing deadlines.
We’ll keep you posted on how IRS handles these recommendations. In the meantime, you can view the entire IRPAC report here.
- Share on
Free Training & Resources
Further Reading
CFOs are desperate for more clarity, faster reconciliation and fewer errors in their payments and receivables. Automation solutions and art...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup w...
Because your A/P team is a critical part of your business, it needs to be adequately staffed with qualified and capable employees who enjoy...
Although consumers have fully embraced digital payments – peer-to-peer mobile apps, electronic bill-pay services and getting paid via...
Digitizing A/P is still very much on the minds of your peers, who are prioritizing control of cash flow over business growth as organizatio...
