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
White Papers
Provided by Personify Health
White Papers
Provided by Anaplan
Further Reading
Imagine getting a Notice of Final Determination from a state revenue department that said it wasn’t going to recognize a use tax exem...
Businesses may be losing more through accounts payable than they realize – and most of it never shows up as a line item. A new report ...
Crooks have more tactics for committing payment fraud at their disposal than you think. For example, these are just the different types ...
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at le...
A rule that hadn’t changed since 1954 may be getting an update. The IRS has proposed eliminating the 1099 filing requirement for paym...
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...
