Simple fix for common A/P headache
It’s a maddening scenario for your Accounts Payable pros: After a Herculean effort to get all 1099s out on time, a corrected return needs to be submitted because of a Taxpayer Identification Number (TIN) issue.
While it’s impossible to completely prevent this problem, a common mistake occurs more often with a particular type of vendor: Medical practices or physicians.
The mix-up occurs because physicians often group their office name with a personal TIN — or they include their practice’s TIN with their own personal info.
So if your business has to report payments to medical practices and/or physicians, it’s probably a good idea to tell your A/P staffers to be extra vigilant — to avoid any TIN issues later on.
- Share on
Free Training & Resources
White Papers
Provided by UJET
White Papers
Provided by Personify Health
White Papers
Provided by Anaplan
Further Reading
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...
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at le...
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...
Many companies are turning to even faster payment methods, such as embedded finance solutions and banking as a service products. In fact, a...
Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual...
The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for ...
