If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 for your team. More than half (57%) of the respondents expected to file at least 250 Forms 1099, which means they’ll be required by the IRS to electronically file […]
Because of the American Rescue Plan of 2021, more companies and gig workers will be receiving Form 1099-K, Payment Card and Third Party Network Transactions, starting with tax year 2023. If you received gross payment transactions totaling more than $600 this year (regardless of the number of transactions) via payment cards (including gift cards), a […]
Fall is the crunch-time season for unclaimed property reporting and escheatment. The states with approaching deadlines are almost as numerous as the leaves falling this time of year. The majority of them are either October 31 or November 1. In fact, it’s simpler to tell you which states and U.S. territories don’t have an Oct. […]
Sales tax compliance is a demanding job for finance teams like yours. For example, comparing the number of tax rate changes across the U.S. for January 1-June 30, 2023 vs. January 1-June 30, 2022, the volume of changes increased 43%, according to the 2023 annual Mid-Year Sales Tax Rates and Rules Report from tax technology […]
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t changed since the beginning of 2023 – surprise! There are new rates as of October 1, 2023. IRS Rev. Ruling 2023-17 is setting Q4 2023 interest rates at: What’s behind the interest rate change? According to […]
How many times has your Finance team seen the word “processing” on their laptop screens this week? Instant payments, both via The Clearing House’s RTP (Real-Time Payment) Network and the Federal Reserve’s 24/7/365 FedNow Service, are poised to change that. Imagine that a key piece of your business’s equipment has broken down. You need to […]
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup withholding or fielding calls from unhappy vendors about the reduced payments. It should come as no surprise that the Service is monitoring what you’re doing with the Form 1099 series. If a […]
The more invoices a business is sending out, the better the health of the company. After all, a lot of invoices in the pipeline means a company’s products or services are in demand. What CFO wouldn’t be happy in that situation? Answer: The CFO who knows his or her accounts receivable (A/R) team is hopelessly […]
On July 20, the Federal Reserve announced the FedNow Service, a 24/7/365, instant payments system, is officially live. Touted as the biggest upgrade to the U.S. payments system in 50 years, FedNow looks like it’s going to be more than just a new rail for B2B and B2C payments. It could potentially transform the way […]
