After months of hype and talk about the new 1099-NEC, it’s almost time for your A/P team to file these forms. Of course, like most tax forms and IRS procedures, the 1099-NEC has a few quirks. And since this is…
Accounts Payable
The hectic 1099 season is fast approaching, and 2020 filing deadlines will be here before your finance team knows it. Due to recent developments – from the revived 1099-NEC to all the process changes that resulted from the coronavirus pandemic…
Going forward, you may need to change the way you pay some people, thanks to worker classification changes in the Golden State. You’ll recall that California’s AB 5, which took effect on Jan. 1, 2020, codified the three-part ABC test…
Here’s new insight for your finance department on how to compliantly reimburse delivery drivers for their mileage expenses. As you know, per the Fair Labor Standards Act (FLSA), companies must pay nonexempt employees at least minimum wage for all the…
Though the 1099-NEC was revived to simplify year-end filing, there’s one aspect that will make things more complicated for your finance team. IRS recently released Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and…
As year-end inches closer, there’s one surefire way CFOs can guarantee more accuracy for information returns: IRS’s TIN Matching tool. Sure, your finance staffers have heard about this verification tool. But are they actually using it – and using it…
It’s time for your staff to receive some well-deserved appreciation: A/P Recognition Week will be celebrated Oct. 5 through Oct. 9. For most A/P pros, this year hasn’t been easy. Stress levels rose due to the pandemic, as staffers were…
Despite the hectic times finance departments are in right now, fall unclaimed property deadlines are still coming up fast. Monitoring and timely filing unclaimed property can pose challenges for Finance any year. But this year, there are additional challenges due to the…
Finance is likely all too familiar with business email compromise. But now, a variation of those scams – referred to as vendor email compromise (VEC) – is growing and putting your company money at risk. So says Crane Hassold, the…
There’s new insight for your finance department on IRS’s forthcoming 1099 platform. As you know, the Taxpayer First Act calls for the development of a new online platform that will help your staff prepare, file and maintain accurate records of…
Though online portals are intended to simplify invoice and payment processes, they may actually be spurring problems that impact your A/R and A/P teams. Especially during the recent pandemic, many companies used these tools to ensure that orders and payments…
Right now, as many companies deal with remote work and resulting process changes, the clarity of your A/P policies becomes even more important. If your staff’s like most, it’s been working to review and update some policies for the “new…
