The Accounts Payable Network (TAPN), the leading accounts payable resource for financial professionals, announces today a new 1099 video resource to help companies comply with IRS reporting regulations. Organizations must mail 1099-MISC forms, which report payments to independent contractors and certain vendors, by January 31, 2008 and to the IRS as soon as February 29, 2008, or face fines.
"AP professionals nationwide will spend the next three weeks preparing more than 80 million 1099-MISC forms. TAPN has compiled a wealth of in-depth resources that help AP departments comply with IRS reporting requirements," said Rob Rogers, TAPN Vice President and Managing Editor. "Because AP professionals have a short period of time in which to prepare their 1099s, our resources are available online 24/7 to help AP departments work quickly, correctly and efficiently."
About TAPN's 1099-MISC Resources
TAPN provides the latest information on 2008 IRS 1099-MISC forms as well as access to 1099-MISC checklists, policies and templates to smooth 1099 processing and help with complex reporting requirements. Highlights of TAPN's 1099 resources include:
1099 Reporting Basics Video - TAPN's new, online, on-demand 1099 video presentation, www.tapn.com/1099, provides desktop training to teach staff key skills to maximize 1099 accuracy and efficiency. This 60-minute online seminar, presented by Denise Johnson of Balance Consulting, a recognized expert in Form 1099 reporting, can be viewed up to five times over a two week period. The 1099 video can be previewed at:
http://www.theaccountspayablenetwork.com/video/VideoSummary.php?vname=1099_Basics
1099 Audio Presentations - 1099 filers can gain a clear understanding of everything having to do with 1099 reporting, including determining who is required to receive a 1099, how to maximize accuracy, abating penalties, and other 1099 challenges. The audio presentations are available at
www.tapn.com/1099.
Ask the Expert - TAPN members can pose specific questions and get prompt answers from financial professionals. Questions range from what is reportable to such specific questions as how to handle 1099s issued as part of legal settlements and Board of Director payments.
1099 Checklist - Summary of items to review and check before mailing each 1099-MISC.
1099 Reporting Policy - Downloadable, customizable form establishing 1099-MISC preparation responsibilities, controls and procedures for 1099-MISC preparation, review and distribution.
IRS's Taxpayer Identification Number Resources - Links to matching service and answers to questions about TINs, W-9s, W-8s and other related forms.
1099 Training and Educational Events Calendar - Detailing 1099-related training opportunities offered by numerous organizations around the country.
About The Accounts Payable Network
TAPN is the leading accounts payable resource for financial professionals. In one convenient online location, TAPN provides compliance guidelines and tools, best practices, benchmarking studies, real-world solutions, exclusive industry news, interviews with industry leaders, case studies, tax and regulatory guidelines, Q&A networking forums and hundreds of downloadable, customizable tools, policies, flowcharts, templates and internal control checklists. TAPN's more than 3,000 members include 70 percent of the Fortune 1000, as well as other companies both large and small.
To learn more about 1099 compliance assurance procedures, The Accounts Payable Network, and the resources it offers to accounts payable professionals, visit www.theaccountspayablenetwork.com/info
The Accounts payable Network is a division of Financial Operations Networks, which provides online analysis, interpretation, guidance and advice to executives and managers responsible for operating and improving financial and administrative functions.