Manage episode 297370014 series 2500761
For accounts payable 1099 reporting is critical. The accuracy and timeliness of 1099 reporting matter this year more than ever. This includes the 1099 MISC and the 1099 NEC. For #accountspayable, #1099reporting is an issue that creates many headaches each year. Nevertheless, 1099 reporting is an issue they must give attention to. There is an IRS focus on all sorts of enforcements as the IRS calls it including 1099 reporting. This is due to the tax gap. The tax gap is not an insignificant number. President Biden has requested a good deal of additional money in his budget request and there will be a significant increase in the amount that goes towards enforcements, which include #1099audits. That is why getting 1099 reporting accurate is so important in 2021. #informationreporting
Learn about AP Now’s upcoming 1099 webinars: 2021 1099 Filing Reporting Bundle (ap-now.com)
Some professionals use the term information reporting to refer to 1099 Reporting. In this video we go through the statistics that show why accuracy and timeliness Matter This Year when Accounts Payable is doing it annual 1099 Reporting to the IRS. 1099 Reporting can be for a multitude of different types of income and forms. However, most accounts payable departments handle the 1099 MISC and the 1099 NEC, sometimes referred to as Form 1099-MISC and Form 1099-NEC. The IRS focus on the tax gap is just one reason why getting 1099 reporting accurate is so important in 2021. Don’t let your company down.
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Host: Mary Schaeffer (https://www.ap-now.com/)
Credit: Music: https://www.purple-planet.com