1099 Worst Practices

Worst Practices when issuing 1099s are rampant. Many don’t realize that by using these worst 1099 practices they are inviting IRS ire. Want to know the secret to avoiding IRS ire? It’s simple. Don’t use Worst Form 1099 practices as they will be quickly identified if an organization becomes subject to an IRS Information Reporting audit. Keep in mind, the IRS has just received a massive infusion of funds, much of which will be spent on “enforcements,” which include Information Reporting audits. The IRS really does not want the fines and penalties it can collect from companies like yours who make mistakes issuing 1099s. They want you to do it RIGHT so they can collect more in the taxes owed on unreported income. Let’s take a look at some of the practices, unfortunately in use at many organizations, that everyone should avoid. #1099 #form1099 #1099BestPractices

Worst Practices when issuing Forms 1099 are widespread. Many don’t realize that by using these worst Form 1099 practices they are tempting catastrophe. Worst Form 1099 practices will be quickly recognized if a company undergoes an IRS Information Reporting audit.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Link to Perfect 1099 Tips
https://youtu.be/KcqYrRVBqgs

Link to 1099 + W9 Insights
https://youtube.com/playlist?list=PLtL6rWSXZ-Hcr8gIFixpz3Ex5hfK79DrY

Link to AP Now’s Invoice Series
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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Host: Mary Schaeffer (www.ap-now.com