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There is nothing to worry about as long as your organization is doing what is supposed to be done when it comes to reporting income paid on Forms 1099. Now, more than ever, you must utilize best practices with regards to collecting and reporting taxpayer-identification numbers and income as required. In this newly-created program, you will learn exactly what you should be doing to comply with IRS regulations.
While TIN solicitation might sound too lascivious for the legitimate business world, every organization must take this task seriously. For if they don't, a very uncomfortable and costly audit with the IRS is likely to ensue. If you've heard that the IRS budget is likely to be cut and think that means good news for your organization when it comes to audits, think again. The indications are that enforcements concerning information reporting errors will be up.
Mary S. Schaeffer is the founder of AP Now, a B2B organization focused on creating business intelligence around the accounts payable and payment functions. She has written 18 business books and is a frequent and popular speaker at both online and live events. Schaeffer has created a number of CPE self-study courses, customized training and online training events. She is the developer of the Accounts Payable Best Practice Certificate program. Previously she held positions as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. She has an MBA in Finance from NYU and a BS in Mathematics from York College (CUNY).