Business Services Industry

The Accounts Payable Network Unveils 1099-MISC Resources to Meet IRS Compliance Regulations

Business Wire, Jan 4, 2006

ATLANTA -- The Accounts Payable Network (TAPN), the leading accounts payable resource for financial professionals, announces today its new 1099-MISC resources for companies facing IRS reporting requirements. Organizations must mail 1099-MISC forms -- which report 2005 payments -- to independent contractors by Jan. 31, 2006, and to the IRS by Feb. 28, 2006. Otherwise they may face IRS fines of $50 per late or incorrect 1099.

"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 understand and comply with IRS reporting requirements," said Phil Binkow, CEO, TAPN. "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 get answers."

About TAPN's 1099-MISC Resources

TAPN members now have the latest information on 2005 IRS 1099-MISC forms, as well as access to 1099-MISC and independent-contractor-vs.-employee checklists, and a 1099 Reporting Policy. TAPN's 1099-MISC resources include:

--1099 Basics -- Defines and describes the who, what and when of 1099 reporting.

--Ask the Expert -- TAPN members pose specific questions and get prompt answers from financial professionals within 48 hours. Questions range from how to handle 1099s issued as part of legal settlements, as prize winnings, or for deceased persons, to whether to file 1042s for payments to foreign vendors.

--APAnswers -- 1099 questions and answers from Ask the Expert are posted, providing quick answers for common questions and unusual problems.

--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 numbers and forms related to filing 1099-MISC.

--An events calendar -- Details 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, TAPN and the many resources it offers to accounts payable professionals, visit www.theaccountspayablenetwork.com/1099.> TAPN 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.