1099 Reporting Readiness Survey Highlights

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With all the hoopla going on about the proposed new 1099 reporting requirements, we decided to see just how ready the corporate world was for this legislation. Here’s a look at the highlights.

With your current procedures, will you be able to meet the new reporting requirements?

• Yes                  40.00%  

• No                   29.66%  

• Not sure          30.34%  

Commentary: We believe most, if not all of those who responded not sure are probably not ready. This is because most who took the survey were in accounts payable, tax or other accounting areas and are well aware of their organizations procedures related to Information Reporting. Regardless of whether Congress repeals the proposed 1099 reporting requirements included in the Healthcare Reform Act, organizations need to employ best practices in their 1099 Reporting. These are the same regardless of the action Congress takes.

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Need to get up to speed on collecting and reporting taxpayer information?

Consider 1099 Boot Camp

For information about 1099 Boot Camp go to

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If you are not 100% ready, have you started working on your processes to get ready?

• Yes                  76.43%  

• No                   17.86%  

• Not sure        8 5.71%  

Commentary: This is good news, although we obviously encourage those who are not to get started.

 Do you currently get a W-9 from every new vendor?

• Yes                  68.06%  

• No                   31.94%  

 Commentary: Getting a W-9 from every vendor is a recommended best practice. We applaud the two-thirds who are and strongly recommend that the remaining 30+% begin doing so immediately.

Does your organization use the IRS TIN Matching Service?

• Yes                  40.69%  

• No                   59.31%  

Commentary: Not such good news in this arena. Another recommended best practice is to run the taxpayer identification number information received through the IRS TIN Matching program as soon as it is received. It is a little disappointing to see that fewer than half of those responding are doing so. Everyone is urged to do so.

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Need to get up to speed on recommended best practices for
your Accounts Payable operation?

Consider our Accounts Payable: Advanced Issues seminar

For information about Advanced Issues seminar go to

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