1099 reporting requirements are being added annually and it is becoming increasing difficult to monitor ongoing regulatory changes. 1099 changes in both Federal and State reporting have become more onerous as methods are being used to shore up revenue shortfalls. How will your business comply with all of these additional responsibilities and 1099 rule changes? As responsibilities grow, most companies including transportation related organizations are planning for a 5-10 fold increase in 1099 form reporting.
Now, with T-Chek and Convey, adapting to 1099 reporting changes becomes easier. Filing is obsolete when using a T-Chek MasterCard® Purchasing Card and Convey’s Taxport A/P covers the rest, so you can focus on the business of your business. T-Chek’s MasterCard® Purchasing Card and Convey’s 1099 reporting expertise closes the gap on purchasing card expenses, electronic accounts payable and 1099 reporting.
While debate continues over 1099 changes, any new laws are not likely to include purchasing card expenses, making today the right time for businesses to expand their purchasing card program. Not sure what vendors will accept T-Chek’s MasterCard Corporate Card for payment? T-Chek can assist with the use of a Merchant Matching Tool that determines the probability of a vendor accepting MasterCard for payment. As an added benefit, more spend consolidated on the T-Chek MasterCard Corporate Card gives businesses more opportunities for incentive rebates.
Taxport A/P. For 1099 form processing, transmission and delivery to vendors, suppliers or customers as well as federal, state and municipal tax agencies, there’s Convey’s Taxport A/P. Taxport A/P gives Accounts Payable professionals a turnkey solution to 1099 form processing and tax reporting.
Taxport. When a company wants to automate their entire 1099 reporting process on the federal, state and local levels without changing internal systems, there’s Taxport. Taxport’s on-demand capabilities to automate 1099 processing streamline information tax reporting for corporations big and small.
Tax Identity Management. With the legislation that is currently on the table, when businesses cannot pay a vendor with a credit card and the expense is over $600, a 1099 form must be issued. Businesses will need to collect a taxpayer identification number (TIN), address, and other information for a proper 1099, and then send a completed 1099 form shortly after the calendar year is over. Like many companies, vendor master files are incomplete. Taxport A/P and Taxport users gain assistance with vendor master file clean up with Convey’s Tax Identity Management service for bulk TIN matching.
REAL TIME TIN VALIDATION: Who are your Payees? Do you maintain TIN information on your vendors? With Taxport A/P you can check and validate your new vendor before doing business, eliminating the risk of potential B notices and future fines due to non compliance.
DATA PROCESSING: Taxport A/P offers the flexibility of importing data files from multiple sources: P-cards – A/P source files, claim and benefit systems. Taxport A/P’s easy mapping tool gives you the control to easily import information.
COMPLIANCE: Convey’s team of compliance professionals search and update Taxport A/P for all changes so you don’t have to worry anymore. Because the solution is SaaS based, all updates are done transparently and without interruption to your service. No more wondering.
ELECTRONIC FILING – MANAGED SERVICES: Taxport A/P allows you to electronically file 1099 information.
PRINT SERVICES: Secure print services are critical. With Taxport A/P, it’s all included. You decide when you want to print and Convey takes care of the rest.
Tips to prepare for the new 1099 regulations:
The T-Chek MasterCard Corporate Card is issued by Comerica Bank pursuant to a license by MasterCard International Incorporated. MasterCard and MasterCard Corporate Card are registered trademarks of MasterCard International Incorporated.
