Lavante Connect is one of the more powerful, and more streamlined, supplier information self-management solutions on the market. In the Lavante Connect solution, the supplier is walked-through the 3 to 5-step process of completing their profile and is updated with respect to their progress, and percentage of work remaining, after each step.
Lavante has created the Ask the Experts resource page to provide a place where the AP & Procurement community can access direct links to support information. The information Lavante provides is open to the general public. You do not have to be a Lavante customer to participate in any of the Ask The Experts webinars or to benefit from the forums.
Collection of IRS federal tax form W9 does not have to be so painful. Watch this short video to see how you and your organization can Request, Collect and Automatically validate the TIN numbers with the IRS using the new Lavante Supplier Information Management System.
There has been no shortage of speculation about a forthcoming repeal of the 1099 reporting changes that were included in the passage of 2010’s Patient Protection and Affordable Care Act. Under the new law, companies will be obligated to perform 1099 reporting on a much larger population of vendors than in prior years*. As a result of these changes and the subsequent debate, we need to seriously ask ourselves if it is likely that the law will ever be repealed and what, if any, affect should that have on the manner in which we prepare for the forthcoming changes. In response to the legislation Congressional Democrats and Republicans have both submitted repeals and or amendments in an effort to undo some of what many see as overly burdensome elements of the new 1099 reporting requirements. The first wave of these efforts -amendments to raise the $600 limit and to repeal the law altogether – were both denied by the Senate on September 14th. This Monday, similar amendments were introduced by Senate Democrats and Republicans to the Small Business Jobs Act but… […]
Maintaining Supplier Data and Information to Maximize ERP Systems and 1099 Reporting Compliance (Part 1)
Supplier information is integral to optimizing your relationships with your suppliers and for maximizing the value from your ERP system and other automated solutions. Used correctly, a well kept supplier master data file is a strategic asset that can be leveraged into time savings, resource savings and dollars to your company’s bottom line. The biggest [...]
The Summary of the Tax Legislation changes Section 6041 of the Internal Revenue Code outlines 1099 reporting requirements. The Patient Protection and Affordable Care Act includes an Amendment to Section 6041 which now requires 1099 reporting for any payments aggregating $600 to a supplier per year The new amendment will now create requirements for reporting for: All for-profit corporations (excluding tax-exempt corporations) Payments made for Property (goods, merchandise, supplies, raw materials, equipment, etc.) Companies will be required to submit accurate TIN information or face monetary penalties The provision in the health care law is aimed to reduce the gap between income that individuals and businesses make and the federal taxes they pay, which the Government Accountability Office estimates is $345 billion The Wall Street Journal says Congress hopes the new 1099 provision will collect $17 billion more in federal taxes and fees. What has been changed? […]
1099 Reporting Changes from New Health Care Tax Legislation (PPAC: Patient Protection and Affordable Care Act)
By now you have probably heard about new Tax Legislation changes that have been included as part of the new Patient Protection and Affordable Care Act of 2010. Corporations will soon be dealing with a volume of 1099 reporting beyond their wildest fears. Congress tucked a small section into the enormous bill that amends Section [...]
A questions that keeps coming up about Tax Identifications Numbers (TIN's) is what are to possible types of numbers that a company couls use for their official TIN? The following answer and many others about TIN issues can be found at: http://www.irs.gov/efile/article/0,,id=98145,00.html A TIN is one of the following four numbers. A Social Security Number (SSN) [...]