LAVANTE Whitepapers

Navigating The New 1099 Tax Laws - Q&A Transcript

The following is a transcription of the Question & Answer session from the Lavante webinar "Navigating The New 1099 Tax Laws", including questions that were not answered live.

Navigating The New 1099 Tax Laws - Understanding and preparing for New 1099 Reporting Changes

By now, either the panic has set in or you are simply unaware of the new 1099 reporting requirements set forth by the Patient Protection & Affordable Care Act that passed in March 2010. The new legislation provides an Amendment to Section 6041 of the Internal Revenue Code, which governs Form 1099 reporting requirements. Section 6041 will now require 1099-MISC reporting for any payments to a single payee that total $600 or more in a calendar year.

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Cash Recovery As a Process

Every year companies issue millions of dollars in overpayments and walk away from millions more in the forms of lost rebates, missed pricing discounts, and non-refunded returns. Regardless of company size and internal controls, overpayments and other missed opportunities will almost certainly occur. Traditional cash recovery is labor intensive, making it nearly impossible to address the entire spend population, and can result in leaving millions of dollars for vendor AR departments to manage as unclaimed property.

A Purchasing Card Program You Can Be Proud Of

It's not difficult to figure out why p-card use continues to rise. The cost of processing a transaction done via a purchasing card comes to about $19. That’s less than one-fourth the $89 it takes to move a transaction through the traditional purchase order process, according to a RPMG report. P-cards also remove about eight days from procurement cycle time. Clearly, purchasing card programs have much to offer. However, several steps are key to achieving these benefit...

Segregation of Duties

As accounts payable professionals know, the practice of segregating duties is a cornerstone of solid internal control. It’s based on the thinking that by ensuring no single employee handles more than one process within the procurement, payment and accounting for the purchase of goods or services, the risk of fraud drops. As a result, any attempt to move money or other assets outside the company would require collusion between at least two employees. This makes it more difficult to carry out a fraudulent activity, and more likely that the fraud will be discovered.

Seven Sins of Recovery Auditing

While committing one of the seven deadly sins in the field of recovery auditing won’t lead to eternal suffering, it can cost your company money and reflect negatively on your job performance. In an effort to help you avoid such a fate, we’ve identified the seven most common and costly recovery auditing mistakes.