IOFM Survey: The Challenges of 1099 Compliance

Accounts payable is often responsible for managing 1099s in addition to their normal AP duties, but remaining compliant and handling the various tasks associated with this important function can be difficult and time-consuming. To get a better understanding of the complexities of this process and how organizations cope with it, IOFM partnered with Avalara to conduct a survey of several hundred AP professionals.

In the white paper entitled, “IOFM Survey: The Challenges of 1099 Compliance,” we explore key topics related to the greatest problems posed by this work, including how much time it takes to perform these tasks; whether staff needs to be reassigned from their normal duties to handle the process; and the frequency of errors on the part of vendors submitting erroneous W-9s, which in turn result in B-notices from the IRS.

A more holistic approach involves using a software solution tailored to taking electronic W-9 data and automatically importing that to the 1099 file. This saves a tremendous amount of time and results in far fewer errors that can cost an organization money in labor and penalties, while at the same time protecting the data from fraud that might result from storing sensitive information in paper form.

This white paper illustrates respondents’ concerns and compliance strategies through detailed graphs. Download it today to discover best practices for holistic W-9 and 1099 management.