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Managing Accounts Payable

July 2006

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If AP issues 1099 Forms with missing or incorrect Taxpayer Identification Numbers (TINs), the company can get hit with penalties of up to $250,000. But you can get these penalties waived completely—as long as you do some proper planning.

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July 2006 Table of Contents [ toggle snippets ]

MAP July 2006 (full PDF issue)
50 Provisions Many T&E Policies Overlook
Five Ways Small AP Depts. Handle SEC‘s Tough 404 Stance
How to Get the IRS to Waive Every Cent of B Notice Penalties
New Study Reveals Interest in AP Outsourcing Has Waned
News Briefs
—IRS to Probe Freelancer Payments —Upscale Hotel Rate Averages $190 And Much More…
MAP Calendar
Accounts Payable Managers’ Forum
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50 Provisions Many T&E Policies Overlook
As part of a recent survey we did on corporate travel and entertainment (T&E) policies and procedures, MAP received over two dozen actual T&E policies that are in use today. Some of them are very comprehensive—others are bare-bones. In every single policy, there was something missing. Either the policy failed to address a particular T&E issue, or it did not provide enough details.
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Five Ways Small AP Depts. Handle SEC‘s Tough 404 Stance
The Securities and Exchange Commission has rejected pleas to exempt small companies from the Sarbanes-Oxley Act’s Section 404 internal controls requirement. However, there will be another postponement of the rules for some small firms. To add salt to the wounds, a new government report points out the disproportionately higher costs small companies face in complying with Section 404.
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How to Get the IRS to Waive Every Cent of B Notice Penalties
If AP issues 1099 Forms with missing or incorrect Taxpayer Identification Numbers (TINs), the company can get hit with penalties of up to $250,000. But you can get these penalties waived completely—as long as you do some proper planning.
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New Study Reveals Interest in AP Outsourcing Has Waned
For many AP managers, "outsourcing" is a dirty word. But in the battle to control costs, many companies have looked to outsource various finance and accounting operations (FAO), including AP. Now, however, all of the hubbub about FAO outsourcing appears to be quieting down, according to a new study by the Hackett Group.
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News Briefs (0607)
IRS TO PROBE FREELANCER PAYMENTS The Internal Revenue Service Small Business/Self-Employed Division will be studying the independent contractor issue in the coming year as part of the agency’s emphasis on closing the tax gap, an agency official said. Marie Cashman, special counsel for employment tax, told a meeting of the American Bar Association Section of Taxation that abusive transactions among SB/SE taxpayers include nonfiling, misclassifying employees as independent contractors, and mischaracterizing wages as expense, she said.…
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Accounts Payable Calendar (0607)
AP CERTIFICATION TRAINING The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros Minneapolis, Aug. 10 Phoenix, Nov. 17 Boston, Sept. 19 Tampa, Dec. 7 Las Vegas, Oct. 15 Cleveland, Nov. 9 Other dates and locations Go to www.ioma.com/certification/aptraining.html ORGANIZING & MANAGING ACCOUNTS PAYABLE, Aug. 7, Rockford, IL; other dates and locations. Contact: National Seminars Group, 800-258-7246; www.natsem.com. …
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Accounts Payable Managers’ Forum (0607)
SELF-SERVICE VENDOR DATA ENTRY Problem: Entering vendor data into your master vendor file is time consuming. There is also the risk of transcription errors as information is passed from the vendor to the AP operator and subsequently entered into the master vendor file.
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