New Court Case Spotlights Form 1099 Reporting Requirements

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Managing Accounts Payable

September 2006

Picture this scenario: A company is sued by an individual for physical and emotional injuries. Prior to trial, the company settles. The written settlement agreement states that the amount paid is not to be reported as taxable income. Should the company issue a 1099-MISC to the individual? A new court case addresses this issue.

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September 2006 Table of Contents [ toggle snippets ]

MAP September 2006 (full PDF issue)
New Research Reveals Trends in Imaging and OCR Usage
BTN Points Out Ways Smaller Cos. Can Cut Travel Costs
New Perspective Helps KO Late-Payment Complaints
New Court Case Spotlights Form 1099 Reporting Requirements
MAP Calendar
7-Step Process to Battle the Paper Monster in AP
Management
Be Careful When Firing a 'Problem' AP Staffer
News Briefs
Accounts Payable Managers’ Forum
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New Research Reveals Trends in Imaging and OCR Usage
Widespread dissatisfaction with current invoice processes is triggering more companies to implement invoice imaging and OCR (optical character recognition) technology. What’s more, satisfaction with OCR technology appears to be on the upswing.
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BTN Points Out Ways Smaller Cos. Can Cut Travel Costs
The brunt of higher business travel costs was borne by small and midmarket companies in 2005—while larger companies were able to avoid cost increases and negotiate discounts with suppliers. According to an analysis by Business Travel News, these companies face different challenges and opportunities than their higher-spending counterparts. Fortunately, BTN points out ways smaller companies can generate savings.
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New Perspective Helps KO Late-Payment Complaints
The timing of invoice terms could be inadvertently triggering late payments—and creating headaches for you in the form of angry calls from vendors. That’s the conclusion of a new study that examined payment behavior from the perspective of the payee.
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New Court Case Spotlights Form 1099 Reporting Requirements
Picture this scenario: A company is sued by an individual for physical and emotional injuries. Prior to trial, the company settles. The written settlement agreement states that the amount paid is not to be reported as taxable income. Should the company issue a 1099-MISC to the individual? A new court case addresses this issue.
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Accounts Payable Calendar (0609)
AP CERTIFICATION TRAINING The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros Las Vegas, Oct. 15 Cleveland, Nov. 9 Phoenix, November 17 Tampa, December 7 Go to www.ioma.com/certification/aptraining.html. FORM 1099 YEAR-END REPORTING, Oct 3, Orlando; Oct. 11, San Diego; Oct. 18, Chicago; Nov. 2, New York; Nov. 8, Boston; Nov. 29, Dallas; other dates and locations Contact: Balance Consulting, 734-668-1099; www.balanceconsult.com. …
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7-Step Process to Battle the Paper Monster in AP
A paperless world is the dream of every AP department. But the task can be daunting—and there are so many processes and solutions out there that it can get confusing. To help you, here is an overall framework that can guide your thinking and ensure success.
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Be Careful When Firing a 'Problem' AP Staffer
Probably the most dreaded task of any AP manager is firing someone. And it can be worse when you have to fire an employee who has been a "problem." That is, an employee who has shown angry or violent tendencies. The worry is: How will he or she react to the firing? Of course, the termination can be done by HR—but that doesn’t mean everything will be okay. The fired employee could still vent his or her anger at you.
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News Briefs (0609)
OFFSHORING: COST ISN’T EVERYTHING When making decisions concerning automation, the intangible aspects can be significant. Muhammad Azal of US Cellular said that although offshoring of AP processing was cost-effective, the company felt the issue of control was more important, so the processing was kept in-house. Azal spoke at IOMA’s recent Power of e in AP conference in Chicago. …
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Accounts Payable Managers� Forum (0609)
5 EASY WAYS TO INCREASE P-CARD SPEND Problem: In 2003, Greif Inc. was running $7 million in annual spend through its p-card. This was fine, but they had identified over $50 million in annual volume that could be moved to the p-card. Clearly, the company, a global industrial packaging firm, needed to move more spending to the p-card.
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