Julie,
Epicor just had a webinar about the 1099 issue (see below). It might be
available as a recorded session.
Don't be too hard on yourself about not hearing about this provision. I
believe the infamous words at the time were something like "we have to pass
the bill so that you can find out what is in it".
Regards,
Scott
<
http://open.email.epicor.com/open/log/3252082/OTI0MzA2MDI5NwS2/0/MTk0ODY4OT
czS0/1/0> Learn About the Latest Changes in 1099 Reporting
The Form 1099 reporting responsibilities for Accounts Payable departments
have grown significantly in the past few months. Tucked away in the
healthcare reform bill (The Patient Protection and Affordable Care Act),
signed into law on March 23, 2010, are new rules that require reporting of
goods, services and payments made to all corporations. Prior to this
legislation, businesses only had to report on "services" and corporations
were exempt from receiving a Form 1099.
The net result of all these changes is a significantly more complex and
burdensome tax reporting process for Accounts Payable departments. If you
are like most Accounts Payable professionals and are wondering what these
new regulations mean and how to address their compliance, you won't want to
miss this complimentary webcast session
<
http://links.email.epicor.com/ctt?kn=3&m=3252082&r=OTI0MzA2MDI5NwS2&b=0&j=M
Tk0ODY4OTczS0&mt=1&rt=0> with speaker Jeff Cronin, Vice President of
Product Management at Convey Compliance Systems.
In this webcast, Jeff will discuss new compliance issues, including:
* Ensuring correct vendor name and TIN
* Special considerations to be aware of for P-card vendors
* How automating this process will ensure efficiency, accuracy and
compliance
_____
From:
vantage@yahoogroups.com [mailto:
vantage@yahoogroups.com] On Behalf Of
Julie Lehmann
Sent: Wednesday, September 15, 2010 4:22 PM
To:
vantage@yahoogroups.com
Subject: Re: Re: [Vantage] 2011 W2 Health Care Reporting Ver. 5.2
Tim / Mark,
Regarding the 1099's - this is for every supplier where you spend over $600?
Guess I hadn't even heard that one yet. Might as well do them all, $600 is
nothing these days. Is this supposed to start in 2011 also?
Julie
----- Original Message -----
From: Tim Ward
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Sent: Wednesday, September 15, 2010 3:16 PM
Subject: RE: Re: [Vantage] 2011 W2 Health Care Reporting Ver. 5.2
I concur with Julie. Manually updating the W-2's is the way to go. You can
also buy inexpensive W-2 software at office supply companies and dump info
into it.
The 1099's are another story. Hopefully now that the cat is out of the bag
the business lobby will get this straightened out before our friends in
Washington turn this into a reporting nightmare.
From: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
[mailto:vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com> ] On
Behalf Of
Julie Lehmann
Sent: Wednesday, September 15, 2010 3:58 PM
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
Subject: Re: [Vantage] 2011 W2 Health Care Reporting Ver. 5.2
Dina,
I'm assuming I'll have to manually update each W-2 to reflect the Company's
health care amount. Similiar to what I have to do with our HSA
contributions. It would be nice to be able to create or use a deduction
field (like the 401K Company Contribution field) for that amount and have it
pulled into the W-2, but I could see problems with that too, (employee
status changes (+/- dependents), employees out for any # of pay periods,
etc). So, updating the W-2 manually will probably be the simplest for us
anyway ~ being less than 100 employees. That could be pretty major for large
companies though.
Julie
Mercury Minnesota Inc.
----- Original Message -----
From: Dina Hieber
To: vantage@yahoogroups.com <mailto:vantage%40yahoogroups.com>
<mailto:vantage%40yahoogroups.com>
Sent: Wednesday, September 15, 2010 12:27 PM
Subject: [Vantage] 2011 W2 Health Care Reporting Ver. 5.2
Has anyone thought about how they are going to report the Healthcare on the
w2's for 2011? We are on Ver. 5.2 The new year is in about 90 days.
Best Regards,
Dina M. Hieber
Vamco International, Inc.
555 Epsilon Drive
Pittsburgh, Pa 15238
(412) 963-7100 x 203
(412) 963-9511
www.vamcointernational.com
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