Last week, Convey presented a webinar addressing the impact of the new tax information reporting changes on Accounts Payable departments due to recent changes to 1099 reporting introduced in the Healthcare reform bill in March (e.g. elimination of the Corporate exemption and reporting on payments of “goods” as well as services).  John Adams and Jeff Cronin, from Convey’s Product Management team, outlined the additional work effort around vendor master file clean up, how long the process will likely take, and what the penalties can be for non-compliance.  They also took the time to introduce Taxport A/P, the newest tax information reporting solution in the Convey family of services. Convey’s Tax Identity Management services and Taxport A/P have been designed specifically for Accounts Payable professionals to help them manage the increased vendor/supplier reporting. 

Taxport A/P’s software-as-a-service (SaaS) design means A/P departments don’t have to engage IT since there’s no software to install – all you need is a web browser and an Internet connection!  Taxport A/P imports your historical and current tax year data, validates it for compliance, and lets you make corrections right in the application!   A convenient, workflow design and dashboard keeps you organized and informed of the status of your organizations 1099 reporting activities.  And with Taxport A/P, all of your printing and transmittal activities are handled for you.  Although the new corporate reporting rules add more responsibility on corporations, the burden of compliance can be reduced through automated solutions such as Taxport A/P.

If you would like more information on what was covered during the Webinar Click Here.