At key points in the P2P cycle, essential information must be collected, screened and documented for federal tax compliance with Form 1099 and 1042-S regulatory procedures – or else the payer company risks tax liability, penalties and interest on failures to withhold income tax and make IRS filings. This session will identify these key points in the compliance timeline from the earliest stages of procurement through payment and post-payment tax compliance, and provide model elements of policy, procedure or systems to help your organization maintain compliance.

Learning objectives:

● Identify points in Purchase-to-Payment where certain vendor information must be collected to avoid risk of tax noncompliance

● Discuss elements of internal policy or procedure for 1099 and 1042-S compliance