Technology can make 1099 compliance easier

11/21/2010 | CFODailyNews.com

The Internal Revenue Service is set to increase the penalties for incorrect information or formatting on 1099 forms beginning in January. To make compliance easier, companies can turn to resources, such as the agency's TIN Matching System and Filing Information Returns Electronically system, to double-check their forms before filing. The tools are designed to help firms avoid errors that could cost up to $100 each under the new penalty system.

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