"Subclassing and Composition – A Pythonic Tour of Trade-Offs", Hynek Schlawack
Statement Delivery Best Practices
1. WELCOME!
The webinar will begin at 1:00 pm Central.
Audio for this event will be available via your PC speakers
or headphones. This will be the default option.
If you are unable to listen to your PC audio, please join the
teleconference using the following information:
Call-in toll-free number (US/Canada) - 1-877-668-4493
Call-in toll number (US/Canada) - +1-408-600-3600
Access code: 926 329 199
7. Form Delivery Process
•Consolidate
and combine
data
•Create forms
Import tax
data
Reduce form
volume
•Apply limits
•Produce
statements
where allowed
•Print and mail
(most common)
•Electronic
(eStatements)
Deliver
Forms
Service
Clients
•Reprints
•Corrections
8. Penalties
Penalties Are The Same as Filing
Time of Filing
Penalty
Maximum
30 days or less
$30
$250,000
Before August 1st
$60
$500,000
After August 1st
$100
$1,500,000
Intentional Disregard
$250
No Limitation
10. We Have To Do It
Paper Delivery is Very
Costly
Security Risks
Brand Risks
Corrections & Reprints
are Complex and
Expensive
Paper Delivery is Slow
and Inconvenient
11. Issues
General
Print forms are not very secure
Delivery Issues
Return Mail
Desktop Printing
Manual
No postal discounts
Print Vendors
Annual changes are costly
Flexibility
12. Polling Q 1
How many total forms does your
organization file approximately each
year?
0-100
101-30,000
30,001-100,000
100,000 +
I don’t know
14. First Things First
Create A Project Plan
Timeline For File Delivery
Reject Correction
Include All Regulatory Deadlines
15. Transaction System
Ensure System Extracts Are Updated
Account For New Fields
Validate Format Hasn’t Changed
16. Pilot Testing
End to End Test of Entire Process
November Timeframe
Advantages
Ensure Data Files Are Correct
Find Issues Before January
Validates Your Plan
Early Review of New Changes
17. Form Delivery Process
•Consolidate
and combine
data
•Create forms
Import tax
data
Reduce form
volume
•Apply limits
•Produce
statements
where allowed
•Print and mail
(most common)
•Electronic
(eStatements)
Deliver
Forms
Service
Clients
•Reprints
•Corrections
18. Data Import
Accumulate Data From Various Source
Systems
Data Validations
Reduce Corrections
Ensure IRS/State Acceptance
Frequent Imports Allows Corrections
Throughout the Year
19. Form Delivery Process
•Consolidate
and combine
data
•Create forms
Import tax
data
Reduce form
volume
•Apply limits
•Produce
statements
where allowed
•Print and mail
(most common)
•Electronic
(eStatements)
Deliver
Forms
Service
Clients
•Reprints
•Corrections
20. Reduce Print Volume
Federal/State Limits
Exempt Records
No Mail Indicators
Board of Directors
House Holding
You Must Attempt To Send All
Forms
21. Form Delivery Process
•Consolidate
and combine
data
•Create forms
Import tax
data
Reduce form
volume
•Apply limits
•Produce
statements
where allowed
•Print and mail
(most common)
•Electronic
(eStatements)
Deliver
Forms
Service
Clients
•Reprints
•Corrections
22. Statement Options
Provide Better Client Experience
Reduce Calls & Questions
A Few Options
Print Notes
Transactions
Composite
TIN Masking
Inserts
26. TIN Masking
Extension of program which allows
truncation of TIN’s for SSNs on most 1099s
000-00-0000 -> xxx-xx-0000 or ***-**-0000
Impact:
Increased security
Increased “B” Notices?
A Better Option
eStatements
29. Mailing Considerations
On-Site Post Office
Double Stuffing of Forms
Cameras
Envelope Weight
TIN Showing Through Window
Security of Facility
30. Form Delivery Process
•Consolidate
and combine
data
•Create forms
Import tax
data
Reduce form
volume
•Apply limits
•Produce
statements
where allowed
•Print and mail
(most common)
•Electronic
(eStatements)
Deliver
Forms
Service
Clients
•Reprints
•Corrections
36. Opt-in/Opt-Out
Recipients can Opt-Out of receiving
paper copies of their forms
Track client delivery preference:
Print and electronic
Electronic only 1099 tax forms
Reduce print and mail for those
opting for electronic only
37. How It Works
Static PDFs
Data is Linked to Your Secure Website
Corrections Available in Real-Time
XML Connection
www.YourSite.com
46. Stay up to date…
Blog:
1099news.com
Twitter:
@Convey1099
Search for
‘Convey Compliance’
Latest Compliance Updates
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