AAPA Guide to Accounts Payable - Kluwer Law International

AAPA Guide to Accounts Payable
2011 Edition
by Jerri LS Langer
AAPA Guide to Accounts Payable gives accounts payable professionals, controllers, systems analysts, and tax
and accounting professionals essential guidance on regulatory compliance and operational best practices for the
broad range of functions that are part of Accounts Payable in the 21st century business environment.
Highlights of the 2011 Edition
The 2011 edition of AAPA Guide to Accounts Payable covers an unprecedented number of changes enacted by
federal and state government authorities.
Highlights include:
• Changes effective as of January 1, 2011 in tax reporting obligations for payments made with purchasing
cards, credit cards, travel and expense cards; and also for some electronic purchase transactions through
shared service operations. See § 4.02[A]
• The April 2011 repeal of tax law amendments affecting Form 1099-MISC reporting. See § 4.04
• New Form W-9 issued by the IRS in January 2011 for obtaining payee name, tax ID number, and status.
See § 3.03
• Clear explanation of tax withholding rules for payments to non-U.S. payees, organized for easier lookup.
See § 4.12[B]-[E]
• One-year postponement (until 2013) of requirement for government entities to withhold 3% on payments
for services and goods. See Chapter 2
• Changes in documentation and tax withholding rules for cross-border payments under the Foreign Account
Tax Compliance Act (FATCA). See § 4.12[A]
• Sales tax rate chart for states and lookup source for finding local sales tax rates. See § 9.10
• Impact of new federal FinCEN regulations issued in February 2011 affecting requirements to report
foreign financial accounts used by a U.S. organization, including by persons who may have signature
authority even though they have no financial interest. See § 5.03[A]
• Abandoned and unclaimed property concepts simplified, with contact information for states. See § 10.11
• Procedural and operational solutions to types of fraud in Accounts Payable disbursement. See § 13.01
• New randomization of Social Security Number assignments, to be implemented in June 2011. See
§ 3.02[A]
• Issues raised for shared services in final regulations pertaining to 1099-K reporting. See Chapters 4 and 14
• How allowing subaccounts can result in error. See § 16.02.
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• An alert about what is still required when reporting occurs on Form 1099-K rather than 1099-MISC. See
§ 7.08[D]
• State crackdown on use tax compliance. See § 9.04
• Sarbanes-Oxley changes for smaller corporations under the 2010 Dodd-Frank Act. See § 12.06[A]
• The problem one state is facing with abandoned and unclaimed property. See Chapter 10
• Proposed legislation to limit Sec. 530 relief. See § 4.04[G]
• Explanation of final regulations and new forms for reporting company stock options. See § 4.04[G]
• How states are requiring vendors to publicize use tax compliance. See § 9.05
• Guidance on calculation of what is includible on the 1099-MISC for Sec. 409A transactions. See § 4.04[G]
• Explanation of new final rules about suspicious activity reports. See § 5.03 and § 5.04
• Finding of appeals court case about Sec. 530. See § 4.04[G]
• Tax breaks extended by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act
of 2010 for dependent care assistance, educational assistance, and qualified transportation expenses. See
Chapter 8
• State sales tax rulings on digital transfer of matter. See § 9.08
• Analysis of an IRS Private Letter Ruling on Notice of Determination of Worker Classification. See
§ 4.04[G]
• Law change and new ruling about student loan forgiveness. See § 8.02[J]
• Postponement of implementation of smartcards for qualified transportation costs. See § 8.02[V]
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