Taxport A/P allows for increased accuracy and faster processing during a time when reporting activities are under a microscope. It will make it easier than ever for businesses to comply with an ever-changing and scrutinized tax and reporting environment
Plymouth, MN (PRWEB) May 11, 2010
Convey Compliance Systems, Inc., today announced the launch of Taxport A/P, an online service created for accounts payable departments. With Taxport A/P, accounts payable professionals no longer have to purchase, install, integrate, train and operate desktop software for 1099 reporting. Taxport A/P makes the process of 1099 reporting as simple as importing a data file from an accounts payable ledger. All 1099 form creation, printing, mailing, and transmitting to the appropriate tax agencies will automatically be handled all according to the latest compliance regulations.
“Taxport A/P changes the paradigm for automated processing of 1099 forms and corporate compliance,” said Brian Provost, President and CEO of Convey Compliance Systems. “Taxport A/P takes almost all the effort and expense out of this non-value added activity for accounts payable departments and the organizations they serve. It allows for increased accuracy and faster processing during a time when reporting activities are under a microscope. Taxport A/P will make it easier than ever for businesses to comply with an ever-changing and scrutinized tax and reporting environment.”
Accounts payable departments have been dealing with 1099 reporting for decades, but recent changes in the federal regulatory environment and increased interest at the state level to capture tax revenues have made compliance and reporting much more complex. For example, new regulations triggered by the recently passed Healthcare Reform Bill require 1099 filing for ALL services and goods purchased in excess of $600, including the requirement to file a 1099 to corporate vendors. This will result in accounts payable departments facing significant increases in 1099 reporting volume.
Yet accounts payable departments are not adequately prepared to address these new reporting responsibilities without exposing their organizations to greater risk of penalty and costs to process. Traditional desktop- or network-installed software applications can be difficult to maintain and require frequent updates to address new compliance rules. Resource constrained accounts payable departments are looking for solutions that reduce the effort around this often stressful, deadline driven process.
Taxport A/P reduces the 1099 process to three steps: import data from a company’s accounts payable ledger, review for accuracy, and then submit the data for processing. Taxport A/P manages the printing, mailing and transmission to all vendors and government tax agencies. Other Taxport A/P features include:
- As an online service, no IT support is required to install, maintain or troubleshoot software.
- Users are up and running within minutes and able to comply with the most current regulations.
- Full support for standard 1099 forms typically used by accounts payable departments, including the 1099-MISC, the 1042-S and W2-W2C and others.
- Automatic compliance updates reduces risk from using non-compliant software and minimizes effort associated with installing software updates or service packs.
- Intuitive, intelligent user interface simply requires data import and data review to ensure accuracy.
- File import in delimited text or excel spreadsheet formats.
- Vendor master tax identity clean up.
- Back-up withholding management.
- Preview function allows for return review and correction prior to printing and transmission.
- Instant processing, transmission and delivery to vendors, suppliers or customers as well as federal, state and municipal tax agencies.
- Status and action dashboards tell you exactly where you are in the reporting process.
- Increased accuracy of reporting due to fewer steps to take and more intuitive design.
- Multi-level access. Administrative users have full access to set up new users and all functions. Standard users have access to all statements and fields. Limited users can view and print statements, but not change or create new ones.
- Users maintain complete control and oversight of their reporting activities.
- Subscription-based service offers plans to meet virtually every accounts payable department budget.
Taxport A/P is scheduled to launch in September 2010.
About Convey Compliance Systems, Inc.:
Convey Compliance Systems reduces both the costs and risks associated with handling 1099 reporting at the federal and state level. Clients depend on Convey’s innovation and expertise to assure tax compliance while handling the complexities of reporting and filing tax documents on behalf of customers, vendors and investors. Convey’s solutions combine over 20 years of expertise in 1099 reporting with configurable on-demand software and operational services, all designed to reduce costs, increase efficiency and mitigate risk.
Founded in 1986, Convey serves clients ranging from small businesses processing hundreds of forms to Fortune 500 companies. For more information, visit http://www.convey.com.