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Purchasing Card Compliance with IRS Guidelines (MLC1401)
Understanding the Standard for 1099 Reporting With Brent Meyers
Are you meeting all the requirements for credit card reporting that the IRS has put forth? I hope the answer is yes, but many a times when faced with an audit, issues are found. There is a need to be armed with adequate information when facing potentially foreign territory. While the recent legislation form the Durbin amendment does not affect issuance or usage of credit cards, it has shown light on the entire process.
With the evolution of software systems by credit card issuers, compliance is becoming an easier process, but there are still many things that need to be reviewed at least monthly to make sure all requirements are being met. The dollar amount of the receipt is always a hot topic as well as the amount of food, travel, and lodging expenses that can be deducted as business expenses. These topics will be discussed by Brent Meyers in this session.
This webinar highlights the evolution of IRS involvement in the use of credit cards for business use, more commonly referred to as Purchasing Cards. As usage has increased in recent years, so has the governance of these transactions. Many changes have occurred or been proposed that haven’t been as publicized as needed. The goal of this webinar is to help uncover some of these changes so your business can operate smoothly in the credit card space.
Standard for 1099 reporting
Percentage/ dollar amount of business expenses that can be written off
Reasoning for business expenses
Requirements for names on cards
Who should attend?
Operational Risk Managers
Credit Card Program Administrators
Members of National Association of Purchasing Card Professionals (NAPCP)
Brent Meyers has extensive knowledge of the accounts payable process in today’s business environment. He is responsible for business development and commercial card services within the Midwest Territory. He specializes in Automated Accounts Payable, regulation compliance, and expen...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.