Compliance Concerns

Q: I don't like dealing with the IRS and their B-Notice and Penalty process every year. I wish there was a way to reduce this work.

A: ONESOURCE 1099 will reduce the time you spend dealing with the B-Notice and Penalty assessment process by automating the loading of the CP2100 and 972CG files and automatically generating 1st and 2nd B-Notice letters and W-9s. In addition, you can track compliance activity by assigning penalty abatement codes that will speed up the task of writing the penalty abatement letter to the IRS.
IRS B-Notice Information

Q: It used to be that the IRS would always agree to abate the penalties they had assessed without much hassle. Now, they ask me for back up documentation, samples of letters I've sent to my payees."

A: Many companies have taken a lax approach to 1099 compliance over the past several years and the IRS has a new directive to force corporations into compliance. Thomson Reuters will help you provide all the necessary documentation that the IRS requires. Proper handling of 1st and 2nd B-Notices, using the IRS's TIN Matching system and soliciting W-9's from payees are all part of the services we offer. We'll help you gather everything you need when you receive an IDR from the IRS related to an audit of your 1099 compliance process.
IRS Penalty Information

Q: I would like to take advantage of the IRS's new Bulk TIN Matching program, but I don't have the resources to do the programming needed to generate the required file nor deal with the information they send back

A: ONESOURCE 1099 will reduce the time you spend dealing with the B-Notice and Penalty assessment process by automating the loading of the CP2100 and 972CG files and automatically generating 1st and 2nd B-Notice letters and W-9s. In addition, you can track compliance activity by assigning penalty abatement codes that will speed up the task of writing the penalty abatement letter to the IRS.
IRS B-Notice Information

Q: I don't like dealing with the IRS and their B-Notice and Penalty process every year. I wish there was a way to reduce this work.

A: The IRS offers their Bulk TIN Matching program that allows companies to check the Name\TIN combination of their payees with the IRS's records. By doing so, the B-Notice and Penalty abatement process can be reduced significantly, thus reducing your risk of non-compliance. ONESOURCE 1099 fully supports and automates this process by generating the file to be sent to the IRS's TIN Matching system in the IRS mandated format. The results file from the IRS is loaded into ONESOURCE 1099 and each payee is updated with whether they were deemed to be matched or not by the IRS. Thomson Reuters can generate W-9s for the mismatched payees, requesting updated Name/TIN information – all well in advance of the 1099 filing process.

Q: I need to find a system that can handle the 1042-S form.

A: Thomson Reuters offers complete 1042-S Nonresident Alien reporting as part of our integrated ONESOURCE 1099 information reporting system. The same great benefits we offer for 1099 reporting are also available for 1042-S reporting.
Information on 1042-S from IRS

Q: I need help with the state 1099 filing process.

A: ONESOURCE 1099 supports all state reporting requirements including those states that have separate filing requirements from the Combined Federal\State (CFS) program. It also supports Independent Contractor Reporting and Quarterly Backup Withholding reporting. Thomson Reuters will care of analyzing your payment data and make sure you're in compliance.