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Taxing Times

All of you are probably familiar with the IRS and its withholding requirements for payees for whom you do not have a Taxpayer Identifier.

Most of you are probably not aware of laws that have been passed in several states that require withholding for vendors (corporations and/or individuals) domiciled in other states. The laws are confusing and inconsistent.

Even worse, we surveyed 23 A/P software packages and determined that none of the packages included specific capabilities to support state withholding. And you thought that federal and international taxing and regulatory reporting requirements are difficult to deal with!

If you are interested in enhancing your vendor data to avoid problems with the IRS, contact RECAP to help you define a vendor management program.