Epicor Software, a provider of enterprise business software solutions for the midmarket sector, announced the general availability of Tax Connect 1099, a cloud-based 1099 tax reporting and processing platform available with a company's enterprise resource planning (ERP) system. The latest Epicor Extend solution to debut, Epicor Tax Connect 1099 is delivered on-demand for use with customers' existing on-premises Epicor ERP environments.
Tax Connect 1099 is available now for Epicor 9, Vantage, Vista and Enterprise suites. The platform includes annual subscription-based pricing, determined by the number of 1099 forms produced by a company each year.
Tax Connect 1099 acts as an in-house tax professional, providing comprehensive 1099 tax preparation reporting solutions and research required to file accurate returns. With built-in secure servers linked directly to the IRS, Epicor Tax Connect 1099 makes the annual printing, mailing and e-filing a one-click process. Delivered in the cloud, the company said the Tax Connect 1099 solution requires little to no IT support and helps eliminate a company's requirements for regular compliance updates, in turn helping Accounts Payable departments carry out Form 1099 reporting responsibilities and requirements.
Tax Connect 1099 manages tax-reporting requirements with a tabbed workflow. The Smart Import feature automatically maps source data to the end user's 1099 forms and accepts Microsoft Office Excel and IRS 1220 files. Automatic scanning and validation for regulatory compliance and ZIP code information were added to help eliminate manual errors. Further, dashboard monitors guide users throughout the process, instructing them what to do and providing status updates for their activities. If an error does occur, Tax Connect 1099 can automatically detect missing or incorrect information, making it possible to look up returns and fix problems faster.
"Epicor Tax Connect 1099 is an exciting new tax reporting service," said Matt Muldoon, vice president of product marketing for Epicor. "Form 1099 regulations and reporting requirements change every year, requiring companies to constantly focus on ensuring they are in compliance with the most recent regulations. Tax Connect 1099 automates the ever-changing compliance environment, keeping the system up-to-date to ensure accuracy, efficiency and compliance. With this cloud-based subscription service, companies will benefit from a secure, automated and cost-effective solution that will increase productivity and minimize the workload placed on Accounts Payable departments both during tax filing season and throughout the year."
In addition to supporting compliance during tax reporting season, Tax Connect 1099 provides year-round management services to prevent problems further on. With real-time individual and bulk Tax Identification Number (TIN) matching and validation tools, and an on-going service offering that will automatically refile with state and federal authorities as adjustments are made throughout the year, Tax Connect 1099 is designed to reduce errors and help ensure accurate and compliant efforts so companies can avoid unnecessary penalties.
Muldoon said with the constantly changing 1099 rules, including the new health care legislation signed into law in 2010 requiring the reporting on IRS Form 1099 for all payments made via check or credit card to vendors for services, and inventory or property over $600 annually, now more than ever companies need an automated solution to stay compliant with 1099 reporting responsibilities.
"Provisions under the new law, set to go into effect in 2012, are expected to dramatically increase the reporting responsibilities on Form 1099 for Accounts Payable departments, resulting in significantly more complex and stringent tax reporting processes, as well as added time and money spent on tax preparation," he said.