In this article, you will learn about Business Taxes and how it effects Active Suppliers/Vendors.
During the conversion from legacy systems (Famis etc…) to PeopleSoft, there was a one-time conversion of 1099 reportable transactions to enable 1099 reporting with the IRS for suppliers at the end of the tax year. This conversion will support multiple functional areas:
- Accounts Payable & Purchasing: In PeopleSoft there are multiple matches that are performed. The 4th match will verify Vendor Compliance. This will verify if their business license is in fact valid
- Active Suppliers/Vendor Notification: Suppliers will be notified at least 60 days prior to their business license expiration.