Review of Miscellaneous Income Reporting to the Internal Revenue Service

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1 Review of Miscellaneous Income Reporting to the Internal Revenue Service July 19, 2010 Report No Office of the County Auditor Evan A. Lukic, CPA County Auditor

2 Table of Contents Topic Page Executive Summary...1 Purpose and Scope...1 Methodology...1 Background...2 Findings and Recommendations...5

3 Executive Summary This report presents the results of our review of Broward County s process for reporting miscellaneous income on Internal Revenue Service Form 1099-Misc (Form 1099). The purpose of our review was to evaluate the effectiveness of the Accounting Division s (Accounting) process for summarizing and reporting miscellaneous income paid to individuals and vendors in compliance with the Department of Treasury, Internal Revenue Service (IRS) guidelines. Our review disclosed: Twenty-seven percent of vendor files reviewed contained incomplete information and/or inaccurate classification of reportable transactions on their Request for Taxpayer Identification Number and Certification forms (W-9) or Form Vendor data and Advantage system settings are not effectively maintained to ensure complete and accurate 1099 reporting. The County s process for preparing Form 1099 is time consuming, labor intensive and appears to be inefficient. In addition to the above issues, new IRS rules will require government entities to withhold 3% from individual payments that are $10,000 or more, starting January 1, These amounts will be reported to IRS on Form 1099, potentially increasing the amount of time and effort dedicated to processing1099s. We recommend the Board of County Commissioners direct the County Administrator to develop a more efficient and effective process for the reporting of miscellaneous income. Page 8 of this report details our recommendations. Purpose and Scope The purpose of our review was to evaluate the effectiveness of the Accounting Division s (Accounting) process for summarizing and reporting miscellaneous income paid to individuals and vendors in compliance with IRS guidelines. Our review focused on the reports and various documentation used by Accounting in the processing of Form 1099 issued in February 2009 for the 2008 reporting year. Methodology To accomplish our objective we reviewed: 2008 IRS instructions for Form 1099 Miscellaneous Income, 1099 Setup and Processing, CSG Advantage Financial Webcast, 1 1 This webcast was provided by CGI, the County s vendor/consultant for the Advantage financial system. Office of the County Auditor 1

4 Broward County s Form 1099 Processing Guide, Reports and various documentation used by Accounting in the processing of Form 1099, and Vendor Form W-9 (Request for Taxpayer Identification Number and Certification) and Form 1099 records and transaction histories. In addition, we interviewed Accounting Division Staff. Background The IRS requires the payment of miscellaneous income such as rents, royalties, prizes, and payments for services to be reported each year through the use of Form The IRS has established specific criteria for determining if payments made to individuals or vendors are considered reportable for income tax purposes. According to the Form 1099 instruction guide, forms are required to be filed annually for the following income types/amounts: at least $10 in royalties; at least $600 in rents, services (including parts and materials), prizes and awards, or medical and health care payments; fishing boat proceeds; and gross proceeds to an attorney. Exceptions to the miscellaneous income reporting requirement include: payments to a corporation; payments of rent to real estate agents; wages and business travel allowances paid to employees; and payments to tax-exempt organizations including tax-exempt trusts. Each year, Broward County government conducts business with many vendors. Based on specific criteria published by the IRS, some of these payments are considered to be reportable income. For each entity paid, Broward County sends Form 1099 to the IRS and issues duplicate copies of the form to each vendor for their records and use in filing annual income tax returns. The form, as displayed on the cover of this report, contains identifying information about the payer and recipient, as well as the amounts and types of income paid and tax withheld, if any. Broward County s Accounting Division is responsible for ensuring the County s compliance with IRS 1099 reporting regulations. When determining if a Form 1099 will be issued to a vendor, Accounting relies on a combination of the reporting status of a vendor when they are first set up in Advantage and the reporting status of the object codes used to pay the vendor s invoices. Table 1 below lists the number of vendors paid by the County, the number of Form 1099s issued and the total dollar value of miscellaneous income reported for fiscal years 2008 and As shown in each of the past two years, approximately 5,000 active vendors received 2 This requirement does not include regular income paid to employees, which is reported to the IRS via Form W-2, Wage and Tax Statement. Office of the County Auditor 2

5 payments from Broward County. Of these, 1,405 and 1,834 in 2008 and 2009 respectively had reportable income totaling $309.4 million for which they were issued Form 1099s. 3 Table 1: In the past two fiscal years, Broward County has issued 3,239 Form 1099s, representing total reportable income of $309.4 million. Calendar # of Active # of Misc. Dollar Value of Year Vendors Forms Issued Income Reported ,246 1,405 $152,369, ,993 1,834 $157,043,472 Totals 10,239 3,239 $309,412,990 Source: Broward County Accounting Division In addition to reporting payments made directly to authorized vendors, the County is required to use Form 1099 to report payments made to entities through procurement card (p-card) purchases. Specifically, all payments made for goods and services to reportable vendors, whether by check, direct deposit or p-card must be reported to the IRS via Form Table 2 below shows the amounts paid to vendors through p-card purchases for calendar years 2008 and 2009 which are included in the amounts reported to the IRS in Table 1 above. Table 2: In the past two years, Broward County reported $236,103 in p-card transactions on 1099-Misc Forms Calendar Year $ Amt P - Card Transactions 2008 $ 90, $145,156 Total $236,103 Source: Broward County Accounting Division Overview of Broward County s Reporting Process for Form 1099 In preparation for Form 1099 reporting, Accounting staff review and verify reports and data from several sources. The following summarizes the review process currently in place: Vendor Registration and Verification of Vendor Reporting Status Prior to doing business with Broward County, an individual, business or corporation must become a registered vendor. This is accomplished by completing an online application for approval by the Purchasing Division. The vendor applicant must submit a completed IRS 3 The number of 1099 forms issued is significantly lower than the number of vendors, as many businesses maintain their status as a County registered vendor although they may not have current transactions. Many vendors may have transactions during the year but are exempt from reporting income on 1099 s (e.g. most corporations and some partnerships.) Office of the County Auditor 3

6 Form W-9, 4 along with copies of required documentation. Information on the W-9 form is used by Accounting to enter the U.S. person 5 as a County vendor within the Advantage Financial System (Advantage). Information from the W-9 form is then used to determine if monies paid will be considered reportable income. During the vendor set up process, accounting staff may also review information submitted by County agencies requesting the object codes for vendor payments. 6 The assignment of object codes is based upon the types of payments to be made, and the information provided by County agencies further assist Accounting staff in identifying the income as reportable or non-reportable. At the end of the year, Accounting generates reports from Advantage to determine the total amount paid to each vendor throughout the year and to ensure that accurate 1099 forms will be issued to all reportable vendors. Three reports are generated listing the following: all vendors that received payment during the year, all reportable vendors, and all non-reportable vendors. 7 Staff meticulously reviews the reports to determine whether all vendors that are considered reportable for 1099 purposes are correctly stated. One step in this process requires staff to compare the combined list of vendors for the current year against that of the prior year and research any discrepancies. Any vendor whose status has changed is flagged as a research item. Staff then reviews the vendor s detail information and payment history to determine the proper reporting status for the current year and correct any errors. Procurement Card (P-Card) Vendors Some vendors are paid through the County s P-Card program. Regardless of the payment method, vendors meeting the IRS criteria must be reported on Form Therefore, staff review all procurement card payments to determine whether vendors paid in this manner must receive a 1099 form. Since P-Card vendors may or may not be registered with the County, unregistered, reportable vendors are added to the Advantage system and requests are made for a W-9 form from the vendor to validate the taxpayer identification number and address. Verification of Payments on Behalf of Deceased Employees Accounting staff receive from County Payroll a list of deceased employees who were paid accrued wages and benefits during the year. This information is incorporated into the 4 IRS Form W-9, Request for Taxpayer Identification Number and Certification, is used by payer entities to obtain identifying information about an individual or business to which income will be paid. It requires the applicant to list their name, business name (if applicable), type of entity (sole proprietor, corporation, partnership, or limited liability company), address, taxpayer identification number (or social security number) and requires a signatory certification that the information provided is correct. This information is then used by the payer for reporting to the IRS. 5 For federal tax purposes you are considered a U.S. person if you are an individual who is a US citizen or resident, a partnership, corporation, company or association created or organized in the United States or under the laws of the United States, an estate or a domestic trust. 6 Object codes, also known as charge points, are used to identify and charge the budget items from which a vendor will be paid. 7 A reportable vendor is one that should receive a 1099-Misc form pursuant to the criteria established by the IRS; a nonreportable vendor is one that IRS has specifically excluded from reporting on Form 1099-Misc. Office of the County Auditor 4

7 reporting process. IRS Form 1099 instructions state that employers are to report the deceased employees accrued wages and benefits on Form 1099 which is issued to the deceased employees trustee or beneficiaries. Distribution of the Form 1099s After Accounting staff verify the Form 1099 data, the electronic files are prepared for printing by the County s print shop and distribution via U.S. Mail. The County is required to issue 1099-Misc. forms to all vendors by February 15 of each year and to the IRS by February 28. Findings and Recommendations Finding 1 Twenty-seven percent (15 of 55) of vendor files reviewed contained incomplete information and/or inaccurate classification of reportable transactions on their W-9 or Form Analysis of Vendor Transactions and 1099 Reporting To determine if Accounting has properly classified payments to vendors as reportable or non-reportable, and provided accurate and complete information to the IRS, we reviewed W-9 and 1099-Misc. forms for 55 vendors. Our analysis identified 7 instances of incomplete information and 11 instances of inaccurate 1099 reporting related to 15 of the vendors selected. Specifically, we found: Seven vendors with incomplete W-9 or 1099 information; without the information contained in these forms we cannot verify the correctness of 1099 reporting. Eleven instances in which reportable and non-reportable transactions were not properly classified resulting in inaccurate 1099 reporting. In addition we identified the following procedural weaknesses: Lack of written guidelines or procedures for designating reportable and non- reportable statuses for object codes, Lack of supervisory review over the determination of reporting status based upon assigned object codes, and Lack of supervisory review over the W-9 forms, vendor set up in Advantage system and maintenance of vendor files. Based on these results, it appears that the County s processing of Form 1099 lacks appropriate procedures to ensure accuracy. Office of the County Auditor 5

8 Finding 2 Vendor data and Advantage system settings are not effectively maintained to ensure complete and accurate Form 1099 reporting. Sound business practice dictates that procedures should be in place to routinely review vendor information to ensure accuracy. Specific concerns identified in this review include the absence of an audit trail of all changes to records in Advantage and routine procedures for updating Form 1099 reporting information. Maintenance of Vendor Data Access to add/update vendor information in the vendor table is restricted to three staff persons in the Accounting Division. The County requires vendors to submit a new W-9 to the Accounts Payable section when there is a change of name, Taxpayer Identification Number (TIN), or when the vendor merges or acquires another entity. For vendors who have a contract with the County, a vendor affidavit approved by the County s Director of Purchasing is required before Accounts Payable makes any change to the contractual vendor profile in Advantage. In our review of vendor maintenance process and controls, we identified the following weaknesses: Accounting does not use Advantage audit history reports or utilize any other procedures to identify unauthorized changes to vendor files. Changes to the 1099 data made outside of Advantage (Convey 8 Electronic software tool or 1099 report file) are not carried over to Advantage at the end of the 1099 processing cycle, therefore every year the same change must be made. The lack of an audit trail precludes subsequent detection of unauthorized changes and prevents supervisory monitoring of staff changes to the vendor database. Preventive controls are necessary to protect the integrity of vendor data. Form 1099 System Processing Accounting staff rely on the Advantage system to completely and correctly identify and report 1099 vendors and transactions. Advantage is an electronic system that processes data based on user-defined values and system settings. In our review of the 1099 preparation process, we found the following exposures related to electronic processing that could affect completeness and accuracy of 1099 reporting: According to Accounting Division staff, electronic funds transfers (EFT) are excluded from 1099 reporting because they are not specifically identified in Advantage system settings for 1099 reporting. 8 Convey is the third party software used to print forms and create IRS compliant electronic file for 1099 e-reporting. Office of the County Auditor 6

9 The system table of vendors flagged as 1099 reportable is only reviewed for individual vendors when the County receives a B-notice 9 from the IRS indicating that a name/tax ID combination does not match IRS records, a tax ID number is missing, or a tax ID number does not match IRS records. The population of 1099 vendors is not routinely audited for validation of reporting status. Finding 3 The County s process for reporting miscellaneous income is time consuming, labor intensive and appears to be inefficient. Accounting s existing process for 1099 reporting is reliant on several different data sources, reports and software systems. Specifically, registered vendor applications are submitted online, paper copies of W-9 forms and supporting documentation are received and manually filed, requests for vendor object codes are received, vendor data is stored electronically, and paper-based submissions of change documents are manually updated in databases. Several reports from the Accounting System are printed and manually reviewed each year in preparation for reporting. These reports contain more than 7,000 pages of data in.pdf format. The volume and format of the reports hinders analysis and review of the data. To further complicate the review process, additional reports must be obtained from other sources for p-card purchases and payroll data. Once reviewed, data must be exported to Convey software tool for the actual printing of required reporting forms. As a result, the process is time consuming, labor intensive, and as demonstrated by the findings within this report, prone to error. This process needs to be improved to reduce staff burdens and increase accuracy. In addition to the above challenges, new federal legislation requiring government entities to withhold 3% of amounts paid to vendors will take effect on January 1, Vendors that are paid individual payments of $10,000 or more are subject to this withholding which will be reported on Form As a result, the number of 1099 forms processed by the Accounting Division will potentially increase. 9 When the County receives B notices, payments to the identified vendor are placed on hold and the vendor is unable to receive payments until a new W-9 with the corrected information is forwarded to the County. In 2008, Broward County received approximately B-Notices from the IRS identifying vendors with mismatched information. Although penalties may be associated with the issuance of B-Notices, IRS has typically waived these charges as a result of the County s quick follow up and corrective action. Office of the County Auditor 7

10 Recommendations We recommend the Board of County Commissioners direct the County Administrator to develop a more efficient and effective process for the reporting of miscellaneous income. At a minimum the new process should include: 1. Procedures to prevent unauthorized changes to vendor tables and ensure review of vendor files for completeness. 2. Inclusion of EFT transactions in system parameters for 1099 reporting as appropriate. 3. Updating the Advantage vendor database to include changes made to vendor reporting status or type of income reported as a result of year end 1099 processing. 4. Written guidelines and procedures for designating reportable and non-reportable status for object codes to assist County staff in classifying expenditures appropriately. 5. Supervisory review of reporting status of assigned object codes to ensure object codes are accurately marked reportable, non-reportable. 6. Steps to ensure Form 1099s are accurately prepared and issued for all vendors classified as reportable, who receive more than $600 in payments from the County, as required by the IRS guidelines. 7. A more efficient and streamlined process for the reporting of miscellaneous income on the Form This may include, but not be limited to, increased coordination between Accounting and Enterprise Technology Services (ETS) to enhance the use of technology in an effort to make the process less labor intensive. Office of the County Auditor 8

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