01 Jul 2015

Save Time with the Professionals and Repetitive Payees Feature

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Time-Money-170x100BMS understands the time pressures that Trustees are under. That’s why we try to provide you with useful features that save you time. On top of that, we offer training, education and tips to help you use those time-saving features to the utmost.

This month’s time-saver is the Professionals and Repetitive Payees feature. One of the reasons trustees may not be using this feature is because they don’t get the Tax ID number of the professional they’re working with ahead of time.

Waiting until the end of the year to gather a professional’s Tax ID number can create a serious time crunch. It also means the trustee loses out on the time-saving aspects of the Professionals and Repetitive Payees feature. If you do make it a point to obtain a professional’s Tax ID number at the time of service, it’s well worth your time to fill out the Professionals and Repetitive Payee form at the same time.

Another reason why a trustee might not be making the most of the Professionals and Repetitive Payees feature might be due to uncertainty about the requirements for 1099 reporting. If you need to review the requirements, you can read our concise list of conditions for issuing a 1099 form published in a previous newsletter.

Once you understand these requirements, you can use the checkbox in the Professionals and Repetitive Payees feature to note at the time of entry whether you will need to issue a 1099 and include the professional in your end-of-year filing.

By using the Professionals and Repetitive Payees feature throughout the year, you’ll save time in two ways. First, you’ll be more prepared for taxes when you keep an accurate, on-going list and cut any last-minute clean-up. Second, you’ll have a list of professionals you can readily access in the future, instead of wasting time on a new search for the expert you need.

If you need more information about how to incorporate the efficiencies of using the Professionals and Repetitive Payees feature, please contact your BMS Account Manager.

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