e-AP News
a short update on payment issues, news and products April 15, 2008

in this issue

Tip of the Week

The Spring Journal

The Thank-Heavens-Tax-Time-Has-Passed Contest

Date Change: Internal Controls Webinar

Unclaimed Property Trivia

European P2P Event

In Closing


 

Dear Colleague

We haven't had a contest in while, so we'll do one this month. As with most of our contests, no skill or knowledge is required-and that's exactly my situation when it comes to responding to today's note from a reader. She's looking for information on grant reporting to the IRS. This one has left me scratching my head. If any reader has information on this topic, please send it to publisher@ap-now.com so I may forward it to the requestor. If enough people are interested, we'll post it on the blog or write an article for the newsletter-or both.

We have a trivia question this week. What percent of its annual revenue do you think the state of Delaware gets from unclaimed property? The answer is below. We've got a lot this week, including a tip that may defy common sense at first. So, let's start with that tip.


  • Tip of the Week
  • This is for everyone; not just those involved in the international arena. (So don't skip this if you only make domestic payments.) When was the last time you updated your OFAC list? As many readers know, all organizations now have to make sure they don't inadvertently make a payment to a terrorist. As bizarre as this may seem to those who do not do international business, it is a fact of life for all organizations making payments to virtually anyone.

    Don't think that just because the person or entity you are paying doesn't have a foreign-sounding name that you are in the clear. You are not. Terrorists are not stupid-unfortunately-and many operate using names that would not raise the slightest suspicion.

    All payments should be checked against OFAC's list of Specially Designated Nationals (SDN). The list was updated in March.

    For information and either the entire list or just the updates
  • The Spring Journal
  • I am really excited about Accounts Payable Now & Tomorrow's first Spring Journal. I got the idea from a reader when we had the "Accounts Payable Best Seller" contest. We combined five current newsletter articles with excerpts from five of my accounts payable books for 24 packed pages of accounts payable intelligence. This will be sent to Accounts Payable Now & Tomorrow's paid subscribers as their May issue. It will also be sold for $39.95. Miraculously, this idea was conceived before any of the articles were written-so four of the five articles each have five tips or best practices related to the topic. And, of course, it will serve also as the May issue, the fifth month.

    We'll have more details next week, along with a link and an order form. But, if you wish, we are taking pre- orders. Send a note to publisher@ap-now.com with the words "Spring Journal" in the subject line and we will send you the flyer with the details and an order form. And yes, there is still time to start a subscription and receive the Spring Journal as part of our family- at no additional cost.

    Subscribe to Accounts Payable Now & Tomorrow
  • The Thank-Heavens-Tax-Time-Has-Passed Contest
  • It would almost be irreverent if we let this day slip by unnoticed. So, we are going to give away a CD from one of our tax-related Webinars. Which one depends on which receives the most votes from our readers. So, to participate, send an email to publisher@ap- now.com with the name of one of the following in the subject line. We¡¯ll pick a winner from all participants and send them the CD of their choice¡ªwhich will be the one they voted for. Please, only one vote per reader. Here are your choices:

    • 1099 Time (Prize: Learn How to Use the TIN
    • Unclaimed Property (Prize: What the California UP
    • Sales and Use Tax (Prize: Use Tax Exemption
    • Not Interested in Taxes (Prize: AP Best Practices

    Please enter before April 30 when our winner will be selected.

  • Date Change: Internal Controls Webinar
  • The speaker for our Internal Controls webinar is having emergency surgery. While the surgery is minor she wants to make sure she is 100% back to her old very-knowledgeable and informative self. The Webinar has been moved to April 29. All paid attendees have been notified and given their options.

    So, if you had not signed up or the date wasn't good for you, there is still time to register.

    For additional information or to register for the Internal Controls Webinar
  • Unclaimed Property Trivia
  • I had a note from Will Yancey, one of our speakers at the Chicago Unclaimed Property seminar on April 25th. In it, he provided an update on the revenue the state of Delaware derives from unclaimed property. Here are the numbers both actual and projected for 2007, 2008 and 2009.

    • FY 2007 actual $364.9 million, 11.09% of state net
    • FY 2008 estimated $369.0 million, 11.35% of state
    • FY 2009 estimated $380.0 million, 11.43% of state

    As you can see, unclaimed property makes a serious contribution to Delaware's economy. The same is true in a number of other states. Consumer advocates have also taken to publicizing instructions on how to get your money back. Yet, as you can see in the numbers above, the states are not cutting back on their income estimates from unclaimed property.

    That's why we believe it is crucial that all readers report unclaimed property correctly. It is also why we put together this seminar - where you can earn 8 NASBA CPEs. There is still a few days left to register.

    For additional information or to register for the Chicago UP seminar
  • European P2P Event
  • European Purchase-to-Pay Week

    16th-18th June, Brussels, Belgium
    18th-20th June, London, United Kingdom

    For additional information
  • In Closing
  • Thanks for listening,

    Mary Schaeffer
    Editorial Director
    Accounts Payable Now & Tomorrow

    :: 302 836 0540

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