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Our team at Tipalti never stops improving and moving forward to help you get things done and find new ways to boost your productivity, and today I'm thrilled to share some exciting updates that are coming your way in September twenty twenty-four version. Let's dive right in! 

First up, we have a major announcement about e-invoicing.

You can now seamlessly receive e-invoices through the Tipalti Hub, which means you’ll be fully compliant with EU regulations.

This new feature supports the PEPPOL network for countries like Germany, Sweden, Norway, Denmark, and the BeNeLux region.

E-invoices come with an additional fee, so make sure to reach out to your Tipalti representative for more details.

What’s fantastic about this e-invoicing solution is that it adheres to standardized formats that comply with local regulations.

This allows Tipalti to extract critical information accurately, minimizing the chances of errors that often come with manual data entry.

You’ll enjoy a familiar processing experience, just like any other invoice in the Tipalti Hub.

This means your accounts payable teams can work more efficiently and with peace of mind, knowing they’re compliant across all supported countries.

Now, let’s talk about the new Procurement experience.

We’ve added some amazing functionalities to make it even easier for you to communicate with vendors and stay updated on purchase requests.

If you’re using this new experience, you’ll be able to post comments to vendors directly in the Tipalti Hub, which speeds up the onboarding process.

Vendors can see and respond to your comments in the Supplier Hub, making communication a breeze.

You can also mark items as received in your purchase orders, keeping your order history and company accounts up to date.

After creating a request, you’ll receive an email from Tipalti with a link that takes you straight to Receivals, where you can find a list of your purchased items.

Admins will love the flexibility to customize when vendor onboarding is included in the purchase request approval process.

This streamlines approvals and ensures that vendors only go through onboarding when necessary.

Plus, approvers can now receive notifications in Slack when there’s a purchase request ready for their review.

And to keep everything organized, approved purchase requests will now display a link to the corresponding purchase order.

Moving on to funding options, we’re excited to introduce credit card funding as a new method.

Currently available for USD Virtual Accounts, you can now use your corporate credit cards—either Visa or MasterCard—to fund your accounts quickly.

We’ve integrated three-dimensional secure technology to enhance transaction security, providing an extra layer of protection against fraud.

With this new feature, you can save your card details securely in Tipalti and enjoy effortless one-click funding.

This allows you to manage your cash flow effectively, ensuring immediate availability of funds or leveraging issuer credit lines to maintain liquidity.

Just keep in mind that each deposit made with your card incurs a fee of two point nine percent.

Now, let’s discuss some general announcements.

If you have entities in the United States, you’ll find it easier to add payees’ PayPal and ACH payment details.

You can now import a CSV file with that information, speeding up the profile creation process.

Admins can add PayPal and ACH payment fields to the Payees import file template, and Tipalti will run validation checks to ensure everything is correct.

We’ve also enhanced the User Permissions report, giving you more visibility into your operations.

And for those preparing 1042-S tax forms, we’ve added new fields to the preparation report, including chapter indicators and exemption codes.

This enhancement saves you time, as Tipalti will provide the correct tax information without you needing to enter it manually.

Lastly, we’ve made some additional updates.

When creating a virtual or physical card, you can now require cardholders to review all transactions if that’s a company requirement.

And if you’re syncing your ERP with Tipalti, you can now bring in more information and view sync statuses by entity.

You’ll be able to see tax rates in Bill details when syncing with Business Central and Xero, and you can even sync additional purchase orders made in NetSuite that are up to one year old.

That’s a wrap on the updates for September twenty twenty-four! I’m so excited about these enhancements and how they’ll help you streamline your processes and improve your overall experience.

Stay tuned for more insights and product uptates as our dedicated teams work to bring you more tools.

Thank you for being part of our journey!

Hi guys! It's Tiffany, chief product communications at Tipalti, and today I want to dive into a topic that’s crucial for anyone navigating the world of finance and taxes—backup withholding.

Now, I know taxes can seem daunting, but understanding backup withholding is essential for both individuals and businesses alike.

So, what exactly is backup withholding? In simple terms, it’s a federal income tax that payers withhold directly from payments made to payees who haven’t provided a valid taxpayer identification number, or TIN.

If you’re a U.S. citizen or a resident alien, the IRS typically deducts twenty-four percent from your payments.

For non-resident foreign persons, this rate can be as high as thirty percent, or even lower depending on the type of income and any applicable tax treaties.

Let’s break this down a bit further.

When payers report backup withholding amounts, they do so using specific IRS forms, like the 1099.

This is important because when you file your tax return, the amounts already withheld can reduce your overall tax liability, and you might even qualify for a refund! Now, if you’re a U.S.

person, you’ll need to submit a Form W-9 to your payer, providing your name and TIN.

This form is crucial for the payer to complete the 1099 information return.

For foreign individuals or entities, there are different forms, like the W-8BEN for individuals or W-8BEN-E for entities, which help claim a reduced withholding rate or exemption.

You might be wondering what types of income are subject to backup withholding.

Well, it can apply to various payments reported on the 1099 forms, including interest payments, dividends, certain government payments, and even commissions for independent contractors.

It’s also worth noting that some payments are excluded from backup withholding, such as real estate transactions and distributions from retirement accounts.

Now, let’s talk about who might be subject to backup withholding.

While most taxpayers won’t face this, certain situations can trigger it.

For instance, if you receive a notification from the IRS indicating you’re subject to backup withholding, or if you fail to provide a correct TIN, you could find yourself in this category.

Avoiding backup withholding is possible! Make sure to file accurate information, report all taxable income, and if you’re a foreign person, claim any exemptions you might be eligible for.

If you find yourself subject to backup withholding, you can correct the situation by providing the right TIN or resolving any underreported income.

Let me share a quick example to illustrate this.

Imagine Rebecca, a U.S.citizen living in San Diego.

She forgot to report some interest income, and as a result, she received multiple notifications from the IRS.

When she opened a new brokerage account, she remembered to adjust her W-9 form to reflect her backup withholding status.

As a result, her brokerage firm withheld twenty-four percent from her payments, which she later reported on her tax return, potentially leading to a refund.

In conclusion, understanding backup withholding is vital for ensuring compliance with tax regulations and avoiding unnecessary penalties.

It’s all about keeping your financial house in order, and I’m here to help you navigate these complexities.

Thank you for tuning in, and I can’t wait to share more insights with you soon!