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About the Agent
Preparing accurate regulatory filings and vendor communications for 1099 reporting and escheatment obligations is a complex, time-sensitive task for accounts payable teams during period-end. Errors, omissions, or delays can result in compliance breaches, penalties, or strained vendor relationships.The Regulatory Drafting and Communication Agent simplifies this process by extracting validated accounting data from both structured payment records and unstructured invoice attachments. It formats filings in accordance with IRS and state requirements and generates standardized vendor communications, ensuring regulatory alignment and clarity throughout.By automating these workflows, the agent reduces manual drafting, minimizes errors, and ensures timely submission of all required documents. Finance teams can focus on complex exceptions and high-value review tasks, while maintaining consistent compliance with statutory deadlines. Organizations benefit from streamlined regulatory workflows, enhanced accuracy, reduced risk, and improved operational efficiency.
Accuracy
TBD
Speed
TBD
Input Data Set
Sample of data set required for Regulatory Drafting and Communication Agent:
Compliance Action Drafting Request
Request ID: 89a1b4c7-d8e2-4f3b-9e4a-5c6d7e8f9a0b Request Date: 2024-01-15 Source System: AP Compliance Validation Module Tax Year: 2023
Action Item 1: Draft IRS Form 1099-NEC Schedule
Vendor ID: VEN-60771 Vendor Name: Apex Solutions LLC Taxpayer Identification Number (TIN): XX-XXX6789 Address: 456 Innovation Drive, Suite 200, Tech Park, CA 94043 Payment Summary (Tax Year 2023):
- Total Nonemployee Compensation: $15,850.00
- Reference Invoices: INV-2023-1109, INV-2023-1452, INV-2023-1987
Action Required: Draft IRS Form 1099-NEC for tax year 2023 based on the provided payment summary.
Action Item 2: Draft Escheatment Due Diligence Notice
Vendor ID: VEN-30125 Vendor Name: Quantum Dynamics Inc. Last Known Address: 123 Research Blvd, Science City, TX 77001 Uncashed Payment Details:
- Check Number: 459012
- Check Date: 2022-07-10
- Check Amount: $1,235.50
- Dormancy Period: 18 Months (Exceeded)
Action Required: Draft a formal due diligence letter to the vendor regarding the uncashed check, informing them of the pending escheatment to the state of Texas if the funds are not claimed.
Deliverable Example
Sample output delivered by the Regulatory Drafting and Communication Agent:
Compliance Document Draft Report
Report ID: DRAFT-20240115-99B Generated On: 2024-01-15 Summary: The following compliance documents have been drafted based on Request ID 89a1b4c7-d8e2-4f3b-9e4a-5c6d7e8f9a0b.
| Vendor Name | Document Type | Status |
|---|---|---|
| Apex Solutions LLC | IRS Form 1099-NEC | Draft Complete |
| Quantum Dynamics Inc. | Escheatment Due Diligence Letter | Draft Complete |
1. Draft Regulatory Filing: IRS Form 1099-NEC
Status: Ready for final review and submission via the corporate e-filing system.
| Field Name | Data |
|---|---|
| PAYER'S name, address, etc. | InnovateCorp 789 Corporate Way Metroville, NY 10001 |
| PAYER'S TIN | XX-XXX1234 |
| RECIPIENT'S TIN | XX-XXX6789 |
| RECIPIENT'S name | Apex Solutions LLC |
| Street address | 456 Innovation Drive, Suite 200 |
| City, state, ZIP code | Tech Park, CA 94043 |
| 1. Nonemployee compensation | $15,850.00 |
| 4. Federal income tax withheld | $0.00 |
2. Draft Vendor Communication: Escheatment Due Diligence Notification
Status: Ready for final review and dispatch via certified mail.
To: Quantum Dynamics Inc. Attn: Accounts Receivable 123 Research Blvd Science City, TX 77001
From: InnovateCorp Accounts Payable 789 Corporate Way Metroville, NY 10001
Date: January 15, 2024
Subject: IMPORTANT NOTICE Regarding Unclaimed Property
Dear Quantum Dynamics Inc.,
Our records indicate that a payment issued to you by InnovateCorp remains outstanding and has not been cashed.
The details of this payment are as follows:
- Check Number: 459012
- Issue Date: July 10, 2022
- Amount: $1,235.50
This property is now considered dormant under Texas state law. As required by law, we are obligated to remit these funds to the State of Texas as unclaimed property if they are not claimed by you within 60 days of the date of this letter.
To claim these funds and prevent them from being escheated to the state, please contact our Accounts Payable department immediately at ap@innovatecorp.com or (212) 555-0123 to arrange for a replacement payment.
We urge you to act promptly to resolve this matter.
Sincerely,
The InnovateCorp Accounts Payable Team
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