Archives for October 2009

IRS 1042 Webinar Oct 26

Do you pay royalties to foreigners? If so you should be filing IRS Form 1042 for each payment (not form 1099 MISC).

Learn more about Form 1042 and what the IRS is looking for by attending the Accounts Payable Now & Tomorrow webinar “Preparing for Form 1042 Audit” on Monday October 26, 2009.

Register at: http://ap-now.com/1042audit.html 

“Please join us for an information-packed 60 minutes on October 26, 2009 as Cyrus Daftary, an international tax and regulatory compliance expert :

  • Explains why tax withholding has become such a hot topic and what this means for your organization

  • Documents the cost of non-compliance

  • Reveals what you can expect during an audit

  • Shares insights into what the IRS really wants

  • Provides a better understanding of the IRS’ Internal Revenue manual

  • Tips for handling the audit process

  • Describes some validation tools being used today by major corporations”

The cost for this 60 minute semianr is $179, if you cannot attend you can order a CD of the webinar.

PS: If your roylty software does not track 1042 liabilities, your accounting software may.  Kensai International; a book publishing consulting firm, recommends that publishers utilize software; such Dynamics GP, Dynamics NAV (see knkPublishing) or AcumenBook that can generate the required 1042 forms.

Rights & the International Kindle

How will digital editions affect international rights sales?

This is the question that the Publishers Weeklyarticle “Questions Mount Before Debut of International Kindle”;  authored by Jim Millon and Rachel Deahl, discussed in its October 12th issue.

In summary, this article presented the view that availability of digital editions has increased the value of digital rights. This has increased the increased the pressure exerted by publishers to acquire these rights.

It also highlighted the fact that the value of territorial rights will be threatened as e-retailers sell their products into regions quicker than print editions are available.

Anytime Software Demos

One-on-one demos of our royalty software are available 24 hours a day. Whether you are in New York, Sidney, or Hong Kong we can provide you with a demo during your normal business hours.

When a prospect in Australia contacted us for a demo at 9:30 AM local time (that’s 7:30 PM EST, our local time), we gave a demo that lasted from 7:30PM to 8:45PM EST.  When a prospect in Hong Kong contacted us for a demo we gave one that lasted from 11:00PM to 1:00AM EST, our time.

So, if you would like to schedule an on-line demo feel free to contact us.

Royalty Advances Declining

Advances paid to trade authors are down by 30% to 40%according to a panel discussion published in the October 5th issue of  Publishers Weekly; Religion in Academic Publishing: The Agent View by Jana Reiss.

Read the article

This view corresponds to what we are seeing in the market. Trade publishers are reducing the advances paid to authors, while royalty rates are staying the same.

Why? Its harder to predict how many books will sell and sales are down in many categories. Fewer bookstores, fewer readers, too many tiles, fewer book review sections in major publications are some reasons why sales forecasting is harder, and advances are generally based on the projected first year’s sales of a title.

Multi-title Royalty Statement

To report royalties by title in a report that has one row for each title use the multi-title royalty statement.

This statement format is useful where the royalty recipient receives royalties on lots of titles, i.e. 50+ titles and you don’t want to print a 50+ page royalty statement. Many publishers will use the multi-title statement as backup for their accounts payable request while sending the more detailed regular statement to the author.

Before using this statement format we recommend that you create a new header for a landscape report in Options & Settings > Stationary. Call it Landscape. You will use this header on your landscape formatted reports.

Then from the Author Statements screen select the statements that you want to include (you can us the Advance button to filter the list for you). Then press the Documents button and select the Multi-Title format.

Easy Royalties V3.5.36

This royalty software update allows users to export royalties owed. Import these payables into QuickBooks, Peachtree or most other accounting software solutions.

Furthermore, users can create custom author related ID sequences (i.e. author code, contract code, payment ID)  in the Easy Royalties Options and Settings. For example, would can tell the system that all payment IDs start with the current year (2009) and are followed by a number (such as 299) that increments by 1.

The author record (royalty recipient) has been enhanced with an Accounting System ID field. Use of this field allows your accounting system to match the payable in the import file to the correct vendor.

This update is free for all registered users of version 3.X.