2022 Essential Year-End Checklist for Successful 1099 Reporting | Product

Review and implement best practices for a successful Form 1099 filing season, fewer 1099 corrections and much lower exposure to costly penalties, with the timely information you’ll take away from this comprehensive Year-end Checklist presentation:

• Have you identified all of the 1099 types your organization will be required to file?
• Has your system captured all of the information required on 2022 Forms 1099?
• Is your schedule adjusted for the elimination of filing extensions for Form 1099-NEC reporting nonemployee compensation?
• Are you fully prepared to meet the January 31 deadline for mailing or electronically furnishing 1099 statements to payees?
• Which IRS due dates for filing are you required to meet: January 31? February 28?  March 31?  Which of these can you extend; how is extension accomplished; what does the IRS require to enable an extension of time to file?
• What rules apply when data is in multiple systems within your organization?
• How must you coordinate with data from any entities acquired during the year?
• What should you do with payees that changed their name or their company’s status during the year?
• Are there missing TINs in your 1099 reportable data (penalty exposure!) and if so do you have a regulatory requirement to make a new TIN solicitation before the end of December?

Learning Objective:

• Identify best practices for preparing and filing 2022 Forms 1099-NEC, 1099-MISC and other 1099s required for payments made through Accounts Payable