October 2021: Get Ready for 1099 Season

November 3, 2021

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Metric of the Month: Automation Readiness

IOFM’s 2021 benchmarking survey revealed that overall, more than half of organizations that bought automation solutions in the last couple of years are already looking to replace them. “However, that doesn’t mean that the solutions are inadequate,” says IOFM Executive Editor Jess Scheer. “What’s more likely is that organizations hadn’t tuned up their processes first, so they aren’t getting the solutions’ maximum benefits due to inconsistencies in how the work is being done.”

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NOW AVAILABLE: 2021 Master Guides to Compliance

Each year, IOFM’s compliance experts publish the industry’s most comprehensive guides to 1099 and 1042-S compliance. The 2021 editions include new mandates for more electronic 1099 and 1042-S filing to the IRS and much more. The Guides will help avoid costly delays and fines.

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Boost Your Compliance Knowledge in Person This November!

Join us at the APP2P Conference & Expo this November 8-10. Get critical updates on IRS regulations, changes to 1099 reporting, and strategies to mitigate the risk of IRS penalties. Choose from educational sessions focused on compliance, and a full-day Pre-Conference IRS Regulation Boot Camp Workshop.

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1099 Dollar Reporting Thresholds

Unsurprisingly, there’s still confusion about 1099-NEC reporting, particularly when you have a vendor who will also get a 1099-MISC. Do you add the payments together to see if they exceed $600, or do you consider each type of payment separately?

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Outsourcing 1099 Reporting

If keeping up with IRS changes to 1099 reporting is wearing you down, have you considered outsourcing some of that responsibility? Many AP professionals find it stressful and time-consuming to manage this process themselves, but a vendor may be able to help.

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1099 Electronic Filing Requirements

You used to have to file electronically with the IRS if you had 250 or more forms 1099 or 1042 of a single type. No longer. For 2022 filings of 2021 amounts, the number of all forms is aggregated – and that number has been reduced to 100 in total.

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FREE WEBINAR: Your Guide to 1099/1042-S Season

Do you have the necessary tools to navigate the 2021 1099/1042-S season? The IRS makes changes every year that you need to know to be compliant with 1099 and 1042-S reporting requirements. Join IOFM and the tax experts at Cokala for this free webinar to make sure that you are prepared for all of the IRS changes.

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