Every year, the IRS makes changes to the 1099 reporting process, and frequently, to some of the 1099 forms as well. Doing your research now to discover what’s different and how that will impact your organization is key to minimizing your stress at the end of the year.
A Vendor Receiving Two 1099 Forms
A Member asked our IOFM tax experts about a situation in which two types of payments were made: one that would be reported on a 1099-MISC and one on a 1099-NEC. Neither payment exceeded the $600 threshold, but together they totaled $700. What to do?
An Alternative to the IRS Fire System
In January 2023, the IRS will roll out a new system that doesn’t require special programming or software like FIRE. This change was spurred by the reduction in thresholds for required electronic reporting and allows for easy manual entry or uploading of a CSV file.
NOW AVAILABLE: 2022 Master Guides to Compliance
Each year, IOFM’s compliance experts publish the industry’s most comprehensive guides to 1099 and 1042-S compliance. The 2022 editions highlight changes affecting your 2022 year-end reporting and much more. The Guides will help avoid costly delays and fines.
ACCESS THE GUIDES
An Invoice With Only a DBA Name
Many organizations operate under a “doing business as” or DBA name different than their legal name. If the W-9 on file shows both names but the invoice itself only shows the DBA name, is it OK to pay it? IOFM’s vendor master file expert Debra Richardson weighs in.
Your Guide to What’s New for 2022 Form 1099 and 1042-S Reporting (Free Webinar!)
Are you ready for the impact of changes in federal legislation, new tax regulations, new forms for documenting your payees, and updates to the 1099 and 1042-S forms and filing methods? The 2022 year-end reporting season presents challenges, but this free webinar from IOFM and the Cokala tax group will highlight what’s new and take questions from listeners.