We’ve got a little over a week left until 1099 forms are due. Those forms, Box 7 1099-MISC forms, and W-2 forms are available through Tax1099.com year-round.
We know what you’re thinking – Box 7 1099-MISC forms? Weren’t those due 1/31/2017? Yes; but, for those of you running behind on that filing, you can still submit those forms through Tax1099.com. As far as penalties go, the IRS prefers late filings to no filing at all – take a look at the penalty increases.
Are you ready to file?
Do you know what type of form you need to file?
If not, check out this summary of 1099 form types.
Do you have the payer’s information?
You’ll need the payer’s name, address, and phone number. The payer’s federal employer identification number (FEIN) is also necessary for filing. The IRS requires the payer to identify either as a business or as an individual. If the payer is a business, you should report the payer’s EIN. If the payer is an individual, you should report the payer’s SSN.
Do you have the recipient’s information?
If the recipient is a business, provide their business name, address, and EIN. If the recipient is an individual, you should file with the recipient’s the name, address, and SSN.
Have you confirmed the recipient’s information?
Reference the W-9 collected from the recipient when he/she began working for the payer. The penalties associated with filing incorrect vendor-TIN matches can add up quickly. Here are a few steps you can take to reduce the risk of filing a vendor-TIN mismatch:
- Collect a W-9 from the vendor. You probably did this before the vendor began working. If you don’t have the vendor’s W-9 on record, you should collect one. This shows that you asked the vendor for the information required by the IRS.
Did you know that you can solicit W-9 forms electronically through Tax1099.com? Click here for more information.
- Confirm the W-9 information with the vendor. Are the first and last names of the individual correct? Or, if the recipient is a business, is the business name provided? Are the names spelled correctly? Does the business name correspond with an EIN? If the recipient is an individual, is the SSN listed? Is the EIN/SSN correct?
- Request TIN matching through Tax1099.com. You can select this service after your vendor data is in our system. Click here to learn more.
Do you have an account with Tax1099.com?
Registering for an account with Tax1099.com is free. Use an e-mail address you have access to, and create a password.
You’re ready to bring your data into Tax1099.com.
Here are a few of your import options:
- QuickBooks Desktop
- QuickBooks Online
- Bill.com
- Xero
- Excel Spreadsheet
If you only have a few forms to file, you can type in your information in Tax1099.com > Forms > New Form.
Step-by-step instructions are available in Tax1099.com’s Knowledge Base.
More ways to streamline your filing process:
Scheduling form submission
Before submitting forms, you can schedule the date they will be sent to the IRS. This gives you time to make changes, up until the scheduled date. You’ll also be able to select from Tax1099.com’s additional services; TIN matching requests and vendor form delivery services streamline your filing process.
Requesting a TIN Match
If you’re not sure about a vendor-TIN combination, you can request a TIN match. Requests are also a good way to document your vendor-TIN data-gathering process. You can submit a TIN match request directly to the IRS. However, you must be approved before requesting. The approval process can take weeks to complete.
Tax1099.com is IRS-approved to check vendor-TIN matches against the IRS database. The IRS returns TIN requests through Tax1099.com in 24-48 hours. You should check TIN match rejections with your vendor. If the vendor gives you new information and the form has not passed the scheduled date, you can make changes. If the scheduled date has past, you can file a corrected form. You can also use records of TIN requests to show the IRS that you made an effort to file accurate information. In order for the IRS to consider abating incorrect filing penalties, you must follow a TIN rejection with an attempt to collect a new W-9.
Delivering Vendor Forms
The IRS requires filers to deliver forms to vendors. Tax1099.com delivers forms through password-protected e-mail, through portal delivery, and through USPS. Select these form delivery options before or after submitting the forms. You can also print and mail forms from PDF’s available in Tax1099.com. All you need is blank printer paper and a #10 double-window envelope.
Tax1099.com is your fast, secure, accurate e-filing solution. Click here to get started.
Questions?
The Knowledge Base on Tax1099.com contains support documents to walk you through the e-filing process. You’ll also find more information on TIN matching and form delivery. Our support team is happy to help you. Live chat with us through our website, or e-mail support@tax1099.com with any questions you have.