2022 Year-End Preparation: Processing 1099s

To meet IRS deadlines for 1099 reporting, review your system setup and data in advance and allow plenty of time to prepare and process 1099 returns. This list contains some of the tasks to prepare for 1099 processing:

• Decide which method or combination of methods you will use to process 1099 forms: A/P ledger method, G/L method, or a combination.
• Ensure address book information for 1099 suppliers/ companies is in a format that the IRS allows.
• Verify the person/corporation code for each supplier and company in Address Book
• Ensure you have a tax identification number (TIN) for each supplier that is to receive a 1099 form. The IRS could impose penalties or fines for each missing or incorrect tax ID on 1099 returns that you submit.