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2023 Year-End Preparation: Processing 1099s

in Financial - JDE1 (MOSC)

To meet IRS 1099 deadlines, review your setup and data in advance and allow plenty of time to prepare and process the returns. Important tasks to prep for 1099 processing:

  • Decide which method or combination 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/company in Address Book
  • Verify tax identification number (TIN) exists for each supplier that will receive a 1099 form. The IRS may impose penalties or fines for each missing or incorrect tax ID on 1099 returns.
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