1099 Best Practices Tips

Опубликовано: 25 Октябрь 2022
на канале: AP Now

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1099 Best Practice tips for those required to fill out 1099s! Information Tax Reporting on IRS Form 1099 is a major headache for most accounts payable groups at this time of the year. The 1099-MISC and the 1099-NEC are used to report to the IRS payments made to independent contractors. Getting the 1099 information correct is never easy. In this episode we’ve got 5 quick tips to help you create the perfect 1099. Make sure you stick around until the end when we share how to create a strong foundation for your 1099 reporting. #accountspayable #1099 #1099MISC

Almost every single organization has to issue 1099s each year and the task is never easy. Put one wrong number in a box and you could trigger an irate supplier or worse a B notice from the IRS or both. Neither are desirable. That’s why, at a minimum, using the tips in this broadcast will help you set your organization off on the right foot.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

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Host: Mary Schaeffer (www.ap-now.com)