Most U.S. organizations have to issue 1099 forms to vendors they paid more than $600 during the calendar year. You should consult your accountant for all the details but pretty much anybody who provided your organization a service and is not incorporated as an S or C Corporation needs such a form. The IRS makes clear that is the responsibility of the payer to track the amount(s) and report by January 31st.
NeatSchool financials have many ways to help you keep track of and issue 1099s:
- Every Partner/Vendor record has room for an SSN or EIN
- The records also have a checkbox on whether the vendor requires a 1099
- There is a report called “Expenses by Vendor” that shows the total amount you paid to each Vendor you worked with in a certain period
- The “Expenses by Vendor” report dialog box allows for a report that includes all the information you need to have 1099-MISC and 1096 issued.
- Finally, we support certain pre-printed forms and we can print the 1099s directly on them.
If you did not keep your financials in NeatSchool in 2013, it is not too late to start for 2014!!!