general 1099 guidelines: who should receive a 1099? file a form 1099-misc for each person you paid...
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General 1099 Guidelines: WHO SHOULD RECEIVE A 1099?
File a Form 1099-MISC for each person you paid during the year:
$600 or more for:
Services (individuals or partnerships and some LLC’s)
Rents
Prizes or Awards
Medical Services
Attorney Services
$10 or more for:
Royalties
VERIFY 1099 DATA
(See IRS Publications 1099 MISC and General Instructions
for specific reporting requirements.)
All 1099 Vendors should be flagged for the correct 1099 vendor type (located in USASWeb Vendors or VENSCN):
a. Non-employee compensation
b. Rents
c. Other Income
d. Medical and Health Care Payments
e. Royalty Payments
f. Attorney (gross proceeds)
If a 1099 vendor has more than one vendor #, combine all calendar year totals for that vendor, choose one vendor# and edit the calendar year total on that record to reflect the total paid
1099 Override FieldIf set to “Yes”, a 1099 will be created regardless of the Calendar Year – to-Date amount. If you use this flag, the vendor will receive a 1099 regardless of whether or not they meet the minimum reporting amount as long as their YTD total is >0. The default option is “No”. This is often used for deceased employees.
Run the F1099 program to generate an F1099.txt report to verify accuracy. HOWEVER – DO NOT create the tape file at this point!!!!!!
Process the month end procedures per the check list.
Remember to follow the check list in order so all programs and backups are completed before you run adjust!
Don’t Forget to Run your Workers Comp ReportUSAS_LCL, DTR_TRECA and then #68, 69 or 70
Calendar Year End Closing
When you are satisfied that the data on your F1099.txt report is correct, run the program again and select the option ‘Y’ to create the tape file.
Send the 1099 total form to TRECA by email to [email protected] or fax to 740-389-4517.
DON’T FORGET!
Request your files be backed up and wait to hear from us BEFORE you continue on!
Email fiscal_support @treca.org to request your backup!
ADJUST
Run ADJUST program selecting the “Month End” option
Run ADJUST program selecting the “Year End” option and run for “Calendar”.
IMPORTANT!!!! If you forget to run ADUST for the CALENDAR year end, in the step above, your 1099 totals will not clear.
You may now begin January processing!