Page 5 - 1099 Ebook

GATHERING 1099 INFORMATION

1. When you begin working with a new service
provider, have them complete a W-9 right
away. Request this form prior to the vendor's
invoice due date to ensure timely receipt.
Have Service Vendors

Complete Form W-9

2. Track payments to all service vendors
throughout the year in your QB file,

spreadsheet, or other bookkeeping system to
ensure compliance with IRS regulations.
Track Vendor Payments

3. Forms 1099 need to be completed in January
for the previous calendar year. You can use
various software options, or request that your
CPA firm assist in this process.
Complete 1099s

4. Provide vendors with a copy of the 1099 for
services (or other applicable payments)
rendered by the due date. Forms are due by
February 1, 2021 for payments made in 2020.
Provide 1099s to Vendors

5. Submit copies of all 1099s, along with the
Form 1096 to the IRS by February 1, 2021 via
paper or electronic methods. You should

also ensure timely reporting to state
Submit Government Copies
agencies.