1099 Vendor Management
Tracking Information that is Essential for Your Business
What is a 1099 Form?
A 1099 form is an IRS document that is used to track money paid to unincorporated non-employee vendors during the year. You are required to file a 1099 form for anyone that you paid $600 or more within the calendar year.
We Handle all Documentation
Determining the correct forms to file and the information needed to prepare the final forms is the first step. Keeping detailed records and properly tracking can require even more extra time and effort on your part.
Having an outsourced process in place for vendor management is the most effective method for managing 1099 requirements. Cloud Bookkeeping can help you streamline your internal processes and provide the stored data needed to process the required year-end tax forms.
Cloud Bookkeeping will manage your vendors inside of QuickBooks™ software, and every month we will identify new vendors who may be subject to receipt of a 1099.
We will request W9 information from you to maintain accurate up-to-date information inside your QuickBooks™ Online software. This effort helps get the 1099’s out to your vendors in a timely manner at the end of the year.
Cloud Bookkeeping can help ensure you have the correct information for preparing a 1099. You will be protected from the requirement to withhold income tax from vendors who do not provide this information to your organization. Maintaining documentation that supports your worker classification will also help if you are ever audited.