Make sure you don’t wait until the last minute to process your 1099 and W2 forms. Deadlines have a way of creeping up, and any problems should be identified as soon as possible. Below, we provide instructions for how to simplify filing 1099s with Intacct.
Upcoming U.S. Federal Tax Deadlines for Employers:
February 29, 2016: Federal Filing due date for paper format 2015 W2s and 1099s
March 31, 2016: Federal Filing due date for e-file format 2015 W2s and 1099s
Here are the steps for using Intacct to file your 1099s in both paper and electronic formats.
- Run the 1099 Reports to make sure there is a 1099 for all vendors that need one.
In Intacct, open the Accounts Payable module (Image 1).
In the REPORTS column, go to “1099/1096” and in the drop-down menu, choose “1099 Reports.”You will then see a list of vendors and the corresponding amounts allocated to their 1099s.
- Add any missing vendors to the list of 1099 recipients.
If there are any vendors missing from the 1099 report, you need to fix the vendor by going to the Vendor Information screen (Image 2). Choose the Additional Information tab.Under “Vendor details,” fill out the “Tax ID” and “1099 name” fields.Click on the “Form1099” hyperlink (blue text) to enter the “Form 1099 Information With Default Box” screen (Image 3).
Note: You can create a custom list of all vendors with their 1099 status to review all your vendors at one time.
- Fill out the 1099 Form information.
In the “Form 1099 Information With Default Box” screen (Image 3), next to “Default 1099 Box,” you can choose the 1099 form.If running a Multi-Entity, you can enter the correct number in the Entity field.In the Initial Values for Year (enter 2015) section, you can now enter the beginning balances below for any of the boxes. (This is much easier approach than correcting many individual invoices.)
When you are ready to print your 1099s and 1096s, go into Form 1099 and print them out (Image 4). Be sure to check the Time Period. (Note in our example, the “Year Ending” needs to be changed in the drop-down menu to say 2015.In Filters, choose, “Select All Vendors,” “Select All Employee(s)” and input the correct Entity/Entity Group.In the Format section, select the Form to Print from the drop-down menu: “Miscellaneous Income (Form 1099-MISC) and Sort by: “Vendor ID/Employee ID.”
Once complete, make sure to click “Process & Store.”
- File Electronically (optional).
For companies that want to file their 1099s electronically, there Intacct integrates with Track1099.com (Image 5). Simply follow the prompts!