The 1099 G form is distributed exclusively by state, federal, and local governments. For this reason, few personal or private accountants will need to worry about preparing it. However, many tax and wage professionals manage finances for businesses, organizations, and individuals who may be the recipient of a 1099 G. What’s more, this is an important form to keep in your records. Some did not receive a 1099 G form 2018 when they were supposed to.
If you do accounting work for any organization or individual who should have received a 1099 G 2018, contact the governing agency as soon as possible. Typically, these agencies hold onto 1099 forms for a few years for record-keeping purposes. Even if you accurately reported income for 2018, you or your client should maintain a copy of the 1099 G form 2018 for your records.
What Should You Know About the 1099 G Form?
The 1099 G is used by governments – federal, state, and local – for specific payments. These payments can be any of the following:
- State or local income tax refunds, credits, or offsets
- Taxable grants
- Unemployment compensation
- Reemployment trade adjustment assistance (RTAA) payments
- Agricultural payments
Governments may also use the 1099 G if they received payments on a CCC, or Commodity Credit Corporation, loan. This is less common.
As a result, no businesses or non-governmental organizations need to worry about this form. However, this is a widely used form because its broad range of uses. Accountants should understand how this form works, as well as how to handle it when a client or workplace receives one. This is where Advanced Micro Solutions can help.
Using Advanced Micro Solutions with the 1099 G Form 2018
The 1099 G isn’t complicated, but you’ll need to have a software tool to alleviate the other stressors of tax season. Whether your client is missing a 1099 G form 2018 or you’re trying to distribute hundreds of 1099s for your employer, a robust accounting solution is the answer. Our W2 and 1099 Software will ensure you are ready for tax season – and all the curveballs it might throw your way.
To that end, our W2 and 1099 filer includes support for most interactions of the 1099. The software will also include updates when certain changes are made, like the recent introduction of the 1099-NEC. Plus, with AMS, you’ll have access to helpful FAQs, a designated blog feed, and professionals who can answer any questions you may have about tax and wage filing.
If you’re on the fence about a new accounting software, we encourage you to test out our free, downloadable demo. This is a great way to experience our user-friendly and menu-driven tools. If you have any questions about our tool, call our Sales and Information team at 800-536-1099. We know you’ll be happy with this solution.