To correctly file your returns, to meet the relevant filing deadlines, and to avoid missed filings altogether, it’s essential that you know certain 1099 reporting requirements. We couldn’t possibly illuminate every last filing requirement here, especially since there are hundreds of changes made to the tax code each year. But in addition to a comprehensive and accessible guide to our own software solutions, Advanced Micro Solutions (AMS) does provide basic information and link resources to help you understand the 1099 requirements that apply to your own business or that of your accounting clients.
Different Types of 1099 Reporting Requirements
The most commonly sought after 1099 reporting requirements are those for 1099-MISC filings for independent contractors. As an overview, there are four basic criteria that create a need for 1099-MISC forms filing:
1. You made payments of at least $600 to the payee during the year.
2. The payments were made to an individual, partnership, estate, or certain types of corporations.
3. The payee is not an employee. (Read more about distinguishing between employees and independent contractors here.)
4. You made the payments for services related to your trade or business.
Other common 1099 filing requirements can be found through the IRS and address the following 1099 forms:
1099-LTC: For long-term care payments and accelerated death benefits
1099-OID: For interest created as part of an original issue discount.
1099-PATR: For patron distributions made through a co-op.
1099-Q: For payments made through qualified education programs.
1099-QA: For distributions made through ABLE accounts (for qualified disability expenses).
1099-R: For distributions made through pensions, annuities, and other retirement plans.
1099-S: For the sale of real estate and certain royalty payments.
1099-SA: For distributions made through qualified health savings accounts.
1099 Reporting Software Solutions
The W-2/1099 Forms Filer is the foundational platform from AMS and includes software support for all your 1099 filing needs. This platform also serves to create the module interaction by which you can add extra software capabilities to your AMS solution including e-filing, software-generated print forms, MICR checks, and payroll solutions, among more specialized reporting requirements and forms filing software. For starters, however, consider the essential features offered by our W-2/1099 Forms Filer.
- Data Entry: Enter information on a screen that resembles the actual 1099 forms or through a spreadsheet format. This dual option is a great way to reduce errors and/or generate optimal data entry efficiency. You can also import/transfer data from nearly any file format.
- Printing: With easy form alignment, information printing on preprinted forms, and large-batch print jobs, it’s easy to generate fully prepared filing forms. With Software-Generated Forms, this includes printing many of the forms themselves.
- Data Reporting: Use encrypted PDF files. Verify data accuracy with SSN/TIN hash totals. Data reports include tables, worksheets, client letters, recipient lists, and mailing labels.
- More Features: Free network installation, as well as multiple PC installation (site license may be required). Includes payer backup and restore. Creates SSN verification files with ease.
Interested in learning more about how the software from AMS can help you recognize and fulfill all your 1099 reporting requirements? A great way to do this is to download our free software demo, but you can also get answers to specific questions by contacting our Sales and Information team at (800) 536-1099.