We know you want to avoid the stress from your tax compliance requirements. That is why Vertaccount is happy to announce that we can help you start 2014 on the right foot by preparing (and filing) your company’s 1099 forms.

But first, what is a Form 1099? Here’s a quick refresher on what it is and what it means for your business.

What is a Form 1099 Informational Return?

An IRS Form 1099 is a tax form that is used to report different types of taxable income. This includes rent, royalties, medical & health care payments, as well as other payments made to non-employees. Simply put, a Form 1099 notifies the IRS that you have actually paid a certain amount of money to your vendors.

For you to complete this report, however, your vendors will have to submit a W-9 form (also known as a Request for Taxpayer Identification Number) to you. If you have not done this regularly throughout the year, catching up on your W-9 collection can take time and lots of follow up with your vendors. Don’t worry! Vertaccount is happy to assist you with this task if you need it.

When is the Deadline?

The deadline for submission of the Form 1099 to vendors is on January 31, 2014. The deadline for the submission of Form 1099 to the IRS is on February 28, 2014.  Failing to submit your 1099 reports on their deadlines may entail penalties. Incorrect 1099 returns may also entail penalties.

What We Can Do for You

If you want to save time and if you are not familiar with the complexities of 1099 reporting, then we can certainly help you. We can prepare and file your Form 1099s and even help you collect your W-9s from your vendors. Below are details of what we can do for you.

Preparation

• Help identify 1099 vendors to ensure no one is missed
• Collection of all W-9s to ensure compliance
• Identification of payments made to vendors
• Identification of non-income payments to prevent double reporting of income (e.g., reimbursements)
• TIN matching with the IRS to minimize penalties

Filing

• Electronic filing to the IRS so you don’t have to print and mail anything to the IRS
• E-mail delivery of forms to vendors thus saving you time and money
• Optional paper delivery to vendors

W-9 Form Retrieval and Income Confirmation

• As an added service, Vertaccount can also contact your 1099 vendors directly to ask for their form W-9 and to confirm your payments to them throughout the year

What You Can Do Today

We strongly recommend that you get a head start on these forms as early as today to avoid the stress of catching up at the end of the year. If you need help preparing and filing these reports, let us know by clicking on the link below. One of our representatives will contact you as soon as possible.

Disclaimer:  All data and information provided on this site is for informational purposes only. Vertaccount.com makes no representations as to accuracy, completeness,  suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses. All information is provided on an as-is basis.