January has arrived and the busyness of annual tasks begin! Reconciling accounts, filing W-2s, preparing for tax returns, reviewing accounting system processes, and of course the 1099 process. We’ve listed three tips to help ensure your 1099 filing is accurate. After the three tips, we’ve shared how to generate a few reports in SL and Intacct that might help with the 1099 review process.
Tip #1 – Take the time to review 1099 reports. Don’t let lack of time take away from the important task of taking the time to review reports. Reviewing reports helps you spot items that might be inaccurate. It takes far more time to file amended 1099s than to ensure they are right in the first place. In some instances, companies can get fined by State and Local agencies for not issuing 1099s, or for issuing them with the wrong amount. A few extra minutes on the front end is well worth the effort. [Choose Full Article Below]