LA - Vendor: 1099 FAQs

I received a pop-up window which says Tax form not defined for yyyy. What do I do?

If customer is on most recent update and gets a message that the Tax form is not defined for yyyy, we have not yet published the updated forms but will as soon as we get the updated information from the government.  Or, you may need to change your active date to the previous year if you are re-printing last year's form.

Why didn't a 1099 generate for a Vendor who should get one?

For Vendors who qualify for 1099, the best thing to do is to mark the Vendor as 1099 when setting them up so each check you write will be included. If you do not, you still may mark each check as 1099.  See Example 1099 Form Choice. If this vendor is an individual who needs a 1099, select from the list box or type the first letter for the available options: I=Interest, M=Miscellaneous, R=Rental, R=Royalty, O=Other Income. (Press R twice to get to Royalty.) If you did not mark the Vendor as a 1099 Vendor from the beginning, and you did not mark every check as a 1099 check, chances are your Vendor Amount generated on the 1099 will be incorrect. See the next section on how to correct this amount.

What do I do if my 1099 amount is incorrect for a Vendor?

If you mark 1099 in Vendor setup in middle of year, it will not include the checks written to that vendor before it was marked (unless you were marking individual checks and didn't miss any). 

To update the vendor for the correct 1099 amount, you may edit the Year to Date tab in the vendor record to include all the checks written to this vendor which qualify for 1099. Once you add the 1099 payments for the current 1099 amount, and now that the Vendor is marked as a 1099 Vendor, each additional payment will be added to the Year to Date 1099 Balance going forward. See Example YTD Tab          

Once you have added or updated the 1099 Balance, you must Recalculate All on the 1099 Form in order for any missing Vendors you just updated to display and to show the updated amounts for Vendors who initially had incorrect amounts. See Example Recalculate

If you haven’t marked the Vendor as receiving a 1099 but mark each invoice as 1099, these items will be included in the 1099 whether or not the Vendor is set up as a 1099 vendor. 

 

1099 Vendor List

To print a list of vendors set to receive a 1099, go to the 1099/1096 Forms routine (AP Reports panel) and select the 3 Line Report option. 

When a vendor is set to receive a 1099, the 1099 check box in the AP Individual Transactions routine is automatically marked. It can be unmarked for items that are not to appear on the 1099 report (e.g., expense reimbursements). 

Also mark the W-9 on File check box when this vendor has submitted that form. See Example 1099 Form Choice 

 

My 1099 Pre-Printed Form is not aligned 

Please, follow the steps below to print properly aligned Pre-Printed IRS Tax Forms:

You must have an updated version of Adobe Reader installed on your computer and set Adobe as your Default PDF Reader

Hosted Customers: In Go-Global

While logged into Hosted Logos Accounting

  • Select the desired IRS form in Logos and chose the form type “.... Pre-Printed”
  • Before printing, click “page setup” and ensure margins are set to zero 
  • Select "Send to PDF" under output destination and click “Print” 
  • Enter a file name and save the file locally to your "Temp" folder 
  • Close the adobe preview that opens automatically (this is still in Go Global)

On your own Local Computer

  • Find the newly saved file in your "C:\temp" folder and open it with Adobe reader
  • Print the form "Actual Size" onto blank paper and compare it to the previous printings
  • If successful, print again onto your red IRS forms

Non-Hosted Customers: While logged into your Desktop Logos Accounting

No matter which printing selection you choose, Print Preview, Send to PDF, or Send to Printer, your form will open as a PDF. 

 

1099 Form Choice

If this vendor is an individual who needs a 1099, select from the list box or type the first letter for the available options: I=Interest, M=Miscellaneous, R=Rental, R=Royalty, O=Other Income. (Press R twice to get to Royalty.) 

Form 1099-MISC is used to report certain types of payments made in the course of a trade or business. If you're in business or self-employed, you may need to submit this report to both the Internal Revenue Service and the person or business whom you paid.  

When is Form 1099-MISC Required? 

Businesses will need to fill out a Form 1099-MISC for persons, vendors, subcontractors, independent contractors, and others in the following circumstances:  

$600 or more per year is paid for  

  • cash payments to fishermen  
  • crop insurance proceeds,  
  • medical and health care payments,  
  • prizes and awards,  
  • proceeds paid to attorneys,  
  • rents,  
  • services (including parts and materials), and  
  • other types of payments not covered by another information reporting document.  

$10 or more per year is paid for  

  • broker payments in lieu of dividends or tax-exempt interest, and  
  • royalties  

Reporting such payments is required if the recipient of the payment is not a corporation -- for example, when the recipient is an individual, partnership, a limited liability company treated as a partnership or sole proprietorship. Payments made to corporations are required in the case of medical and health care payments and in the case of legal fees paid to attorneys. Other types of payments made to corporations may be reported using Form 1099-MISC, but is not required.  

Expanded 1099-MISC Reporting Starting in 2011 for Rental Property Owners Has Been Repealed 

Rental property would have needed to issue a 1099-MISC for payments relating to their rental properties beginning in the year 2011, but this requirement has been repealed by the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011.

YTD tab example

1099 Form Recalculate Button

 

Have more questions? Submit a request

Comments

0 comments

Please sign in to leave a comment.