As an accountant, you know that year-end reporting can be a daunting task. Between ensuring compliance with the latest IRS requirements and managing a multitude of forms, the process can be time consuming and prone to errors. That's why we're excited to introduce QuickBooks' new Automated 1099 solution, designed to simplify and streamline your 1099 filing process.
With our solution, you can now generate 1099 forms for your firm and clients more efficiently. The system scans your books to identify who requires a 1099 and which payments should be included. All you need to do is review, plus you have full editing control throughout. QuickBooks now has state e-filing for states that participate in the Combined Federal and State Filing program (CF/SF). This lets you do all of the work in one place.
How it works
QuickBooks' new Automated 1099 solution does the following:
1. Identifies who needs a 1099: Our new solution is fully integrated with QuickBooks Online and able to get granular, scanning transactions to identify vendors or contractors that meet the requirements for getting a 1099. This includes, for example, removing large corporations or making sure contractors and vendors have been paid more than the $600 threshold. If an entity or someone does not meet the requirements, QuickBooks will clarify the reasoning behind our recommendation, but rest assured you can always add them to the list of recipients.
2. Helps gather missing recipient tax info (W-9s): QuickBooks uncovers any vendor or contractor that requires a 1099 form if they are missing any tax information. Then, the client can send bulk invites to all of them at once to fill their W-9 online. The information will propagate back to their QuickBooks account.
3. Maps payments and automates form completion: QuickBooks automatically populates 1099 forms with data from existing records, ensuring accuracy and saving your clients time. We keep you in control with complete visibility into all the payments included, and which 1099 boxes they have been mapped to. As the expert, you can remove, add more, or change which box they go to. In addition, we will flag payments made by credit card and automatically exclude them from the reportable total.
5. Review and approve: Review the pre-filled forms to help ensure all information is correct and accurate before filing.
6. E-file and mail to recipients: Once approved, forms will be e-filed with federal and state agencies. The contractors' addresses are automatically scanned to find out which forms to file at the state level. QuickBooks will then electronically file using the CF/SF system when their state participates. Copies will also be printed and mailed to recipients in addition to digital delivery.
7. Track and manage: Keep track of your filing status and make any necessary adjustments with unlimited corrections.
Why choose QuickBooks' Automated 1099 Solution?
With automated data population, e-filing, and unlimited corrections, you can save valuable time that would otherwise be spent on manual tasks. This lets you focus on more strategic aspects of your role and better serve your clients.
- Accuracy: Automated form population reduces the risk of errors.
- Compliance: Federal and state filing, and unlimited corrections.
- Efficiency: Save time with automated identification of who needs a 1099 and which payments to include.
- Convenience: Seamless integration with QuickBooks makes the process smooth and straightforward.
- Control: Stay in control by reviewing exactly which payments have been included and excluded, and make adjustments as needed.
Get started today
Don't let year-end reporting and tight deadlines be a source of stress. With QuickBooks' new Automated 1099 solution, you can streamline 1099 preparation and filing process for your clients, saving you time, and ensuring compliance. Try it out today and experience the difference for yourself. QuickBooks Online Accountant customers have Automated 1099 included to use for your firm.
For more information or to get started gathering W-9s, visit our 1099 page right within QuickBooks.
We hope this blog post helps you understand the benefits of QuickBooks' new Automated 1099 solution, and how it can simplify your year-end reporting process.
