Now that the AP team has to send not only 1099-MISC but for the 2nd year – 1099-NECs – I thought I’d answer some frequently asked questions regarding dealing with two different forms for the same vendors.  

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Check out my website www.debrarrichardson.com if you need help cleaning your vendor master file or implementing authentication, internal controls and best practices to it from fraud.  

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Links mentioned in the podcast:   

• IRS Resource Links Mentioned: 
  • IRS Form:  2021 1099-MISC
  • IRS Form:  2021 1099-NEC
  • IRS Instructions:  2021 Instructions for Forms 1099-MISC and 1099-NEC
  • IRS Publication 1281:  BACKUP WITHHOLDING FOR MISSING AND INCORRECT NAME/TIN(S)
  • IRS Publication 15 / Circular E (2021): Employer’s Tax Guide
  • IRS Publication 1220 (2021):  Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G
• Vendor Validation Reference List with Resources Links: www.debrarrichardson.com/vendor-validation-download 
• Toolkit:  Done for Your Vendor Setup Forms, Company Branded ACH Form, Vendor Communication Templates, and Desktop Procedures in the Toolkit. 
• Get Ready for 1099 and 1042 Tax Reporting Season by cleaning up your data:   5 Day Vendor Master File Clean-Up or 24 Hour Rapid Vendor Validations.
• YouTube Channel:  https://www.youtube.com/channel/UCqeoffeQu3pSXMV8fUIGNiw 
• Desktop Procedure Template:  https://www.debrarrichardson.com/desktop-procedures
• Prevent Fraudulent Payments.  Get Your Own Copy of the 3 Step Vendor Setup and Maintenance Process eGuide.

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More ideas?  Email me at [email protected] 

Music Credit:  www.purple-planet.com