A 1099 is a tax form that can quickly become a headache for your finance team. The traditional, manual way of preparing a 1099 involves tedious steps that consume your team’s valuable time and often lead to human error. With Baker Tilly’s 1099 Automation & e-Filing tool, you now have the option to automate your 1099 process, allowing you to compile data reports easily, improve data accuracy, e-file, and save your team time.
1. Data validation and reporting
Traditional 1099 reporting is often tedious and error-prone, requiring manual report creation and one by one updates of vendor 1099 data. With an automated 1099 process, your vendor data is automatically compiled, allowing you to quickly update all vendors at once instead of editing one at a time.
Using an automated 1099 process also enables you to request up to date information, like address changes or W-9s, from vendors directly through the system easily and quickly. This ensures that when you file at the end of the year, you can be confident that all your vendor information is accurate and won’t lead to complications later.
Additionally, not all transactions from vendors should be included on a 1099 filing. Our solution allows you to easily review and determine which transactions should be included on the 1099 form.
2. Improved data accuracy
Eliminating the need to manually extract, manipulate and import or key in balances for filing means less human error and more data accuracy when it comes time to file. Automated TIN validation with the IRS reduces downstream issues from your 1099 filing. This means less back and forth between your team and vendors, and far less stress when it comes to meeting your end of the year filing deadline.
3. Simplified e-filing
E-filing your 1099s takes away the hassles of buying paper 1099 forms, figuring out how to get them to print on your printer, stuffing envelopes, and mailing them. It also lets you avoid having to file the related Form 1096 with the 1099 IRS copies, plus you get the added benefit of having until the end of March to e-file. Tax1099.com
