Ready or not, the 2019 tax season is on the horizon, and we want to make sure you are aware of the technology solutions out there that can help you complete, validate, and file your 1099s.
We know that choosing the right tax-prep technology can be a complicated process. What’s currently out there, and what do you actually need?
Most tech products have a plethora of features and are marketed as having “everything” you need, but there is no one size fits all when it comes to technology. Let us ease the process for you by sharing some of the various tools available to help streamline your filing operations.
Here are four quick examples of how technology can remove the 1099 filing headache for you and your team.
4 Perks of Using Technology to File Your 1099s1. Collect your W-9 forms without the paper or hassle.
There are platforms you can use to collect your vendors’ W-9s online. When they update the form and sign electronically, their vendor profiles are updated automatically, truly streamlining the process for you. To request a W-9 from a vendor, you only need their name and email address.2. Avoid incorrect information (and penalties!) with TIN matching features.
Another way that tech can help ease the filing process is with a Tax Identification Number (TIN) matching feature. B-Notices and penalties of up to $100 per incorrect TIN can be avoided by proactively verifying the information you receive from your vendors. If any information is incorrect, you can get back with them before you file to save yourself both time and money.3. Schedule eFiling for any date you want.
You can send forms to your vendors before the filing deadline and schedule the IRS filing at a later date. This allows your vendors time to ask for corrections or clarification before the forms are transmitted to the IRS. This benefit can save you the cost of issuing corrected forms later.4. Go paperless and email 1099s to your vendors instead of mailing.
A new feature available on the market is the option to email 1099s to your vendors instead of mailing. Keep your business green by going paperless this year!
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These are just a few great examples of how technology can help you streamline your 1099 filing process.
Our team at MGA would love to come out and make sure your systems are up to snuff so you can utilize these resources, and in conjunction, train your team on these technologies to make life easier all around.
As your trusted advisors, we are here to bring you trusted solutions.