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Confirm 1099 Misc Requirement Minimum

Owned by Joseph Wall (Deactivated)

Last updated: 06 21, 2022 by Claire Aleman

Overview:

The threshold for which a 1099 should be prepared and issued is controlled in the System Configuration. Anything less than or equal to the threshold will not have a 1099 prepared. For example, if the IRS requires a 1099 for vendors receiving greater than or equal to $600, then a threshold of 599.99 can be entered.

Benefits:

Ability to control and set the threshold, so if the policy is all vendors receive a 1099, a zero can be entered

Roles:

Controller

Additional Content

The IRS requirement might be $600 or more (for example) for issuing a 1099, but less than $600 is allowed and PENTA's flexibility allows for IRS changes or doing more than IRS minimum requirements

Location:

System Management > System Rules > System Configuration

Video:

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