Electronic Filing Application (1^st time electronic/magnetic filers)

As soon as possible

Required by IRS

Order PENTA-supported 1099 forms and envelopes (for both 1099-MISC and 1099-NEC)

As soon as you receive PENTA forms information

To:

• Ensure availability of required quantities

• Allow time for problem resolution

Verify Required Information and Amounts

Prior to generating 1099s

So:

• Data is current when you generate 1099s                    

Process last AP checks for the year

Prior to generating 1099s

To:

• Ensure PENTA includes necessary payments

Reclassify vendors and adjust reportable totals, as needed

Prior to generating 1099s

So:

• All vendors requiring 1099s are   classified as such and reportable amounts are correct

Receive year-end software update

Penta coordinates installation with payroll department in December

To obtain programs compliant with current reporting requirements

Test Print both 1099-MISC and 1099-NEC

After:

• Year-end software update installed (coordinated with payroll department)

• Current year forms received

To:

• Ensure proper form alignment

• Allow time for problem resolution

Generate 1099-MISC and 1099-NEC

After:

• Final checks for tax year entered

• Year-end software update installed (coordinated with payroll department)

• Adjustments entered

So:

• 1099-MISC/NEC contains complete data

• 1099-MISC/NEC specifications are current

Reconcile 1099 Data

After generation

To ensure data is correct prior to printing

Print Recipient Copies

After verification and prior to furnishing deadline for the payment type(s):

• Refer to IRS publications for information

To ensure you meet the deadline

Submit 1099 file to IRS

Prior to the earliest electronic filing deadline for your payment type(s):  

• Refer to IRS publications for information

To comply with government regulations