{"id":1162,"date":"2021-12-17T00:41:25","date_gmt":"2021-12-17T00:41:25","guid":{"rendered":"https:\/\/business.sbceo.org\/memos\/?p=1162"},"modified":"2021-12-16T16:59:49","modified_gmt":"2021-12-17T00:59:49","slug":"1099-nec-misc-processing-and-reporting-for-2021","status":"publish","type":"post","link":"https:\/\/business.sbceo.org\/memos\/?p=1162","title":{"rendered":"1099 (NEC & MISC) Processing and Reporting for 2021"},"content":{"rendered":"

Dear School Business Professionals,
\nEach year our office prints IRS Forms 1099-MISC and 1099-NEC based on vendor records and vendor payments processed in Escape. These forms are delivered to districts who are then responsible for mailing to vendors on or before January 31st, in accordance with IRS guidelines.
\nTo prepare for printing, districts should generate and review their 1099 list in Escape (Finance > Processes > Tax Reporting > Vendor 1099) and verify their object code component records Form 1099 mapping is accurate (Finance > Setup > Chart of Accounts > Account Components > Object Code > 1099 Fed EIN field). If you have any questions on how to perform these tasks, you may refer to the 1099 processing tutorials and help guides that are available in the Escape software (Online Resources > Finance > 1099 Processing). Please note that if there are any vendors with errors Escape will not allow any 1099 forms to be printed.
\nKey Dates and Deadlines
\nThur., Jan. 6, 2022 Cutoff @ 12 pm Review Vendors and Object Codes – District review of vendor records and object codes to ensure proper reporting Wed., Jan. 13, 2022 1099 Printing – SBCEO will start printing 1099s for districts between Jan 13 \u2013 19
\nTue., Jan. 18, 2022 Delivery \u2013 SBCEO will commence delivery of printed 1099s to districts
\nMon., Jan 31., 2022 1099s Must be Postmarked \u2013 districts must mail all 1099s no later than this date
\n Helpful Items
\n * To limit the need to file corrections, we recommend districts perform TIN Matching procedures on its 1099 eligible vendors utilizing the IRS Online E-Services Program<www.irs.gov\/tax-professionals\/taxpayer-identification-number-tin-matching<\/a>>. This process validates the vendor\u2019s name and tax identification number combinations in your vendor records with the IRS. Escape makes the TIN matching process simple by generating the required file for uploading to the IRS program. Simply navigate to: Finance > Purchasing > Vendors and click \u201cGo\u201d to populate a list of your vendors. Click on \u201cTasks\u201d then select \u201cCreate TIN Verification File\u201d and save the file to your network. This file will then be uploaded to the IRS program and your results will be emailed to your district\u2019s point of contact. If you are not already signed up, each district can apply for this service through the IRS website link above. Please note that vendor records are the responsibility of the district to update and maintain.
\n * To ensure proper employment classification, we also recommend districts review their independent contractors using the common-law rules as provided by the IRS (IRS Publication Independent Contractor or Employee?). <www.irs.gov\/businesses\/small-businesses-self-employed\/independent-contractor-self-employed-or-employee<\/a>> If any of your independent contractors need to be reclassified as an employee, please contact us immediately. Any required adjustments must be completed no later than Dec. 27th.
\n * For the latest information about developments related for FORM 1099-NEC\/MISC and its instructions please refer to IRS Instructions for Forms 1099-MISC and 1099-NEC<www.irs.gov\/pub\/irs-pdf\/i1099mec.pdf<\/a>>.
\nThank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dear School Business Professionals, Each year our office prints IRS…Continue reading1099 (NEC & MISC) Processing and Reporting for 2021<\/span><\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1162","post","type-post","status-publish","format-standard","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=\/wp\/v2\/posts\/1162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1162"}],"version-history":[{"count":0,"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=\/wp\/v2\/posts\/1162\/revisions"}],"wp:attachment":[{"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/business.sbceo.org\/memos\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}