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Copyright 2019. The Bottom Line CPA. All Rights Reserved. | Terms + Conditions
The Bottom Line CPA
Rock Solid Concepts, LLC (legal name)
+1 877 700-3269
+1 877 700-3269
11124 Kingston Pike, Ste. 119-326 Knoxville, TN 37934
Same As Postal
None, Default Account Blank
No Tax, Consulting + Accounting
EIN 45-2761053, Purchases Tax Exempt, Sales Tax Exempt
Sales Discount %:
Bills Due Date:
Invoices Due Date:
Xero Network Key:
Who should receive a Form 1099-MISC?
As a general rule, a Form 1099-MISC should be filed for each person or business paid for:
At least $10 in royalties or broker payments in lieu of dividends of tax-exempt interest.
(Box 2 or 8 on Form 1099-MISC)
At least $600 in services
(Box 7 on Form 1099-MISC)
(Box 1 on Form 1099-MISC)
, prizes or awards and other income payments.
(Box 3 on Form 1099-MISC)
Gross proceeds to an attorney.
(Box 14 on Form 1099-MISC)
You can learn more IRS details About Form 1099-MISC
You can view specific Form 1099-MISC Instructions
When are Form 1099-MISC due and how can I file them?
According to IRS Form 1099-MISC Instructions:
“Section 6071(c), requires you to file Form 1099-MISC on or before January 31, if you are reporting Non-Employee Compensation (NEC) payments in Box 7, using either paper or electronic filing procedures. For all other reported payments, file Form 1099-MISC by February 28, if you file on paper, or March 31, if you file electronically.”
Best practice is to simply complete ALL 1099s by January 31 each year.
You can file and mail Form 1099-MISC via paper using
. (not recommended - we prefer online filing methods as listed below)
We recommend using
for convenient eFiling as part of your Year-End 1099 process. (how-to details for year-end covered in later modules)
How do I request or obtain 1099 Contact details on Form W-9?
As a best practice, you should always request a completed and signed Form W-9 from your potential 1099 Contact/Vendor.
You would ideally collect any W-9 information BEFORE paying your Contact/Vendor. This is not always possible, so make sure to request directly after initiating payment.
You can simply email
IRS Form W-9
for your Contact to complete and return manually. We recommend the online services at Track1099.com to
secure your W-9s electronically.
Are there exceptions where some Contacts would NOT receive a 1099-MISC?
Yes, there are exceptions to everything when it comes to the IRS and handling 1099-MISC filings are no exception to that general understanding!
You can view all of the Exceptions noted starting on the left column of Page 2 on the
Form 1099-MISC Instructions
. They extend to the top part of Page 3.
There’s no better way to start when you can start EARLY in your online journey!
You should find the experience of establishing bank feeds, fetching bank history, and reconciling transactions to be completely manageable. Dare we say…. breezy? Maybe!
The only caveat to the “breezy” statement might be related to your tech quickstart acumen and if you opted to start your business with MORE than five bank, credit card, or loan accounts. These factors would likely impact your time and efforts during Xero Smart Start 1.0.
With Xero and most any other software, fetching for bank or credit card transactions automatically is often limited to last 90 days.
This means that you will need to manually import transactions into Xero for history prior to the dates automatically imported during the Add Bank Account process.
The key is to stay organized and focused when handling these accounts and their manual updates. Pay close attention to the upcoming Bank Account Setup lessons.
Have more than five bank, credit card, or loan accounts?
Organization during setup is crucial.
Depending on the length of history you’re dealing with, accounts could now be closed, inactive, or the bank does not allow for a history download for the full range of dates needed.
All of this will impact your time and energy during setup.
Take everything ONE step at a time.
We approached this subject during Systems During Setup back in the Commit To Your Success Module. If you feel a revisit is needed, watch the 3-minute video referenced.
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