The Basics of 1099's 0.5 CPE

Accounts Payable (AP) Specialists may not be involved in the annual 1099 reporting but they should understand the process:  it starts with a correctly completed and signed W-9 form.

This course covers the basics of form 1099, including identifying the Vendors that should receive a 1099, how to determine the amounts to be reported, the reasons why one may not be sent to an identified vendor, the reporting categories, and when and to whom 1099’s should be sent.

Although the task of sending 1099’s is only done once a year, there are steps that can be performed throughout the year to ensure accuracy of the final reporting.

This course also introduces form 1096 and covers the steps to be taken if a B Notice is received from the Internal Revenue Service (IRS).

Prerequisites

It is recommended to take the following courses prior to taking this one: "The Vendor Master – Creating a Solid Foundation for AP Processing" and "A deep Dive into Accounts Payable Operations".

Learning Objective

• Explore what 1099 forms are and which vendors they should be sent to.
• Recognize the different types of 1099 forms.
• Identify the amounts to be reported on a 1099.
• Discover the importance of auditing the 1099 data.
• Explore Internal Revenue Service (IRS) form 1096 and B Notice forms.

Last updated/reviewed: March 21, 2024