Purpose of Netsuite 1099 Misc Reporting
In general, payments made to non-employees/independent contractors in excess of $600 within a calendar year must be reported to the IRS. This is done by filing a 1099-MISC form. If a business needs to file more than 250 forms, they are required to electronically file with the IRS. Depending on the state in which the work was performed, separate filing could also be required at the state level.
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Changes Made to Netsuite 1099 Misc Reporting Environment
NetSuite has planned a decommissioning of 1099 MISC reporting. After your account is upgraded to 2018.2, 1099 reporting will no longer be available. This means that you will no longer have the ability to report on your NetSuite 1099 expenditures, nor will you have the ability to print 1099 reports.
Top Pain Point of Not Having Netsuite 1099 Misc Reporting
Without a reporting solution, it will extremely hinder your ability to accurately report your NetSuite 1099 expenditures by their respective box categories.
Trajectory’s Solution to tackle the system change
Trajectory has created a custom solution that includes a NetSuite 1099 MISC report which will show all payments made to NetSuite 1099 MISC vendors within the calendar year. The report includes all partial payments and categorizes these payments into their appropriate 1099 boxes as defined on your account records. The report can be downloaded to Excel and formatted as needed to electronically file with Yearly. (Disclaimer: The report does not account for unapplied bill credits.)
In addition, Trajectory’s solution contains a saved search which will show unapplied 1099 vendor bill credits that require further investigation, such as whether the credits should be applied or if they should be reduced from 1099 MISC payments.
As a 100% NetSuite consultancy, at Trajectory we work with clients who need assistance during and following their NetSuite ERP implementations. We help with optimizations, system re-evaluations, new module additions and even re-implementations.