Yes, it’s that time of year again. The time for holiday cheer, goodwill towards men and issuing 1099s. As we approach the end of another tax year, it is always good to at least start thinking, if not getting a jump-start on the process. Here is a handy checklist to help you see the process through to completion:
1. Prep your MIMICS system for Year-End. This includes finishing all data processing and payments.
2. Convert your MIMICS system data into 1099-ready data.
3. Import your 1099 data to the MIMICS IRS Tax Reporting module.
4. Review your 1099 data to confirm totals.
5. Generate your 1099 tax forms and electronic files and send to clients.
MIMICS will be updating its 1099 module on January 4th. Anytime after that date, we invite you to contact a support representative on the support portal to schedule your free update. We will also be hosting a webinar on Wednesday, January 10th at 9:00 PST to cover these and other aspects of 1099s, including this year’s IRS changes. Please RSVP to reserve your spot!