1099 Processing Training
1099 batch processing occurs around calendar year end to support the reporting of information to vendors and the IRS. This training guide provides an overview of the AFIS process and sub-processes for 1099 Processing and includes the following processes:
- Setup and Processing of 1099 Forms: Taxable financial transactions are broken into several broad categories, each category has different reporting requirements and is reported on a different tax form.
- Department 1099 Review and Adjustments: Reports are made available for Departments to review and verify 1099 reporting information. The reporting process selects records based on a disbursement date range. Departments can review and make modifications for the entire calendar year.
- Issuing and Correcting 1099s: The General Accounting Office will print the 1099s and mail them to vendors when the process is complete. Both before and after the file is sent to the IRS, corrections can be made based on either department review or feedback from vendors.