The deadline for filing your 1099s can be as soon as a few weeks away – and the time for making your 1099 checklist is running out! With January 31st fast approaching, it’s time to get to work. 

It’s a busy time of year – we definitely don’t need to tell YOU that. With all the tasks ahead of you at this vital time of year, it can be hard to keep your head on straight. It’s easy for all the little day-to-day tasks you do to fall through the crack when so much is on your mind. With the 1099 deadline fast approaching, however, there isn’t a lot of time for missing steps. Making detailed checklists of all the tasks associated with filing your 1099s can help ease the process and ensure you don’t miss a single task. 

Here are the top five things you should include in your 1099 checklist this January!

Run a vendor list

The first step in your 1099 checklist should be running a vendor list. Your list should contain the names of all the vendors who have been paid in the current year. Remember that 1099s cover a wide range of services – landlords, attorneys, and medical corporations can all fall under this category. In your checklist, you might want to remind yourself of the types of vendors you shouldn’t overlook. 

Check each vendor for a W9 on file

If the W9 is on file, make sure that entity type and EIN or SSN are entered in the correct fields in the vendor file. Pro-tip: add a notation, like an asterisk, after the name of any vendor missing a W9. Add the entity type after the name of vendors with a W9 on file. This allows you to quickly filter the vendor list for vendors still missing the W9, as well as filtering for the specific entity types.

Make sure your accounting software is set to track payments

Utilizing good accounting software will make filing 1099s much easier because the right software will allow you to generate invoices and track payments. Make sure to add “doublecheck that you’re tracking payments” to your 1099 checklist. 

Send W9 Requests

Time really is running out! If you don’t have a W9 on file for a vendor, you should request one as soon as possible. Reschedule this task for a week away to follow up on vendors that haven’t responded to 1099 requests. 

Update vendor information

The vendor’s legal name and address, entity type, and tax ID number should be kept to date at all times. When you receive W9s from vendors, take the time to look through all this information carefully. Make sure there are no discrepancies. Listing ALL the information that you need to double-check on your checklist is important so that you don’t miss anything. If you find a discrepancy or there is something you aren’t sure about, add another step to your checklist to contact the vendor for confirmation. 

The clock is ticking! Luckily, good checklists can keep you on track to meet them. Be sure to check out our other Year-End checklists to help you meet your other deadlines just as seamlessly!