With QuickBooks Desktop, you can file IRS forms like 1099s easily. With a few clicks, you can file IRS forms like 1099s. Stick with us until the end to understand each step to create and file 1099s with QuickBooks Desktop. Keep reading!
What are 1099s?
1099s are the tax form you are bound to file with the IRS whenever you make a payment or a transaction with contractors in cash, cheque, or direct deposit.
When You Have to File 1099s?
According to the latest guidelines of IRS, you should file a Form 1099-NEC for any non-employee if:
You have made a $600 or more transaction in cash, cheque, or direct deposit in the previous fiscal year. You don’t need to report digital payments made through credit cards, debit cards, or PayPal accounts. Also, QuickBooks Desktop excludes digital payments on its own.
You have withheld any federal income tax under the guidelines in accordance with the backup withholding rules.