It’s that time of year! Here are the steps to export your 1099 tax data.
In Striven, navigate to Vendors → Financial → 1099 to view the 1099 Export page. First, you will want to ensure that your 1099 settings are configured correctly, which you can do by clicking on the Settings button on the 1099 Export page. This will open another browser tab for the 1099 Settings page.
On this page you will see there are two (2) sections: Payer Information and Map Accounts. The Payer Information section should be filled in with your Company’s information for Payer Type, Payer TIN Type, Payer TIN, Payer Name, and Payer Location.
Once you have these fields filled in, you can select the appropriate mapping for the GL Accounts for which you need to report. Most commonly, you will need the mappings for Federal Income Tax Withheld and/or Non-Employee Compensation (for Commissions), but you may need others as well. Save your settings and you are ready to export your 1099 data!
Back on the 1099 Export page, you will want to select the tax year and whether your Accounting is based on an Accrual or a Cash basis. Then select to export your file as a .csv file and click the Generate 1099 Export button to download the file.
- Helpful Tip: You can use Striven’s Report Builder and the Transactions Data Set to create a report that will help determine which of your Vendors you paid less than $600.00 that year to confirm their eligibility.
The next step is to give your Vendors the 1099 tax information and report this to the IRS. A helpful resource for printing your 1099 forms and e-Filing with the IRS is to use the Adams 2023 1099-NEC Tax Kit, which includes access to a website that will format your 1099 Export File to print on the included forms, as well as access to their Tax Forms Helper Online, which is an authorized e-File provider.
- Note: The tax forms update each year, so please ensure you purchase the correct year’s forms. The link provided above is for the 2023 Tax Year.
Happy Tax Season! 