The answer is yes! If you’re tired of writing a check for your vendor, this is the post for you. Let’s take this step by step.
If you haven’t already, the first thing you’ll want to do is set up your company payroll for direct deposit. It’s important to know it can take 1–3 business days to set up a checking account for direct deposit. Once it's set up, you'll use this account to pay your employees (and contractors).
If you have already processed your 1099 through E-file, you’ll receive an email. You’ll also get another email once the IRS receives it. You can sign in to Electronic Federal Tax Payment (EFTPS) to confirm and 1099 E-File Service to access archived or previously filed 1099 forms.
It’s always a good idea to download or print a copy of your 1099s for recordkeeping.
You need to follow the same steps when you first submitted the first batch of vendors. Here’s all you’ll need to do:
Go to the Expenses menu.
Select the Vendors tab.
On the right corner of your screen, you'll see Prepare 1099s.
Once you’re on the next page, click Continue your 1099s.
Follow the next steps for filing.
After you file your 1099s with the IRS with the steps above, we’ll notify you of your filing status through email. You can also check your filing status anytime and view previously field forms through your 1099 E-File account.
You'll need an email on file when filing the 1099 for your contractor. Why? The email address is used to send an invitation to them directly so they can access and view their 1099 forms online. Make sure that no important info is missing, such as vendor or company name, address, and tax ID.