I just finished the required 1099-MISC year end processing work for my on businesses because the new due date is January 31 this year.
This task is pretty easy within QuickBooks. It took less than 15 minutes and cost less than $15. But I noticed one snag: it is difficult to tell which vendors are LLCs and therefore must be included in the 1099-MISC category. Paging through my list of 254 vendors and trying to remember which operate as LLCs is difficult!
I resolved to do a better job this year when entering vendors into my accounting system: When the vendor is an LLC, check the 1099 eligible box in the vendor data screen. In QuickBooks Online this box is labeled “track payments for 1099”. Following this simple change of procedure, I plan to be better prepared next January.