For any company in The United States, contract workers or non-employees with a payment of $600 or more, must provide the 1099 income statement in order to report tax information for their services rendered during a calendar year. For most companies who rely heavily on external vendors, reporting payments to the Internal Revenue Service (IRS) as a 1099-MISC form is an extremely critical yet tedious task. While a unified and integrated tool like Odoo 1099 tax form allows you to manage payments to your vendors, it is extremely important to have the proper settings in your ERP system for any supplier who requires 1099 form generated for the year.
We at Bista have the capabilities to specifically customize and ease the process of filing the 1099-MISC forms. Keeping in mind the criticality of your accounting needs, we have designed a module in Odoo called as odoo 1099 tax form that allows you to –
- Tag vendors as 1099 suppliers in Odoo 1099 tax form
- Manage all payments made to these vendors and even classify it by transactions
- Identify which transactions are 1099 eligible and which ones excluded
- Record income type by transaction
- Record federal tax classification
- Encrypt and store Social Security Numbers (SSN) and Employer Identification Number (EIN) of your vendors securely and limit access to authorized users only.
- Export the report and print directly into the 1099 form from Odoo 1099 tax form
When you enter search for your vendors or suppliers, our module allows you to classify them by vendor Odoo 1099 tax form configuration type using the vendor drop-down in the menu bar. At year end, you can report accumulated US 1099 payment information to the Internal Revenue Service, other tax agencies, and your suppliers, in standard format.
Our module has reporting capabilities that provide payments made to 1099 vendors during a fiscal year.
Currently being used by multiple Bista clients across US, our customized module enables you edit income types in a user-friendly interface or directly via reporting. With this module, you can even choose to exclude non-1099 payments from your financial reports to suit your business needs.
A completely secure module, we ensure that the SSN and EIN numbers of each vendor is encrypted and protected from any data theft.
This Odoo module aims to simplify your tax reporting tasks and tailor them according to your unique needs.
We at Bista are always looking for new ways to solve your complex problems. We understand that tax filing can be a complicated process, especially when it comes to external vendors who are hired for a short term. That is why, we are here to help ease this process for you.
If you are looking for unique solutions to your accounting needs, reach out to us and we will give you a free consultation session suggesting how you can best digitize your business needs.