Prepare 1099 Forms

If you pay contractors, freelancers, or unincorporated service providers $600 or more in a year, you're required to file 1099-NEC forms. Missing this obligation means IRS penalties and unhappy contractors who need the forms to file their own taxes. FiscalInsights automates the 1099 process by tracking payments to eligible vendors throughout the year and generating the forms when filing time arrives.

Vendor identification starts at setup. When you create a vendor, FiscalInsights asks whether they're 1099-eligible and stores their tax identification number (from the W-9 you collected). Throughout the year, the system tracks cumulative payments to each eligible vendor and alerts you when they approach the $600 threshold—so you can collect a W-9 before year-end if you haven't already.

Form generation at year-end is a click away. FiscalInsights compiles the payment totals, vendor details, and TINs into properly formatted 1099-NEC forms for each eligible vendor. Review the forms for accuracy, then e-file directly through the platform or print and mail paper copies. The process that typically takes hours of manual work—cross-referencing payments, calculating totals, filling out forms—is reduced to a simple review and submission.