1099-NEC Tax Filing Overview for 2024
Use Wingspan’s 1099-NEC tax filing to create, file, and deliver tax forms for your contractor accounts.
Do You Need to File a 1099-NEC?
A 1099-NEC form reports payments made to contractors during the year. If you have paid a contractor over $600 within a calendar year, filing a 1099-NEC form with the IRS becomes mandatory. The form assists the IRS and the contractor in calculating the correct tax obligations.
Why File With Wingspan?
- Full Automation: Transform days of work into hours with end-to-end automation from W-9 collection to IRS filing and contractor delivery.
- Built-in Compliance: Real-time TIN verification, automatic tax law updates, and detailed audit logs ensure accuracy and prevent costly errors.
- Self-Service Portal: Contractors can access 1099s, view payment history, and request corrections through their own digital portal, reducing your support burden.
- Smart Payment Tracking: Automatically track $600+ thresholds, consolidate payment data, and maintain audit-ready records year-round.
- Enterprise-Ready: Handle large volumes of 1099s with multi-entity support and seamless integration with your existing accounting systems.
- Effortless Corrections: Manage amendments through digital workflows with automated filing and real-time status tracking.
Tax Season 2024 Checklist
| Key Dates | Action | Recommended Steps |
|---|---|---|
| December 16th, 2024 | Review the 1099 guides and ensure all contractor information is complete and accurate in advance of generating tax forms in 2025. | Prepare for Outreach (By Dec 20th) 1. Notify your contractors about upcoming tax-related communications from Wingspan. 2. Publish a support article outlining the tax timeline and your partnership with Wingspan. |
| January 7, 2025 | Generate tax forms and calculate 1099 statuses and amounts. | Review Information (By Jan. 8) Check forms marked 'Action required.' |
| January 17, 2025 | Submission opens: Beginning January 17th, payers can submit 1099s to the IRS and deliver them to contractors. | |
| January 20, 2025 | File your tax forms via Wingspan by this date to meet the IRS deadline. (Recommended) | File and Deliver Forms (By Jan. 20) 1. Edit drafts of 1099-NEC forms, if necessary. 2. Complete any missing identity information. 3. E-file the forms no later than January 20th to ensure delivery by January 31s |
This guide is organized in 4 sections:
By following this guide, you will have a streamlined 1099-NEC filing process, ensuring compliance with tax regulations and providing a seamless experience for your contractors.
Helpful tips and recommendations for payers filing 1099-NECs with Wingspan.
In this Section (Table of contents):
- Communication Timeline & Guide: recommended communication for you to send to your 1099 contractors and the communication Wingspan will send.
- Contractor FAQs Template: lists frequently asked questions from contractors you can publish in your own help documentation.
- Contractor Experience Walkthrough: overviews the 1099 experience for your contractors including confirming their tax information and receiving 1099 forms.
- Payer Responsibilities & Support Ownership: describes the types of questions handled by Wingspan support, and what will be escalated to your team.
- Limitations of 1099-NEC Filing Support at Wingspan: documents the limitations of Wingspan's 1099 filing experience.
- Other Payer FAQs: answers to other common questions from 1099 filers / payers.
- What’s New for 2024: how the tax filing experience is changing in 2024.
Step-by-step walkthroughs in preparation for 1099 filing.
In this Section (Table of Contents):
- Setup & Prepare for 1099 Filing describes how to setup 1099 filing in Wingspan.
- Batch Uploading Contractors into Wingspan describes how to upload new contractors to Wingspan to confirm their tax information so they can receive a 1099.
- Batch Uploading Off-platform Payments describes how to upload payments made outside of Wingspan to be included in your 1099 calculations.
- Adding Individual Contractors walks through how to add individual contractors to Wingspan.
- Team Permissions for 1099 Management outlines how to manage the permissions for your team in Wingspan.
3. Generating & Managing 1099 Tax Forms
Step-by-step walkthroughs to generate and manage tax forms.
In this Section (Table of Contents):
- Generating 1099 Amounts & Statuses documents how to generate 1099s after you've imported all recipients and payments.
- Understanding 1099 Statuses overviews the possible statuses for 1099 forms.
- Contractor Information Logic for 1099 Forms outlines the logic Wingspan uses to determine what information will appear on the Form 1099.
- Updating Tax Forms covers how to update 1099s after the amounts and statuses are generated.
4. Filing 1099s and Corrections
Step-by-step walkthroughs to file 1099s and manage corrections.
In this Section (Table of Contents):
- File 1099-NEC forms outlines how you can submit tax forms to the IRS, and how they are delivered to your contractors.
- Correct Tax Forms describes the process for corrections in Wingspan.
- State Filing outlines state filing requirements.
- Split Tax Forms)overviews how to split tax forms for mid-year entity changes.
Updated 6 days ago