Simplifying the collection of reportable payment information

When tax season arrives, groans can be heard clear across corporate America. The challenge always seems to be collecting all the necessary information for all those forms—in time to meet the state and Federal deadlines. Especially when a company has multiple systems, all separately processing their own set of payments.

Those groans are noticeably quieter at Prelude’s clients. That’s because they use PayPilot’s 1099 Processing module to centralize all of their payment information, enabling the easy creation of 1099 forms and magnetic media. Leveraging our unique database architecture, this expansion module automatically identifies all payments that quality for 1099 reporting, combines them by tax ID, and creates an export file for a third-party processing application such as 1099Pro™ or Convey™.

1099 Reports

PayPilot also includes the capability to generate the following 1099 reports:

Reportable Summary – 1099-reportable payments are summarized by tax ID. The report lists payees whose total reportable payments during the period exceed the 1099 threshold amount.
Reportable Detail – 1099-reportable payments are listed by tax ID for all payees whose total reportable payments during the period exceed the 1099 threshold amount.
Non-reportable Summary – 1099-non-reportable payments are accumulated by tax ID. The report lists payees whose total reportable payments during the period do not exceed the 1099 threshold amount. Both the reportable and non-reportable totals are printed for each of the payees.
Non-reportable Detail – 1099-non-reportable payments are listed by tax ID. An indicator on the report shows whether the payment itself was not reportable or the payment was reportable but the total payments for the payee for the period were under the 1099 threshold amount.

Thanks to PayPilot and the 1099 add-on module, the collection of reportable payment information is a breeze. In fact, no “collection” is even necessary as it already resides in the central data repository. Making tax season a rather ho-hum affair.