Get ongoing visibility with up-to-date 1099 transactions categorized with the date, details, and payee name—plus access to IRS forms for filing and educational content. If you’re not sure if your business needs 1099 reporting, or simply want to check out the new feature, keep reading! We walk you through who needs 1099 reporting, what the Bench 1099 reports look like in app, and how to get started.
Who needs 1099 reporting?
If your business paid an independent contractor more than $600 in a tax year, you’re required to file Form 1099-NEC. Or, if your business paid an individual or LLC at least $600 during the year in rent, legal settlements, prizes, or award-winnings, you’re required to file a 1099-MISC.
Good news: Bench keeps track of both NEC and MISC payments for you, taking the guesswork out of the process.
Further reading: 1099-NEC vs. 1099-MISC: Differences, Deadlines, and How-Tos
What does Bench’s 1099 report include?
To make 1099 filing a breeze, your 1099 report from Bench includes:
- The total amount you paid each contractor during the tax year
- Payee name
- Transaction date
- Method of payment
How to access your 1099 report in Bench
You can access your 1099 report at any point during the year—not just during tax season. Here’s how to do it:
Step 1. In the Bench app, select Accounting from the sidebar
Step 2. From Accounting, select the 1099 tab
Step 3. From here, you can view your 1099 transactions, select custom date ranges, download your report, and access the IRS form you need when you’re ready to file.
Need to update contractor information? Unsure if a transaction should be categorized as NEC or MISC? Your bookkeeping team is here to help every step of the way. Message them directly in the app, at any time.
Getting started with 1099 reporting
If you’re already using Bench for your bookkeeping and need to file 1099s, the new reporting feature is included in your plan—log in to Bench and message your bookkeeper to get started.
If you’re new to Bench and want your bookkeeping and 1099 reporting handled by experts who provide full-picture financials, start a free trial. Our team will complete a prior month of books and prepare your income statement in one business day so you can quickly decide if we’re the right solution for you. Get started today.