Form 1099 OutsourcingHelping you manage the complexities of tax information reporting |
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For many businesses, the production, filing, and mailing of Forms 1099 is a resource-intensive process with many chances for errors. Banks, insurance companies, investment management firms, and businesses in many other industries need to collect data and produce Forms 1099 for hundreds or even thousands of account holders, investors, and other businesses and individuals for whom Form 1099 reporting is required.
Making matters more complex are situations where one customer, investor, or vendor has multiple accounts or types of investments that may be held in different business units or fund structures within the organization. Producing accurate, consistent, and timely Forms 1099 in these situations can challenge even the most sophisticated organization and require significant resources on a seasonal basis. An essential question is whether their resources are deployed most effectively when they are focused on this type of compliance work.
Tax information reporting is a growing imperative. In fact, the Internal Revenue Service (IRS) is expanding its focus on this area, therefore getting it right the first time is important. Moreover, recent legislation has brought even stricter requirements governing tax information reporting (e.g., Section 6050W and Section 6045). As a result, organizations are looking to engage service providers that specialize in Form 1099 preparation compliance services to address the new challenges and to free up their resources for tax planning.
Deloitte’s Global Information Reporting and Withholding group can assist you in managing the challenges of preparing and filing Forms 1099.
Download the PDF to learn more.
Form 1099 Outsourcing
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