Understanding Company Information

The information that you set up for companies must meet the Internal Revenue Service (IRS) specifications for Form 1099. As part of the 1099 process, you must review address book records for companies within your organization to ensure that you have the necessary information and that the information meets IRS requirements. Company information is stored in the Company Constants table (F0010)

Accurate 1099 reporting depends on setting up company records correctly. Begin preparing for 1099 processing early enough to review address book records, enter corrections, and still meet the 1099 deadline. Ensure that you give sufficient time to research and update records. If the company information on a 1099 is incorrect, the IRS can reject the returns and impose fines for each incorrect 1099.

For each company that submits 1099 forms, you must specify this information in the company's address book record:

• Address number

• Contact name

• Mailing name

• Person/Corporation code

• Tax ID

• Phone number