Accounts Payable Year-End Actions Guide

This guide outlines the year-end actions necessary for managing accounts payable, specifically focusing on the preparation and filing of 1099 forms for the tax year 2025. It details the updates related to 1099-MISC and 1099-NEC forms, including the expected release of updates from Acumatica. The document explains the e-filing process, including the required IRS e-file formats and the necessity of obtaining a TCC Code for e-filing. It also describes the steps to print or prepare the 1099 forms, ensuring that the appropriate data is included for each vendor. Additionally, the guide covers the process for closing the 1099 year to prevent duplicate filings and the generation of the financial calendar for 2025. Furthermore, it provides instructions for managing vendor and bill data related to 1099 reporting and correcting federal tax withheld amounts as necessary, ensuring compliance with reporting requirements.