Planning Priorities: Accurate information returns, timely filing, and avoidance of penalties.
2026 Legislative Emphasis: Changes to certain Form 1099 reporting thresholds and the continued importance of electronic filing and taxpayer identification number verification.
- Identify vendors, contractors, and other payees who may require Forms 1099-NEC or 1099-MISC.
- Obtain missing or updated Forms W-9.
- Review 2026 reporting thresholds, including the increased threshold applicable to certain information returns, now increased to $2,000 for may recipients
- Verify taxpayer identification numbers, names, and entity classifications.
- Reconcile vendor payments with general ledger records.
- Identify payments made by credit card or third-party settlement networks to avoid duplicate reporting.
- Review payments to attorneys, landlords, and other potentially reportable recipients.
- Determine whether payments to foreign persons require Forms 1042 or 1042-S instead.
- Confirm electronic filing requirements and available filing methods.
- Review applicable state information reporting requirements.
- Establish an internal review and approval process before filing.
- Calendar January and subsequent 2027 filing and recipient-delivery deadlines.