ANS-0982 · FINANCIAL REPORTING
How to Electronically File 1099 Forms with NetSuite and Third-Party Software
NetSuite users can leverage a saved search to extract necessary data for electronic 1099 filing via a non-partner third-party software.
Short answer
To electronically file 1099 forms from NetSuite, utilize a saved search to generate required data fields. This data can then be imported into a third-party software, such as W2 Mate by Real Business Solutions, which converts the file into an IRS FIRE System-compatible format for upload. This method facilitates efficient 1099 reporting.
Scenario
Organizations often seek solutions for electronically filing 1099 forms to the IRS FIRE System. This process typically requires specific data formatting that NetSuite alone may not directly provide for third-party system integration. The challenge involves extracting the necessary financial data from NetSuite in a format compatible with external reporting tools.
Solution
To facilitate electronic 1099 filing, users can employ a saved search within NetSuite to generate the specific data fields required by a third-party software. This third-party application then processes and converts the NetSuite-generated file into a format acceptable for upload to the IRS FIRE System for 1099 reporting.One such third-party software identified for this purpose is:Real Business Solutions (product name: W2 Mate Software)Further information and access to the software can be found on their webpage:http://www.realtaxtools.com/The link to the software is typically located in the prominent box on the upper left of the provided webpage.
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