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The 4-1-1 on 1099's

  1. Let’s start by answering the question, "who receives a 1099"? A simplified answer is that any vendor who received at least $600 in compensation during 2022 is issued one.
  2. You may have heard there is a redesigned Form 1099-MISC. We are aware of the form and planning accordingly.
  3. Our Payables Lockbox Shared Services Group has been analyzing vendor information to determine eligibility and resolve any issues and has already started printing the forms, which will continue into this week. They are mailed no later than January 31, but we will send them sooner as we can.
  4. If there are any questions about a vendor we may need to reach out to the manager for assistance in contacting that vendor to resolve the issue. If we contact you, we are grateful for your prompt assistance.
  5. When 1099's are complete, we will then transmit the electronic 1096 file to the IRS on the 31st.
  6. Once the forms are fulfilled if corrections need to be made those calls will go to our Payables Lockbox Shared Services group. They will make the corrections and re-issue a corrected form and refile the revised Form 1096 to the IRS.
  7. After the process is complete, internal users can find a copy of the information sent to the vendors in the community association’s document archive. Look for the folder Vendor 1099.