ASAP Accounting & Payroll 1099 Processing Terms & Conditions
I hereby authorize ASAP Accounting & Payroll, Inc. (hereinafter referred to as “ASAP”) to electronically file IRS Form 1099-MISC, 1099-NEC, 1099-DIV, 1099-INT and/or IRS Form 1042-S on behalf of the Company Name (hereinafter referred to as the “Payer”) listed on my accompanying 1099 Processing Services Application.
Data Submission
The Payer authorizes ASAP to process and electronically file various Forms 1099 and/or 1042-S on behalf of the 1099/1042S-eligible Payees as outlined in the Payer’s submitted “1099 eSheet.”
Payer has designated a single point of contact who has been authorized by the Payer to manage and direct information to ASAP for 1099 Processing. Payer is solely responsible for maintaining the status of its authorized user and primary contact provided.
It is the Payer’s responsibility to confirm that all information provided in the form of ASAP’s 1099 eSheet, payer’s accounting software/reports, and/or payer’s payroll reports, as submitted by the Payer, or aforementioned primary contact, is accurate and complete upon submission. Failure to provide complete information may result in delays and missing information may result in penalties.
W-9 Solicitation
Payer understands that it is the Payer’s responsibility to solicit and upload valid Form W-9 information via the Payer’s 1099 eSheet and/or accounting software. A written request may be provided to ASAP authorizing solicitation of W-9 information from Payees. ASAP will notify Customer/Client of any additional service fees upon request of such services, and the Payer acknowledges that efforts to solicit W-9 information from Payees are subject to an hourly billed rate for this additional service. It is the Payer's responsibility to retain permanent records of all Form W-9 for all vendors/contractors.
Reporting Requirements & Penalties for Non-Compliance
Ignoring 1099 filing requirements could result in hefty penalties to your trade or business. The IRS takes 1099 compliance seriously and uses their resources to ensure businesses comply with the statutory requirements. Not doing so could result in penalties. These include penalties for late filing, failure to file, failure to include required information such as Tax ID Numbers (TIN), failure to correct an incorrect 1099, failure to file electronically, and failure to provide recipient copies. You -- as the taxpayer and payer -- are the ultimate party responsible for your meeting filing and reporting requirements. Our services do not eliminate your liability and ASAP is not responsible for penalties that are incurred because of missing or incorrect information.
Printing & Mailing & Electronic Summary Report
Upon receiving and processing Form 1099 and/or 1042-S for the Payee information provided, ASAP will provide an electronic copy (.pdf) of all 1099s issued via a secure document sharing platform to the Payer’s designated primary contact. This electronic summary report will be available no later than 30 days following the electronic filing of the payer’s forms. 1099s will be printed and postmarked no later than corresponding filing deadline for the respective year, and are expected to be delivered to recipients within 7-10 business days. It is the Payer's responsibility to retain permanent records of all Forms files by ASAP; please promptly download these from our secure sharing platform for your permanent recordkkeeping.
Payment
Payer agrees to pay fees as outlined in this Agreement and payment will be processed under the option specified by the Payer. Fees will be automatically charged at the end of each month for services performed in month prior. An invoice will be sent via email outlining all charges and payment will be collected automatically.