1099 Reporting
1099 Reporting
1099 Reporting
The Rowan University Finance Division is required by the Internal Revenue Service (IRS) to obtain a W-9 which may include a Social Security Number (SSN) or a Tax Identification Number (TIN) in order to file various 1099 forms with the IRS. This information is usually collected from the W-9 form and validated via the IRS TIN matching process.
The Accounts Payable Department is responsible for the preparation and filing of the following IRS forms: 1099-MISC, 1099-NEC, and 1099-K. Each calendar year the staff is tasked with reviewing every payment transaction for the university. Auditing these paid transactions ensure the university remains in compliance by reporting the appropriate reportable transaction to the vendor and the IRS.
A 1099 form will be issued by Rowan University each calendar year to an entity whom the university has paid during that year and falls within the IRS reportable guidelines. This may include any person engaged in a trade or business, including a corporation, partnership, individual, estate, or trust, who makes reportable transactions during the calendar year.
The University currently issues the following 1099 forms:
Miscellaneous Information
Nonemployee Compensation
Payment Card and Third-Party Network Transactions
1099 MISC vs. 1099 NEC
What is the difference between 1099-MISC and 1099-NEC? Both, Form 1099-MISC and Form 1099-NEC are used to report income to the IRS. However, they differ in the types of income they cover:
- Miscellaneous income: Form 1099-MISC serves as a catch-all for miscellaneous forms of income that do not fit other tax forms. This form used to include nonemployee compensation, which was listed in box 7 of the form. The Form 1099-MISC will no longer be used to report nonemployee compensation. Form 1099-MISC, which is now titled Miscellaneous Information, will continue to be used for miscellaneous forms of income. Box 7 is now dedicated to reporting direct sales of at least $5,000.
- Nonemployee compensation: Form 1099-NEC is the new form used to report nonemployee compensation. Examples of nonemployees: independent contractors, sole proprietors, freelancers, attorneys, consultants, self-employed individuals, and anyone who is not an employee and performed services to the university. If the university paid a nonemployee $600 or more within a given tax year for services, then a 1099-NEC form will be filed. Note that this does not apply to international contractors based outside of the U.S.
Deadlines
| IRS Form | 1099 Due Date to Vendors | E-Filing to IRS |
|---|---|---|
| 1099-MISC | January 31, 2024 | January 31, 2024 |
| 1099-NEC | January 31, 2024 | January 31, 2024 |
| 1099-K | January 31, 2024 | January 31, 2024 |
IRS Website Links
- Employee or Independent Contractor
- Form 1099-MISC, Miscellaneous Information - sample form
- Form 1099-MISC, Instructions
- Form 1099-NEC, Nonemployee Compensation - sample form
- Form 1099-NEC, Instructions
- Form 1099-K, Payment Card and Third Party Network Transactions - sample form
- Form 1099-K, Instructions
- General Instructions for Certain Information Returns - website
- General Instructions for Certain Information Returns - PDF
- Independent Contractor (Self-Employed) or Employee?
- IRS Customer Service Contact Information
- IRS - How can we help you?
- W-8 Certificate of Foreign Status of Beneficial Owner for U.S. Tax Withholding
- W-9 Request for Taxpayer Identification Number and Certification
Other Issued Forms & Resources
- W-2 questions contact Payroll Services
- 1042-S questions contact Payroll Services
- 1098-T questions contact Office of the Bursar
- 1095-C questions contact Human Resources
- 1099-G questions contact Human Resources or Division of Unemployment Insurance
Contact Information
All 1099 related questions should be directed to the Accounts Payable Department.
Marianne Pitman
pitman@rowan.edu
856-256-4849
Accounts Payable
invoices@rowan.edu
865-256-4115