1099 Season
Posted by Daniel Nachimson, Senior Client Relations on 11/1/2016 10:00:00 AM.
1099 season is almost upon us and getting all your winner information ready for the year-end tax reporting can seem daunting, but fortunately you’ve kept track of all your prize activity to a tee with PromoSuite Next. But sometimes, no matter how hard you try, things can slip through the cracks. Here’s a nice checklist that can help you now, and throughout the year.

• Make sure all of your tickets and prizes in the Prize Closet have values, regardless of how little or how much. That $12 CD can really add up for your regular winners through the 12-month period and will contribute to that bottom line of the taxable $600 threshold!

• Have PromoSuite Next notify you when it’s time to get a winner’s Social Security #. You can set a customized threshold in the 1099’s section of the Database setup (Setup > Database > 1099s), keeping the listener’s year to date winnings under consideration, both for a single station as well as winnings across the entire cluster.

• Need to know which listeners have provided you with a W-9 and who you still need to chase after? As you check the “W-9 Received” box for each listener on the Listener History page, PromoSuite Next allows you to run a report (Front Desk > Listener Database > Reports > W-9 Report) for each station or the entire cluster, showing you results of the winners that signed W-9’s and those that didn’t. Heck, you can even store a digital copy for your own records! (See our story on Digital Release Forms and W-9’s.)

• Of course, don’t forget to do a few test runs throughout the year, regardless of when or for which value. Our “Create 1099’s” utility is conveniently located in the Front Desk section by going to Front Desk > Listener Database > Utilities > Create 1099s. It’s a good opportunity to spot-check so you don’t add to the year-end stress!
 
Your friendly Client Relations Specialist is always here to help with tips and hints on how to get the best information as soon as you need it. We’re just a phone call away at (212) 509-1200, and via email at info@promosuite.com
Best Practices, PromoSuite Next


CJ Knowles | Business Development Manager
Matt Jacobson | Product Development Manager
Rocco Macri | Founder/CEO
Andrew Smith | Manager, Client Relations
Mike Malone | Senior Client Relations Specialist & IT Manager David Cid | Client Relations Specialist
Nia Levy | Client Relations Specialist Barrie Luongo | Client Relations Specialist Ben Singer | Client Relations Specialist


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