With the cold weather coming to an end (Spring, is that you?) tax day is now upon us. While you may be scrambling to finish up your own taxes today, your stations tax info wrapped up months ago. Fortunately, the month of January doesn’t have to be overwhelming for you, because PromoSuite Next has the tools to make tax preparation for your station a breeze.
In the setup section of PromoSuite Next (Setup>Database>1099) you can enter your radio station’s business information and set a monetary threshold for your 1099. Your threshold will determine when the studio and Front Desk staff receives a warning that the winner has reached the designated amount in winnings for the year.
You can also make it a requirement for the jox to obtain the social security number in the studio when a winner reaches your threshold. If you don’t want your jox to obtain that information, the front desk will also receive that same notification when the winner comes in to claim the prize.
Another quick tip to ensure a hassle free tax season is making use of the “Duplicate Listener Merge” utility. This tool will combine duplicate winner information into one entry. Merging your duplicate listeners frequently will reduce the amount time spent running the utility at the end of the year. This can also be done anytime a listener comes in to claim a prize by using the newly added “Search for Duplicates” button, in the Listener Database!
As you know, when a winner reaches $600 in winnings for the year, you are required to obtain a signed W9 and send them a 1099 come tax season. On the Listener History tab, you can mark when you have received the W9 and, at year’s end, pull a report to show who you may need to still obtain a W9 from.
It’s safe to say, tax season may not be so dreadful after all. We hope these steps make it easier for you to get through your work days. Running the 1099 utility at the end of the year will be a much easier process if you keep up with these steps throughout the year. Your Client Relations Specialist can help you in setting up or going over any of the sections covered above. You can reach out to your specialist directly or give us a call at 212-509-1200. Thanks for reading and please use this as a friendly reminder to drop your own taxes in the mail (we’re off to the Post-Office now!)