Continuing our discussion of 1099 vendors from last week, let's move onto the address for the 1099 and how Escape Online helps you meet your needs and adhere to the address requirements of the IRS. Addresses seem like they should be so simple, yet the government has strict limitations on the length of the address. That's why Escape Online has the 1099 flag for vendor addresses. Check it out.
Here we have a vendor with two addresses. The first one on the list uses all of the features of Escape Online vendor addresses. It is quite long (up to 60 characters) and uses the special slash-slash (//) feature that allows you to define a line break. So if we were looking at the printed address, it would appear as:
Michael's Plumbing 12345 East Washington Blvd Building D, Suite 250 Roseville, CA 95661
That seems lovely, but the IRS only allows for 40 characters on one line as the street address. For this reason, you may want to create an individual address record for 1099s, which brings us to the second address. Notice that it is much shorter than the first address and that the 1099 column displays YES, indicating that this is the address Escape Online should use when printing 1099s.
So if we were looking at the printed 1099 address, it would appear as:
Michael's Plumbing 12345 E Washington Blvd. D-250 Roseville, CA 95661
This is well within the IRS guidelines.
Of course, Escape Online uses the address in the Vendor record flagged as 1099. But if you have multiple addresses and none is marked as 1099, Escape Online uses the default “remit to” address.
If there is no default “remit to,” Escape Online uses the address from the most recent payment.
Now that makes vendor addresses simple and compliant!