1099 Preparation Checklist

1099 PREPARATION CHECKLIST

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TIMELINE

Date	Action
November 1	Begin year-end reconciliation
December 15	Verify all W-9s current
January 15	Finalize earnings calculations
January 31	DEADLINE: 1099-NEC to athletes + IRS
March 31	Extended deadline (electronic filing)

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PRE-SEASON (Nov-Dec)

Verify Athlete Records:

• W-9 on file and current for each athlete
• Legal name, address, TIN verified
• Request updated W-9 if missing or outdated

Reconcile Earnings:

• Pull all deal records for calendar year
• Cross-reference payments to each athlete
• Verify commission calculations
• Account for all payment methods (cash + in-kind FMV)
• Reconcile bank statements

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1099-NEC — WHAT TO REPORT

Box	What to Report
Payer	Echelon Media Sports LLC, EIN, Address
Recipient	Athlete name, address, SSN/EIN from W-9
Box 1	Total net compensation paid to athlete
Box 4	Federal tax withheld (if backup withholding)

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DISTRIBUTION CHECKLIST (per athlete)

• 1099-NEC prepared with correct amounts
• Name and TIN verified against W-9
• Copy B mailed/delivered to athlete by Jan 31
• Copy A filed with IRS by Jan 31 (paper) or Mar 31 (electronic)
• Copy C retained in NILEMS files
• Year-end Earnings Statement sent alongside 1099

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SPECIAL SITUATIONS

• No W-9? Withhold 24% (backup withholding), report in Box 4
• Under $600? No 1099 required (still taxable for athlete)
• In-kind compensation? Report FMV in Box 1
• Terminated athletes? Still issue 1099 if earnings exceeded $600
• Ohio filing: Covered automatically via Combined Federal/State Filing Program

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RECORD RETENTION (4 years)

• All W-9 forms
• Copies of 1099-NECs issued
• Deal records and Earnings Statements
• Payment receipts and bank records

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Consult a CPA for specific situations. This is an operational guide, not tax advice.