If you made payments to non-employees during the calendar year, you may be required to issue Form 1099 informational filings. The Internal Revenue Service requires that taxpayers engaged in a trade or business issue a Form 1099-Misc to any unincorporated entity to which they paid during the calendar year, at least $600 in rents, services (including parts and materials), or other income payments. In general, Form 1099-Misc does not have to be issued to corporations. The exemption from issuing Form 1099-Misc to corporations does not apply to payments for legal, medical or health care services provided by corporations, including professional corporations. All businesses must issue 1099-Misc forms to their vendors/contractors by January 31, 2020.
If you would like Romano & Associates to issue and file 1099 forms for you or your business, please provide us with the information listed below. We’re happy to provide a template to assist with compiling the necessary information on request.
Recipient’s name, address, and Social Security Number or Employer Identification Number.
Amount paid to each recipient during 2019 as well as category of payment (services, rent, royalties, etc.).
If you would like us to generate the list of 1099 recipients from your Quick Books file please be sure that all vendor information is complete and up to date including Employer Identification Numbers or Social Security Numbers of each 1099 recipient, as well as their current address.
Failure to file 1099-Misc forms may result in IRS penalties and/or interest. For a full listing of all payments which require the issuance of 1099 forms please contact us.