There are more than a dozen variations of the information return known as Form 1099. Most are specific to certain industries. But nearly every company, large or small, has to issue Form 1099-MISC.<\/p>\n\n\n\n
Don’t forget: You have to send a copy of 2017 forms to both recipients and the IRS by Jan. 31, 2018.<\/p>\n\n\n\n
Why 1099-MISC exists<\/p>\n\n\n\n
You use Form 1099-MISC to report miscellaneous payments to nonemployees. This includes fees for services provided to your business by independent contractors, such as consultants, lawyers, maintenance workers and others.<\/p>\n\n\n\n
Generally, you don’t report fees paid to corporations, but there are exceptions. For example, payments to lawyers must be reported whether the lawyers are incorporated or not.<\/p>\n\n\n\n
What you’ll need for reporting<\/p>\n\n\n\n
December is the perfect time to start assembling what your company will need to meet the reporting requirements:<\/p>\n\n\n\n
* A list of recipients<\/p>\n\n\n\n
* Recipient taxpayer ID information<\/p>\n\n\n\n
* Corporate\/noncorporate status verification<\/p>\n\n\n\n
Getting a head start now will eliminate a last-minute scramble in January.<\/p>\n\n\n\n
The penalties for failing to file start at $50 per form. There is no maximum if the IRS decides you intentionally disregarded filing deadlines.<\/p>\n\n\n\n
Give us a call if you have questions about 1099 filing requirements that apply to your business.<\/p>\n","protected":false},"excerpt":{"rendered":"
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