by H2R CPA Team
Beginning in January 2017 for the 2016 tax year, 1099-MISC forms need to be filed with the IRS, and a copy provided to the recipient, by January 31st. Filing is one month earlier than in prior years.
You are required to issue a form if you pay more than $600 for services during the calendar year to any vendor who is not incorporated. Types of payments that are subject to this are payments to subcontractors, attorneys, accountants, as well as rent and payments for rentals of equipment.
Be sure to obtain all the information you need regarding your independent contractors and non-employee service providers as early as possible. You should start compiling this information now and then update if needed.
If you have not done so already, be sure to obtain a Form W-9 from all payees who will be issued a Form 1099-MISC in order to have the current address, social security or TIN available.
The penalties for failure to correctly file forms in a timely manner can be significant!
Please let us know if you have any compliance or deadline requirement questions by contacting H2R CPA at firstname.lastname@example.org or 412-391-2920.
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