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Have you complied with the 1099 filing requirements?

January 4, 2017


It is time to gather information for Form 1099s, which are due January 31.

IMPORTANT CHANGE: January 31 is now the due date for sending the form to the recipients and the IRS. Previously forms were due to the recipients on January 31, but not due to the IRS until a later date.

A Form 1099-MISC should be filed for each person/unincorporated business that you have paid during the year:

•    At least $10 in royalties;
•    At least $600 in services;

as well as any payments you have made:

•    To an attorney, whether they are incorporated or not; or
•    For rent payments on business property

Due to the IRS becoming more stringent on the filing of 1099s, it is more important than ever that 1099s are processed and filed in a timely manner.

Per the IRS’ “General Instructions for Certain Information Returns” there are penalties from $30-$100 per informational return if you:

•    fail to file timely;
•    fail to include all information required to be shown on the return;
•    include incorrect information on a return; or
•    fail to provide correct payee statements by January 31, and cannot show reasonable cause.

You will also not be able to claim the amount as a deduction on your tax return.

If you would like us to prepare your Form 1099 returns, we will need the following information:

1.    Recipient’s Name
2.    Recipient’s Address
3.    Recipient’s Identification Number (social security number or EIN) AND
4.    Amount and type of compensation paid

To aid you in gathering this information, a Form W-9 (Request for Taxpayer Identification Number and Certification) can be sent out to vendors/subcontractors formally requesting this information. If the information is gathered via a W-9, please send a completed copy of Form W-9 to Clark Schaefer Hackett but retain the original for your records.

If you have any questions, please feel free to contact us!

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a Clark Schaefer Hackett professional. Clark Schaefer Hackett will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.


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