Happy January! You know what that means – it’s 1099 time! Exciting! Okay, maybe not everyone gets excited about 1099s, but I recently got a shirt that says “Wine ’em dine ’em 1099 ’em!” Which makes me excited for 1099s. Thanks for that shirt SalesPad by the way.
But in all honesty, 1099s can be stressful, especially when the laws change as to who should receive a 1099 and when the 1099s are due. Let’s go over a few important points to help you sail through your 1099s with a smile on your face. And maybe even a glass of wine when you are done?
- The due date for the 1099-MISC to be provided to the recipients is January 31
- The filing date for all 1099-MISC forms that report payments in box 7 is January 31st.
- Penalties for incorrect or missing 1099-MISC could be as much as $1,000.
- A 1099-MISC is required when you pay a non-corporation $600 or more in the calendar year for certain types of trade or business payments
- In addition to payments for non-employee services, which is the most common 1099-MISC we see, 1099-MISC forms are also required for rent payments and payments to attorneys
No need to stress and worry! We can help you with your 1099-MISC forms! Contact us if you would like assistance in preparing your 1099s.