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Business Tax Reminder: File Form 1099s For Independent Contractors by Jan 31

If you are reporting non-employee compensation for independent contractors, the deadline to file with the IRS is January 31. Late filing of a Form 1099 ranges from $50 to $530 per 1099 form.

File Form 1099-MISC for each person or business (except most corporations) to whom you have paid during the year at least $600 in:

    • rents;

    • services performed by someone who is not your employee (i.e. independent contractors);

    • prizes and awards;

    • other income payments;

    • payments to an attorney (including corporations)

Note: Make sure your business has obtained consent to email your 1099s to recipients. Otherwise mailing the Form 1099 is required.

Besides being subject to penalties, find out why you can lose tax deductions if no 1099 is filed.

If your business needs assistance in filing Form 1099, please contact Richard Pon CPA today.

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Richard Pon CPA, CFP