1099s Need to be sent

Justin Schellenberg, CPAAdvice, Featured Content, ResourcesLeave a Comment

Attention Business Owners

You may need to issue a 1099 before January 31st.

Did you pay a person or company more than $600 during the year?  You may need to issue a 1099 before January 31st. Be sure to read the filing requirements below and contact us if you have any questions or if you would like us to assist you.  Give us a call at 615-279-0088 or click the button below to send us an email.

Filing Requirements

If you made payments of interest, rents, compensation, remuneration of services, etc. in the aggregate of $600 or more for the year to a single payee, you are required to report the payments to the IRS by filing Form 1099. 

This reporting requirement includes payments to individuals, partnerships or LLC’s. Generally, it does not apply to payments to corporations with the exception of legal fees paid to a corporation.

Payments by credit card, debit card or qualified third party payment network are not included in the amounts reported on 1099.

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