Since this year January 31st falls on the weekend, 1099’s are due on Monday, February 1st to your contractors and by March 31, 2016 (if you electronically file) to the IRS.
Who receives a 1099?
1. If you use independent contractors to perform services for your business/non-profit and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. This includes individuals and LLC’s.
Who receives a 1099?
1. If you use independent contractors to perform services for your business/non-profit and you pay them $600 or more for the year, you are required to issue them a Form 1099-MISC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. This includes individuals and LLC’s.
2. If you rent equipment or real estate from an individual or LLC that you have paid more than $600, you are required to issue them a Form 1099-MISC.
3. If you have a private loan for your business from an individual in which you paid more than $10 in interest, you are required to issue them a Form 1099-INT.
You should have on file a W-9 form for each of your contractors. You can download the form at: https://www.irs.gov/pub/irs-pdf/fw9.pdf
If you are needing me to prepare these forms for you, I will need the information from you no later than Friday, January 29th to get them out to your subcontractors by the deadline. If you have been tracking your data in QB, you can send me an Accountant’s Copy of your file and I can retrieve the data from the QB file.
To do this go to File: Accountant’s Copy: Send to Accountant OR you can email me the name, address, SSN, and amount paid to each contractor in 2015 and I can prepare the 1099 based off that information.
Email me at [email protected] if you have any questions.