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1099 Filing Deadline

Deborah Hylander

December 27, 2017

The deadline for filing Forms 1099 for payments made in 2017 is January 31, 2018!

The IRS requires Form 1099 to be filed if you made payments during the year as part of your trade or business for the following activities:

  • Services performed by independent contractors or others (this includes anyone who is not an employee of your business, attorneys, bookkeepers, CPAs, plumbers, etc.);
  • Rent;
  • Royalties;
  • Interest on a business debt to someone (excluding interest on an obligation issued by an individual);
  • Dividends or other distributions to a company shareholder.

 

You are NOT required to file Form 1099 if any of the following situations apply:

  • The payment was made to another business that is incorporated (unless the payment was for medical or legal services)(it is recommended you always obtain Form W-9 regardless of whether they are incorporated, the IRS will want to see this if you are audited), or
  • The sum of all payments made to the person or unincorporated business during the year is less than $600.

If you need us to prepare your Forms 1099 for 2017, please provide us with the following information for each vendor on or before January 15, 2018:

  • Name as shown on the vendor’s tax return;
  • Address;
  • Social security number or employer identification number;
  • Total amount paid to the vendor during the year.
     

As always, please let us know if you have any questions.

Thank you and we wish you all a Safe and Happy New Year!

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