If you have a business or rental property, you might have a 1099 filing requirement. The filing deadline to mail in 1099s is January 31. Please keep in mind that the IRS can assess a non-filing or late-filing penalty from $50 – $580 per missed 1099.
1099-MISC /1099-NEC forms must be issued to the following vendors/payees that receive in excess of $599 from you for the calendar year:
- All non-employee vendors qualifying as Independent Contractors/Subcontractors
- Lessors receiving real property or equipment rents
- Non-financial institution entities or persons receiving loan interest payments
Please note that 1099s do not need to be issued to corporations or LLCs filing as corporations or S-corporations, except attorneys.
If you would like us to prepare and file your 1099s, we will need the following information for each of your vendors/payees:
- Form W-9 completed by your vendor/payee (available on our website under Client Resources, Forms) or
- Business Name/Payee Name
- Entity Tax Classification Type (see W-9 for types)
- Tax Identification Number (EIN)
- And, total amount paid to the vendor during 2022
In order to ensure timely filing, we will need this information by January 21st. We will do our best to meet the filing deadline for information received after that date but cannot guarantee it. All information must be submitted to us in an organized and legible format.
Our fee for preparing and filing 1099 forms is ($125 + $5.25 per 1099 issued). There is an additional bookkeeping fee if you would like us to research, summarize and classify the vendor payments. You will still be responsible for providing vendor W-9 information.
To pull together the 1099 information we will need a QuickBooks backup, or access to your online QuickBooks account if we don’t already have it.
If we have processed your 1099s in prior years, please provide us with updates to your vendor/payee information.
Batley CPA, LLC