What Entities / Business Types Get 1099s

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Presentation Description

Presentation by The Resourceful CEO provides details on what business types must receive 1099s, why, and by what dates. Includes IRS 1099 filing dates and requirements and W-9 overview. Visit http://www.Cash4Impact.com/1099-guide for more information.

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Presentation Transcript

What Entities Get 1099s?:

What Entities Get 1099s ? The 1099 Video Series

Introduction:

Introduction Independent contractors provide a number of different services in any given year. Attorneys and accountants Business consultants, IT providers, sales representatives Most must receive 1099s. http:// www.cash4impact.com/1099-guide

Form 1099-MISC - Purpose & Requirements:

Form 1099-MISC - Purpose & Requirements Form 1099-MISC's purpose Income reporting Like a W-2 for non-employees Required by the IRS Applies to any entity or individual your company paid >= $600 during tax year. Income includes: fees for services rendered, attorney fees, medical and health care payments or rents. Applies to any entities your company paid >= $10 in royalties. http:// www.cash4impact.com/1099-guide

Covered Business Types:

Covered Business Types Applicable entities that must receive 1099s: Individuals operating as sole proprietors General partnerships Limited liability partnerships (LLPs) Limited liability companies (LLCs) Exemption: Most corporations http:// www.cash4impact.com/1099-guide

Corporate Exceptions:

Corporate Exceptions A few exceptions to the corporation exemption exist . In these cases, you must issue a 1099-MISC to a corporation. Attorney's fees paid to a corporation Medical and health care fees paid to a corporation Paid cash to a corporation for fish purchases The $600 minimum reporting threshold still applies. http:// www.cash4impact.com/1099-guide

IRS: Dates:

IRS: Dates Recipients: Payers must deliver Form 1099-MISC by January 31 following the end of the prior tax year. IRS Filing: Payers must mail the IRS the 1099 summary by February 28. Payers have until March 31 if filing electronically. http:// www.cash4impact.com/1099-guide

W-9 Required:

W-9 Required To properly file 1099s, you need all the necessary information. Request and obtain a completed and signed W-9 for each service provider in advance. W-9 provides: Business name (full legal and doing business as) Taxpayer identification number or employee identification number Business address on the W-9 Signature http:// www.cash4impact.com/1099-guide

References:

References Internal Revenue Service: Forms and Associated Taxes for Independent Contractors Internal Revenue Service: General Instructions for Certain Information Forms For more information and additional videos, visit Cash for Impact : www.Cash4Impact.com/1099-guide http:// www.cash4impact.com/1099-guide

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