What Entities / Business Types Get 1099s


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.


Presentation Transcript

What Entities Get 1099s?:

What Entities Get 1099s ? The 1099 Video Series


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 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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