1099’s – Deadline January 31, 2021
The filing deadline approaches in January for forms 1099-MISC. This form is used to report business related payments made during the calendar year 2020. These forms must be completed, sent to the eligible vendors/ contractors and filed, by January 31st 2021.
Form 1099-MISC can be required for certain individuals or business entities to whom you have paid during the year:
- At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
- At least $600 in:
- Rents.
- Payments to an attorney.
- Professional services.
- Contractor / Freelancer fees.
- Medical and health care services.
- Other income payments.
- Other more industry-specific categories.
In addition, Form 1099-MISC can be required to report direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
In order to accelerate the process, please collect Form W9 from any vendors or contractors you believe will have a reportable payment. W9 Forms should be submitted to TABS by January 15 for timely preparation of Forms 1099.
More info can be found here.
TABS is happy to review your records with you to assist with this process.