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:
- Payments to an attorney.
- Professional services.
- Contractor / Freelancer fees.
- Medical and health care services.
- Other income payments.
- Other more industry-specific categories.
TABS is happy to review your records with you to assist with this process.