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What are 1099’s?

This form is used to report business related payments made during the calendar year 2021.

Do I need to file 1099’s?

Form 1099-MISC can be required for certain individuals or business entities to whom you have paid during the year. Please see below a list of requirements provided by the IRS.

  • 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.

When do I need to file them?

These forms must be completed, sent to the eligible vendors/ contractors and filed, by January 31st 2022.

What do I need to do?

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.

How can TABS assist me?

TABS is happy to review your records with you to assist with this process.

Contact our Finance Team.

More info can be found here.

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