The new year is here, and with the new year come new deadlines.
If your business paid a person or company at least $600 for services, rents, or other payments during 2014, then you may be required to provide that recipient with a form 1099. Information reported on 1099 forms is also required to be filed with the IRS. There are some exceptions. For example, you don’t generally have to issue a 1099 for amounts paid to a corporation. Also, payments to employees should not be reported on a 1099 – those should be included on form W-2.
Both 1099 forms and W-2 forms are required to be distributed to the recipients no later than February 2. The 1099’s are to be sent to the IRS by March 2. W-2’s are also due on March 2, but they are to be sent to the Social Security Administration instead of to the IRS.
If you have questions about your filing responsibility, or would like assistance with your 1099 and/or W-2 reporting, please contact us right away.
Please note the approaching deadlines for each of the following types of returns:
March 16 Corporate returns (including S-corporations)
April 15 Partnership and LLC returns
April 15 Individual returns