With a large deficit the government will be looking for ways to collect additional taxes and penalties. The due date for 1099s was changed in 2008 to February 15th. The minimum amount hasn’t changed,
1099 filing requirements
If you company has paid any individuals or businesses more than $600 for rent or services, a 1099 must be filed with the IRS. This includes attorneys, contractors, printing, repairs and other services. When parts are included with a service, these parts must be included in the amount reported on form 1099.
The deadline for filing 1099s is February 15th.
- Payments made to corporations (except corporations performing legal services)
- Payments made to tax exempt organizations
- Payments made to government agencies
- Rent payments paid to real estate agents, but real estate agents must reports payments of rent made to the landlord
A penalty of $50 per information return not filed can be assessed.
Charles G. Perkins, CPA
Servings Small Businesses in the Puget Sound Area
Cell: (206) 422-5504
Office: (206) 228-1988
I look forward to meeting your business and tax needs. I also have many partners in business that can meet your other business needs. These include contractors, insurance agents, investment advisers, financial planners, mortgage advisers, and many others.