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It's Time to File Forms 1099

Posted by Admin Posted on Jan 07 2015

We would like to take this opportunity to remind you that, with limited exception, every business must file informational returns (Federal Forms 1099) with the Internal Revenue Service for certain payments made during the calendar year 2014. These payments include, but are not limited to: 

  1. Payments to persons, including partnerships and limited liability companies but excluding corporations, of at least $600 for services in the course of a trade or business. 
  2. Payments to persons, including partnerships and limited liability companies but excluding corporations, of at least $600 for rents, and at least $10 for royalties in the course of a trade or business.
  3. Payments to persons including partnerships and limited liability companies but excluding corporations, of at least $10 for interest (i.e. interest on officer’s loans) in the course of a trade or business.
  4. Payments to attorneys ($600 or more), including corporations, for services in the course of a trade or business.

These informational returns must be provided to their recipients by January 31, 2015 and filed with the IRS by February 28, 2015. Failure to file these returns can result in a penalty for each 1099 return not filed.

If you would like us to prepare your 1099 forms, please contact our office as soon as possible.

The required information that we need is the recipient’s name, address, tax ID number, and amount paid.

Our office will be pleased to assist you in the preparation of these or any informational returns. As always, please feel free to contact us at 858-487-4580 if you have any questions.

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