We want to remind you that Form 1099-MISC must be issued to individuals, some corporations, and other unincorporated entities to which you paid for services and contract work that meet certain criteria during the calendar year. Likewise, Forms 1099-INT and 1099-DIV must be issued to recipients of interest and dividend income, respectively. To verify your Form 1099 filing requirements see IRS: Am I Required to File a Form 1099 or Other Information Return? Forms 1099 must be received by the payee no later than January 31. Forms 1099 with Form 1096 must be filed on or before at the IRS by January 31. The IRS assesses steep penalties for each 1099 filed late, and the penalties increase over time.
Before year-end is the critical time to verify that you have all the records in order to allow time to meet the deadlines and avoid steep tax penalties.
Your responsibility: Before you pay a vendor or contractor the first time, request the recipient to complete the Form W-9 available on the IRS website. Click here for Form W-9. Keep the signed and completed W-9 in your records. Enter and update all payees, amount paid, Social Security/Federal Employer Identification number, and current mailing address in the vendor records in your QuickBooks file.
If you use QuickBooks Online or QuickBooks Desktop, see the “Help” and “Learn & Support” menus for instructions to prepare and file Form 1099-MISC in QuickBooks.
Online 1099 electronic filing other than through Intuit
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