December 4, 2013
Are you aware of the IRS regulations for Forms 1065, 1120, 1120S and 1040 Schedule C (Self-Employment) for the 2013 tax year?
IRS has included the following two questions in the previously named forms:
1. Did you make any payments in 2013 that would require you to file Form(s) 1099?
2. If “Yes,” did you or will you file all required Form(s) 1099?
The IRS is requiring you to sign your tax returns, under penalty of perjury, saying that you fully understand the Form(s) 1099 filing requirement and have complied with them.
Our clients typically have to file a 1099-MISC for payments of $600 or more for services to a non-employee that is not a corporation. This includes, but is not limited to, payments to:
· Management company (management fees)
· Attorney (even if incorporated)
To clarify, you do not have to file a 1099 for payments made to a corporation, but this exception does not apply to attorneys. Even if your attorney is incorporated, you still have to file a 1099-MISC for payments made to them.
You may also have to file a 1099-INT if you paid interest to anyone over $10.
Please bear in mind that this does not cover all situations where 1099’s are required to be filed, and ultimately you are responsible for complying with the IRS regulations as they apply to your specific situation. The Form 1099(s) are due to the recipient on January 31 and are subject to penalties of up to $100 per form. This is double what the fee has been in previous years.
We are here to answer any questions or assist you with 1099’s as needed, just give us a call.
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