All businesses are required to send copies of Form 1099-MISC to any contractors, freelancers, and otherwise non-employees whom they have compensated for services. It is imperative that all businesses who contract work out file a 1099-MISC form with the IRS in order to comply with federal tax laws. All 1099-MISC forms are due by January 31 of each year in order to report payments made to freelancers and contractors the previous calendar year. Huntington Group is your solution to ensure accurate and timely submissions for 1099-MISC forms and all other tax services; planning, preparation, and filing.
Huntington Group can prepare 1099 forms using the financial data recorded from payroll and commissions, as well as any other financial data that we have tracked and recorded. We will send out 1099-MISC forms to all of your contractors and ensure that all deadlines are met.
What is a 1099-MISC?
Form 1099 is a common information return that is used by small and midsize businesses. Most commonly, the 1099-MISC Form is used to record payments to independent contractors and freelancers who perform work for a business.
Who is required to file a 1099-MISC
Businesses must file a 1099-MISC form if they have paid a non-employee the minimum amount for various payments during the previous calendar year. Form 1099-MISC is most commonly used by freelancers, sole proprietors and partners, and small to midsize businesses.
Reasons you may need to file a Form 1099-MISC include making payments for the following:
- Services performed by independent contractors (non-employees)
- Prizes and awards
- Medical and health care payments
- Cash paid from a notional principal contract
- Attorneys and lawyers
- Direct sales of consumer products for resale anywhere other than retail stores
- Withholding of federal income tax under the backup withholding rules; and more.
Contact Huntington Group Today to determine if your business is required to file a 1099-MISC form with the IRS.
When to file a 1099-MISC
The deadline to file all Form 1099s is on January 31 of each year to record payments made to independent contractors in the last calendar year.
Huntington Group 1099 Tax Preparation
Whether you are an independent contractor or a business entity who has made payments that meet or exceed the minimum thresholds set by the Internal Revenue Service, Huntington Group’s professional tax preparation services can save you time and money by helping you record payments that your business has made and ensuring that all forms are filed correctly and on time. Failure to fill Form 1099s can result in penalties, fees, and worsened relations with contractors and other parties. Let Huntington Group make your tax responsibilities easy and efficient. Drop us a line to find out how we can help you with 1099 preparation and filing.