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"I am proud to say that I have been a client of the firm for almost twenty years. While business opportunities and cycles come and go over time, the unwavering support, professionalism, responsiveness, and general best-in-class customer service has proven to be invaluable to me... not just for my business but personally as well. John Jeffries' work and assistance, combined with the many other resources within the group, yield one of the most important aspects to our business today and we will always remain very appreciative."

Sandy Myers
ASF Logistics, Inc.
 
1099 Filing Requirements

If you make certain payments in the course of your trade or business, you may be required to file Form 1099-MISC with the IRS. A trade or business is any activity carried on for gain or profit and may include farming, timber activities and rental activities.

Form 1099-MISC is required to be filed for any single recipient with aggregate payments of at least $600 for rents or services. Recipients include individuals as well as partnerships and LLCs. Corporations are generally excluded; however, payments to corporations for attorney fees or medical and health care payments must be reported. Services include contract labor, attorney fees, accounting fees, repair services, and lawn maintenance just to name a few.

A payment is not required to be reported if it is made using a credit card, debit card, or a qualified third party network.

To ensure that businesses are complying with this requirement, the IRS has the following two questions on all income tax returns:

1. Did you make any payments in 2014 that would require you to file Form 1099?

2. If yes, did you or will you file all required Forms 1099?

Please consider these questions carefully in determining your Form 1099 filing requirements for 2014. If you have any questions concerning the 1099 filing requirements, please contact our office.

Form 1099 is required to be provided to each recipient by February 2, 2015. Copies are also required to be filed with the IRS by March 2, 2015 along with Form 1096.

Penalties apply for failure to file required Forms 1099. 

If you are required to file 1099s and you have not done so, please let us know if you would like us to assist you with this filing requirement.