1099 Filing Requirements

With 2018 rapidly approaching, it is time to consider if your business will be required to file Forms 1099 with the Internal Revenue Service to report certain business transactions that occur in 2017. Please take the time to review the filing requirements listed below to determine if your business will need to file.

Certain information is required from the individual or business in order to file Form 1099, so now is the time to request a Form W-9 if you do not have one on file already. If we are preparing the forms for you, you may go ahead and send us any you have received. If you are unsure which vendors may require a 1099, we can review your general ledger and provide you a list of potential vendors. You may fax the information to (251) 410-6799 or email it to 1099reporting@wilkinsmiller.com.

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 which includes farming and timber activities and certain 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 LLC’s. 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.

If you have any questions concerning the 1099 filing requirements, please contact our office. To view a blank copy of Form W-9, click here.