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Below are some helpful articles regarding information reporting. If you need assistance with any of the topics below, please call this office.
- Are You Required to File Informational Returns?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses. In addition, you will be subject to penalties for failure file the informational returns with the government and failure to provide copies to the payees.
- Penalties for Failure to File or Furnish Information Returns
Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS.