Reminder: Forms 1099 are due January 31st!

1099 Forms are due in just a couple days on January 31st. This due date pertains not only to the independent contractor copy but also the IRS copy for any 1099 Forms issued related to non-employee compensation in Box 7.  Please click here to view our detailed letter for further details.

The classification of your workers as “employees” or “independent contractors” remains a “hot topic” with the IRS, even though some guidelines have been released intending to simplify this area:

  • Per IRS regulation, 1099s are due for each non-corporate vendor to whom you have paid during the year:
  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt income
  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments
  • Gross proceeds of $600 or more paid to an attorney (even if they are incorporated)

We are available to prepare your Forms 1099. For each independent contractor (individual, partnership, LLP, LLC, or attorney) to whom you paid $600 or more during the 2017 calendar year, please provide the following information:

  1. Formal name/business name
  2. Address
  3. Social Security Number or Taxpayer ID Number
  4. Amount paid in 2017

If you have any questions, please contact Karen Reed (karen.reed@smithdickson.com) or Elaine Kazzi (elaine.kazzi@smithdickson.com) and we will be happy to assist you. You can also reach us by phone at (949) 553-1020.