1099 Forms are due at the end of the month. This due date pertains not only to the independent contractor copy but also to the IRS copy for any 1099 Forms issued related to non-employee compensation in Box 7.
Here are some general guidelines to follow:
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 2019 calendar year, please provide the following information:
Smith Dickson is a full-service Southern California CPA firm that specializes in providing high-quality services designed to create long-term value for our clients. Our services include accounting, tax compliance and planning, litigation support, business consulting, and estate/trust tax compliance. Please contact us with your questions.