Did your business pay vendors or subcontractors $600 or more (total) in 2022?<\/p>\n
Consider this your “early” warning.<\/p>\n
You’re going to need to issue 1099 forms (typically 1099-NEC) to them and file these forms with the IRS by 1\/31\/2023.<\/p>\n
Sent your neighbor a Zelle because he helped out in the office when you were crazy busy?<\/p>\n
Yes, him.<\/p>\n
Paid a repairman to (finally) fix the office’s roof?<\/p>\n
Him, too.<\/p>\n
Basically, if you paid any LLC or individual (but not your employees, who get paid via W-2s), although C or S-Corporations are exempt.<\/p>\n
How do you know which one of these entities they are?<\/p>\n
Well, you should be collecting form W-9s from everyone you pay, BEFORE you pay them.<\/p>\n
If you haven’t already collected these W-9 forms, now would be a wise time to do so, rather than waiting for the last-minute.<\/p>\n
And, yes, the IRS penalties for not filing 1099s are pretty steep.<\/p>\n","protected":false},"excerpt":{"rendered":"
Did your business pay vendors or subcontractors $600 or more (total) in 2022? Consider this your “early” warning. You’re going to need to issue 1099 forms (typically 1099-NEC) to them and file these forms with the IRS by 1\/31\/2023. Sent your neighbor a Zelle because he helped out in the office when you were crazy […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n