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Form 1099 penalties are ridiculously high. What you must do NOW to avoid them.
Implement strong procedures today, don’t wait until year-end. I know the deal, having been a controller for 20 years. You got through the 1099 season and said to yourself, “we can’t spend this much time and do it this way again next year!” But then your attention turns to the annual audit, and then an acquisition, and then a system conversion, and then a staff shortage, and before you know it, January is here again. Your focus turns toward issuing the year-end financials so you
Categories
- Completing W-9s (8)
- Corporation (2)
- Featured (2)
- Form 1099 (10)
- Individual/Sole Proprietor (3)
- LLC (3)
- Requesting W-9s (8)
Avoid the penalty, 1099-MISC due dates for 2020
Importance of filing timely The IRS has gotten serious about 1099-MISC due dates. Penalties have risen significantly and they apply separately to copies sent to recipients and the
Does a W-9 form have to be signed?
Most companies ask for all W-9 forms to be signed. However, it is a relatively unknown fact that the IRS does not require most W-9
What is a 1099-MISC form?
The 1099-MISC form is known as an “Information Return” Form 1099 is one of many forms that the IRS requires to be sent to individuals
Top 5 mistakes made on W-9 forms
I’ve been a CPA for over 20 years now and have seen mistakes on W-9 forms every one of those years. It seems like a
How to fill out a W-9 form
What is a W-9 form and why is my customer asking for it! So one of your customers has asked you to complete a W-9
Am I required to complete Form W-9?
Why is my customer asking for a W-9 form? Companies that make payments in the normal course of their business are required to report certain
What is backup withholding?
Under certain circumstance an entity making payments in the normal course of business to a United States individual or an entity will be required to withhold
Penalties – failure to file correct information return by the due date
If you fail to file a correct information return (like a 1099-MISC) by the due date and you cannot show reasonable cause, you may be
IRS proposes changes to electronic reporting requirements
The IRS has proposed regulations amending the rules for determining whether information returns must be filed electronically. The proposed regulations would require that all information