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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 (9)
- Corporation (2)
- Featured (2)
- Form 1099 (13)
- Individual/Sole Proprietor (3)
- LLC (3)
- Requesting W-9s (9)
- Uncategorized (1)
What tax classification should an LLC select?
LLC’s fall into 4 general categories for W-9 purposes. Single member LLC – In this case the LLC is considered a disregarded entity and one should look
IRS differentiation between an employee and an independent contractor
The determination can be complex and depends on the facts and circumstances of each case. The determination is based on whether the person for whom
What is the difference between a Form W-2 and a Form 1099-MISC?
Although both of these forms are called information returns, they serve different functions. Employers use Form W-2, Wage and Tax Statement, to: Report wages, tips,
What is a disregarded entity?
Here is the IRS definition of a disregarded entity from the “Specific Instructions” section of Form W-9: Disregarded entity. For U.S. federal tax purposes, an
Are payments to corporations reportable on a 1099-MISC form?
The Short Answer Most payments to corporations are NOT required to be reported on Form 1099-MISC. Corporations include both S and C corporations as well