SAN ANTONIO, Jan. 31, 2018 /PRNewswire/ — Business owners about appoint contractors to advice their business run efficiently, but appropriately tracking payments to account providers can be a challenge. Ensure your tax advertisement is absolute for 2017 with these bristles Form 1099-MISC alertness tips from the American Amount Association.
1. All Non-Corporate Account Providers Charge Receive Form 1099-MISC. If you paid a account provider at atomic $600 for casework during 2017, you charge accommodate a 1099-MISC to them no after than January 31, 2018. If the provider is a corporation, you about do not accept to accommodate Form 1099-MISC.*
*Owners charge accommodate Form 1099-MISC to sole proprietorships, partnerships, and attorneys or medical account providers who do business as corporations. Determine if a account provider is advised a association by accepting them complete IRS Form W-9, Request for Taxpayer Identification Cardinal and Certification.
2. Protect Yourself Against Risk. If you are borderline whether a Form 1099-MISC is required, accelerate one anyway. If you don’t accelerate all able account providers their Form 1099-MISC, you set yourself up for accessible penalties.
3. Deadlines Matter. If you’re sending Forms 1099-MISC to account providers by mail, accomplish abiding to accelerate them out no after than January 31, 2018. If your Forms 1099-MISC accommodate an bulk in Box 7, Nonemployee Compensation, you accept until January 31, 2018 to accelerate cardboard copies to the IRS (less than 250 forms) or book electronically. If there is annihilation in Box 7, February 28 is the aftermost day to abide cardboard copies to the IRS (April 2 if you book the forms electronically).
4. TIN Truncation. Payees’ Tax Identification Numbers (social aegis cardinal or employer identification number) may be truncated (i.e., masked) on their cardboard or cyberbanking copies, but forms filed with the IRS charge accommodate their abounding TINs. Under the truncation procedure, the aboriginal bristles digits are replaced with either asterisks or Xs: ***-**-1234 or XXX-XX-1234.
5. Put Your Acclaim Agenda to Work. If you paid for architect casework with a acclaim card, debit card, or allowance card, do not book the Form 1099-MISC. The coffer or acclaim agenda aggregation that fabricated the absolute acquittal will booty affliction of it for you by sending the architect Form 1099-K.
The American Amount Association (APA) is the nation’s baton in amount education, publications, and training. For added tips and resources, appointment APA online at americanpayroll.org.
View aboriginal content:http://www.prnewswire.com/news-releases/ensure-correct-tax-reporting-with-five-form-1099-tips-300591275.html
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