We have received a lot of questions from our clients on who they should send a Form 1099 to. You may be required to send a Form 1099 to businesses and individuals your trade or business made payments to during the year. Here is a partial list of payments that require a Form 1099:
· Services performed by independent contractors
· Rents paid
· Gross proceeds of $600 or more paid to an attorney
· Interest on business debt to someone (1099-INT)
· Dividends or other distributions to a company shareholder (1099-DIV)
For more information about Form 1099 filing requirements, see the IRS website. Or you can call our office at 616.393.0398.
Note that these forms are due January 31, 2018 – to both the recipient and the IRS. To make sure you have all the proper information to prepare the Form 1099, make sure to have each new vendor fill out a Form W-9.