If, during the course of your trade or business, you made payments in 2019 totaling $600 or more to any independent contractor or other non-employee, you are required to report those payments on Form 1099-MISC.
You DO need to issue a 1099-MISC for:
- Payments for services or rent (commissions, professional fees, maintenance, etc.)
- Payments to non-corporate vendors, including LLCs, LLPs, partnerships and individuals
- Payments made by cash or check
- All payments of $600 or more to attorneys, even corporations
You do NOT need to issue a 1099-MISC for:
- Payments for merchandise, utilities, freight, insurance.
- Payments to a corporation, except attorneys
- Payments made by credit card
- Payments that total less than $600 for 2019
We recommend that you have your vendors complete IRS Form W-9. If you would like us to prepare and e-file your 1099s, please send us the required information as soon after the year-end as possible, preferably by January 11, 2020.
The following is a summary of the government deadlines for filing 1099-MISC:
- January 31, 2020: copies must be sent to Recipients
- January 31, 2020: Forms with Non-employee compensation payments reported in box 7 must be filed with the IRS
- February 28, 2020: Forms with any payments payment other than non-employee compensation must be filed with the IRS (paper-filed)
- March 31, 2020: Forms with any payments payment other than non-employee compensation must be filed with the IRS (e-filed)
For further information regarding other less common payments, please refer to IRS 2019 Instructions for Form 1099-MISC , or contact us at 401-831-0200.