Are you a business owner or operator? If so, the following client alert is for you:
As we begin the new year, we want to remind all of our business clients of their 1099 filing requirement. The key points are as follows:
- Any individual or unincorporated business that you paid more than $600 to over the course of 2019 must be issued a Form 1099.
- If the business is an LLC, you must further determine if they file as a S corporation, partnership or sole proprietorship. If they file as a S Corporation, no 1099 is required. Otherwise, one is required.
Please note that Form 1099s are due to both the individual/business and to the Internal Revenue Service (IRS) by January 31, 2020.
With this in mind, please let us know if you need help with your 1099 filing as soon as possible.
Thank you for your continued trust in BradyRenner CPAs!