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One Week Remains to File IRS Form 1099-MISC

Posted: January 24, 2019

If you own a business or are self-employed, you are required to send an IRS Form 1099-MISC to individuals and most LLCs that you paid at least $600 last year for services.  Other common payments that must be reported on IRS Form 1099-MISC include payments made in the course of your business to attorneys (regardless of amount), royalties (if at least $10) and rents (if at least $600).  You can find more detail regarding the types of payments to report here.

Most IRS Form 1099-MISCs for 2018 payments must be mailed to the recipients and filed with the IRS (and the State of Wisconsin, if you do business here) by January 31, 2019

Failure to file your 1099s can incur penalties of up to $530 per missed 1099.  However, even if you miss the January 31 deadline, it is still worth getting your 1099s filed as soon as possible.  A late filed 1099 lowers the penalty to $50 per return if filed no more than 30 days late.  If you miss the 30-day late filing window, the penalty is reduced to $100 per return if filed before August 1.  

Please let us know if you have any questions or would like our assistance with your 1099s. 

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