Who needs to file Form 1099?

 

All businesses that are operating for the purpose of making a gain or profit need to file this form if they meet any of the conditions below. Nonprofit organizations, trusts, cooperatives, federal, state, or local government agencies are also required to report payments.
 

When is this form filed?

 

A business is required to file if it:

• Paid at least $600 for services for a trade or business by people not treated as its employee

• Paid at least $600 to an attorney

 

What is the deadline to file Form 1099-NEC?

 

The deadline to file this form with the IRS is the 31st of January if filing on paper or electronically.
 

What is the penalty for failure to file Form 1099-NEC?

 

The IRS imposes heavy penalties if a business fails to file Form 1099. There is a penalty for not providing recipient copies. The penalty increases with time. So, even if you have not filed your form in time, we encourage you to file as soon as possible.

 

Contact us to file your FORM 1099.