{"id":264,"date":"2014-01-21T19:24:11","date_gmt":"2014-01-21T19:24:11","guid":{"rendered":"http:\/\/www.brp-cpas.com\/wordpress\/?p=264"},"modified":"2014-01-21T19:24:11","modified_gmt":"2014-01-21T19:24:11","slug":"1099misc-reporting-dos-donts-caleb-lendy","status":"publish","type":"post","link":"https:\/\/bronswick.com\/2021\/2014\/01\/21\/1099misc-reporting-dos-donts-caleb-lendy\/","title":{"rendered":"1099-MISC \u2013 Reporting Do\u2019s and Don\u2019ts"},"content":{"rendered":"

By Caleb Lendy, BRP- CPAs<\/p>\n

Do\u2019s<\/span><\/b><\/p>\n

    \n
  1. Do \u2013 Get a W-9 from each independent contractor\/service provider when you start a working relationship with them. It saves time and effort down the road, and you won\u2019t have to track them down last minute.<\/li>\n
  2. Do \u2013 Report payments made to individuals, partnerships, and estates.<\/li>\n
  3. Do \u2013 Send 1099s to all contractors\/service providers and lawyers to whom you made payments to over $600 throughout the year. While the copies are due to recipients by the end of January, they are not due to the IRS until the end of February.<\/li>\n
  4. Do \u2013 Ask your accountant if you have any questions on filing requirements.<\/li>\n<\/ol>\n

    Don\u2019ts<\/span><\/b><\/p>\n

      \n
    1. Don\u2019t \u2013 Report payments to corporations unless specifically reportable in the 1099-MISC instructions.<\/li>\n
    2. Don\u2019t \u2013 Report personal payments. Only payments made in your course of business should be reported.<\/li>\n
    3. Don\u2019t \u2013 Wait until the last minute!\u00a0 It saves time, stress and money to get them completed early!<\/li>\n<\/ol>\n

       <\/p>\n

      Disclaimer: The information contained in this Blog (the \u201cBlog\u201d) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will BRP, or its partners, employees or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this Blog or for any consequential, special or similar damages, even if advised of the possibility of such damages.<\/p>\n","protected":false},"excerpt":{"rendered":"

      By Caleb Lendy, BRP- CPAs Do\u2019s Do \u2013 Get a W-9 from each independent contractor\/service provider when you start a working relationship with them. It saves time and effort down the road, and you won\u2019t have to track them down last minute. Do \u2013 Report payments made to individuals, partnerships, and estates. Do \u2013 Send […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[5],"tags":[44,45,20,9,36,6,25,7,33,39,21,28,29,22,8,23,10,11,26,12,24,43],"class_list":["post-264","post","type-post","status-publish","format-standard","hentry","category-blog","tag-44","tag-1099-form","tag-accountant","tag-accounting","tag-acquisition","tag-bronswick","tag-brp","tag-brp-cpas","tag-budget","tag-business-transactions","tag-business-valuation","tag-cash","tag-cash-flow","tag-chicago","tag-chicago-accountant","tag-chicago-business-accounting","tag-chicago-cpa","tag-chicago-tax-preparation","tag-chicagoland","tag-cpa","tag-financial-consulting","tag-taxes"],"_links":{"self":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/comments?post=264"}],"version-history":[{"count":0,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/posts\/264\/revisions"}],"wp:attachment":[{"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/media?parent=264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/categories?post=264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bronswick.com\/2021\/wp-json\/wp\/v2\/tags?post=264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}