If you hire independent contractors and have paid your contractors $600 or more during 2017, it is important that you file 1099 for each of these contractors. Prior to issuance of 1099s to contractors and submission to IRS, you will need to obtain a W9 from your contractor. For certain businesses especially construction business, filing of 1099s is important as lack of compliance can increase audit risks which can result in potential financial loss due to high penalties imposed. Penalties for not filing on time range from $30 to $530 for each 1099 not issued, depending on how late past the deadline your business issues the form. Not sure what to do or need help? Please contact us at 832 795 9612. We are here to help!
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Confused or have more questions? As always, you can call my office at 832-795-9612 to schedule for a tax meeting if you have additional concerns. We are here to help!