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New 1099 Disclosure Requirements

Are you a company, business or self-employed person?

  • Did you pay any person or business amounts totaling $600 or more for services during calendar 2011?
  • Were the amounts paid to an Individual, Partnership,  Limited Liability Company (LLC),  Limited Liability Partnership (LLP), Limited Partnership (LP) or Trust?

  If so, you are required to file form 1099-MISC for 2011.

Starting with 2011 tax returns, all taxpayers are required to answer two questions about Form 1099 on their income tax returns:

  • Are 1099s required?
  • If so, have they been issued?

Note:

  • Form 1099-MISC is required for payments of $600 or more to an attorney, even if the attorney is a corporation.
  • Most accounting firms, ours included, are LLP’s, so a 1099-MISC is required for payments made to them.

The due date for providing a paper copy of Form 1099 to the Internal Revenue Service is February 28, 2012. Electronically filed documents are due April 2, 2012.