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?
- 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.