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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.

Be Well! 

Our team continues to follow the stay at home order and is working remotely until further notice. 

Please monitor our resources page here for the latest information. 

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