Every business hires absolute contractors. If you’re tasked with advancing Forms 1099-MISC, now is the time to alpha your anniversary prep. Here are four quick tips to advice you get a handle on the 1099-MISC action this year.
Tip #1: Review bell-ringer files carefully
You can never go amiss provided added 1099-MISC forms than required, but you will be penalized if you don’t book back you’re appropriate to.
Independent contractors charge accept 1099-MISC forms if they do business in noncorporate forms—sole proprietorships, partnerships, abandoned entities or bound accountability companies that don’t accept to be advised as corporations—and you’ve paid them at atomic $600 in banknote for casework they provided to your business. Attorneys who do business as corporations charge additionally accept forms.
Don’t discount these abeyant recipients:
Tip #2: TIN matching
Forms 1099-MISC on which an absolute contractor’s and Taxpayer Identification Number don’t bout will accumulate added analysis from the IRS and, absolutely possibly, penalties. These are accessible mistakes to avoid.
The easiest way to avoid off penalties for name/TIN mismatches is to use the IRS’ chargeless online TIN analogous affairs afore commutual 1099-MISC forms. You may verify up to 25 name/TIN combos on the screen. Hitch: You charge annals with the IRS to use this program.
Tip #3: TIN truncation
You may abbreviate the aboriginal bristles digits of a payee’s TIN on their cardboard or cyberbanking copies; forms filed with the IRS charge accommodate the abounding TIN. These TTINs, as they’re called, attending like this:
Warning: You can’t abbreviate your company’s EIN.
Tip #4: Online fillable forms
You still charge to complete cardboard forms for payees and your files, alike if you book electronically with the IRS. Until now. The IRS has fillable Copies 1, B, 2, C and D online. You may use these online fillable forms for payees’ copies and your files. Fillable forms are accessible at the IRS’ Forms & Instructions web page.
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