Did you pay any contractors during the 2021 tax year ? If so, you may be required to file a form 1099.
Form 1099 filings are due for any person or business to whom you have paid the following during the year:
- At least $10 in royalties (see the instructions for box 2) or broker payments in lieu of dividends or tax-exempt interest (see the instructions for box 8).
- At least $600 in:
- Rents (box 1);
- Prizes and awards (box 3);
- Other income payments (box 3);
- Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3);
- Any fishing boat proceeds (box 5);
- Medical and health care payments (box 6);
- Crop insurance proceeds (box 9);
- Payments to an attorney (box 10) (see Payments to attorneys, later);
- Section 409A deferrals (box 12); or
- Nonqualified deferred compensation (box 14).
The 1099-MISC Form is due by Friday, January 31, 2022.
Please note that if you do not issue 1099’s timely you will be at risk of incurring penalties and fees.
Fola Financial has a quick 3 step process to help you get your 1099 forms filed and delivered to your contractors on time!
Step 1: Complete the 1099 Intake form
Step 2: Complete & Submit the Fola Founder’s Contractor Worksheet Spreadsheet Sent to you
Step 3: We will E-File your 1099’s & E-Deliver it to your Contractors for you
Remember, the deadline to file is January 31st, 2022! Don’t delay and click below to get started!