Home / 1099 Tax Reminders

1099 Tax Reminders

January 9, 2024 | Weekly Commentary

As we bid farewell to 2023, it’s crucial for small business owners, self-employed individuals, and rental property owners to address their 1099 filing obligations. If your business/rental property made payments of $600 or more for services to non-employee individuals, you must file a 1099 form. Information relating specifically to Form 1099-NEC (Nonemployee Compensation) and 1099-MISC (Miscellaneous Income) can be found at https://www.irs.gov/instructions/i1099mec.

Form 1099-NEC must be mailed to the recipient and IRS by January 31st, regardless of if you electronically or paper file. Form 1099-MISC is also due to the recipient by January 31st, and to the IRS by February 28th, if you file via paper or March 31st, if you file electronically.