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Did You Know? TAX TIP

January 12, 2021 | Weekly Commentary

1099 Tax Reminders
Once again, it is the time of year to think about your filing requirements as a small business owner, self-employed individual, or owner of rental property. If you operate for gain or profit, the IRS considers you to be engaged in a trade or business and therefore required to file certain information returns. Information related specifically to the Form 1099-MISC, Miscellaneous Income, and the newly re-introduced Form 1099-NEC, Nonemployee Compensation, can be found at irs.gov/instructions/i1099msc.   

Form 1099-NEC is due on or before February 1, 2021, using either paper or electronic filing procedures.

File Form 1099-MISC by March 1, 2021, if you file on paper, or March 31, 2021, if you file electronically.

The IRS operates a centralized call site to answer questions about reporting on Form 1099 and other information returns. If you have questions related to reporting on information returns, the IRS centralized call site can be reached at 866-455-7438. In addition, please feel free to contact our VNFA Tax Department at tax@valleynationalgroup.com or 610-868-9000.