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Tax Corner- Form 1099

January 14, 2025 | Weekly Commentary

As we bid farewell to 2024, it’s crucial for small business owners, self-employed individuals, and rental property owners to address their 1099 filing obligations. If your business or 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 Information) can be found at IRS Instructions for Forms 1099-MISC and 1099-NEC.

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

Starting in 2024, the IRS requires businesses to e-file if they file 10 or more returns of any type in a calendar year.

Ensure you meet these deadlines to avoid any penalties and keep your business compliant.