The IRS requires reporting of payments of $600 or more to any individual or unincorporated business (including LLCs) for services or rent. This includes payments for repair/maintenance services, professional services, (including all attorneys whether incorporated or not), contract labor and rent. In addition, if you paid in excess of $10 of interest to any individual, you must prepare a 1099-Int.
We would be happy to prepare these required forms for you again this year. If you have not already done so, please review your business records for 2015 and provide the following information for each vendor:
• Amount Paid
• Description of services (e.g. rent, interest, or contract services)
We will prepare the required filings and return them to you for mailing to recipients and the IRS. In order for us to provide this service and meet IRS deadlines, we need your data by January 18, 2016, if possible.
THESE COMPLETED FORMS MUST BE MAILED TO THE RECIPIENTS BY JANUARY 29, 2016, AND COPIES SENT TO THE IRS BY FEBRUARY 29, 2016.
As a reminder, the IRS will assess penalties of up to $500 per return if the forms are not processed and filed timely.
Below is a link to an excel worksheet that you may download and email back to us. You may email the information to Jason Drummond at firstname.lastname@example.org. If you prefer, you may also fax the information to us at 317-569-0564.
If you have any questions about your filing requirements, please contact your Alerding CPA Group Tax Advisor at 317-569-4181.
Download Excel Sheet