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HOW TO BE PREPARED FOR 2017 1099’s
· Gather information from each vendor for which you have a 1099 filing requirement. See form W-9 at IRS.gov
· Input in your QuickBooks Vendor Maintenance Center each 1099 vendor’s complete address and TIN
1099 PREPARATION OPTIONS:
· We prepare – We will be happy to prepare your Forms 1099 and ensure that they are filed on time.
· You prepare – using a web based service. Options included www.efilemyforms.com
· You prepare – using paper forms which can be obtained from many sources including the IRS. Free forms can be obtained from the IRS at 1-800-TAX-FORM (800-829-3676)
· You prepare-using your QuickBooks software.
WHO MUST FILE:
Any business, self-employed (Schedule C), rental (Schedule E), farm (Schedule F), partnership (Form 1065), corporation (Form 1120), S corporation (Form 1120S), Limited Liability Company, Estate, Trust (Form 1041), or individual in the business of renting property, which makes reportable transactions in 2017.
REPORTABLE TRANSACTIONS INCLUDE payments in cash, check or bartered goods or services to any non-employee individual, partnership, or estate for services, rents, interest, dividends, royalties or cancellation of debt.
· Services, commission, prizes or awards, or services and materials billed together ($600 or more).
· Rents ($600 or more).
· Barter exchange (all amounts).
· Interest, dividends or royalties ($10 or more).
· Mortgage interest received ($600 or more).
· Cancellation of debt ($600 or more).
REPORTABLE TRANSACTIONS EXCLUDE amounts paid:
· For services NOT related to your business.
· To corporations or LLCs taxed as corporations, unless for legal services.
· By credit card, debit card or other third-party payment method.
WHEN TO FILE:
· Copy due to recipient by January 31, 2018.
· Due to IRS by January 31, 2018