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Video instructions and help with filling out and completing What is Form 1099-MISC
Hi I'm Beth Hochberg CPAC JMA and we're getting close to the end of 2022 so I figured it's a good time to start talking about 1099 forms there are a lot of different kinds of 1099 but for small businesses usually the one you're concerned with is a 1099 miscellaneous now in recent years the IRS has really been cracking down on these forms and the reason is because their matching system lets them track who isn't paying taxes if they're being paid under the table so it's becoming more important that businesses take a look at these forms take a look at these vendors and see what their filing requirements are so the first objection they usually get to filing 1099 from business owners is I don't use subcontractors and that's kind of a misconception as to who needs to receive a 1099 it's not just subcontractors it's really any vendor that you pay over $600 and is a certain entity type so if you're using someone who's a sole proprietor and you pay them over $600 during the year they would need to receive a 1099 if you have the vendor that's a partnership you and you paid them more than $600 during the year you would have to give them a 1099 now when you get to companies that are LLC's it's a little trickier because it really depends on how they file their own taxes how would you know that you ask well you're going to get a form w-9 from them and that's going to have that information and if we're going to take a look at what that looks like so you can see what information you're looking for so you can know if you need to file or not the other couple of tricky things when it comes to filing 1099 if you pay a lawyer or a law firm more than $600 during the year no matter what type of entity they are if it's sort of a sole proprietor if it's a corporation a PA it doesn't matter if you paid them more than $600 you need to get $10.99 and as well you might not think about it but your landlord rents I have to be reported that are over $600 so again you're going to need that w9 from the company or a person that you rent from so you can see if you've got a filing requirement there so that's that's pretty much the basics of it you are better off filing a 1099 for someone that you don't need to and then to not file one that you do need to so if you're not sure just file one it's not a lot of work it's not that hard and you save yourself some headaches down the line from the IRS if they come looking for it and you'll save yourself penalties as well so we're going to go ahead and take a look at.