IMPORTANT UPCOMING DATES AND INFO – 4th QUARTER ESTIMATES, FORM 1099, FORM W-9
Fourth quarter estimated tax payments are due to the IRS and to the State between December 15, 2016 and January 15, 2017 depending on type of entity and taxing authority. Please refer to the payment vouchers and schedule that you received with your 2015 tax return package for the deadlines that apply to you.
The IRS must receive Form 1099 MISC by January 31, 2017. This deadline has changed from previous years for the IRS red filing copies. To ensure that we receive accurate information in a timely manner, please take time in December to review your vendor files and make sure that you have a signed W-9 form for all vendors providing services to you. The IRS can impose failure to file penalties and may collect backup withholding for each 1099 not prepared. Please do not hesitate to call our office should you have any questions.
The following are the requirements for vendors requiring 1099s:
- total payments for the year for services provided are over $600
- payments are made by cash or check (credit card payments are excluded)
- vendor is not a Corporation (Partnership and Single Member LLC are required to receive 1099s)
- Businesses are required to send a 1099 to their landlord for rent unless they are not incorporated
- Legal services need a 1099 even if the vendor is incorporated
** A link to the IRS for a blank W-9 form is available on our website for your convenience.
