Browsing articles tagged with " 1099"

Mar 5, 2012

The IRS has changed its 2011 tax forms and added the following new questions on all business tax returns (including Schedule C for sole proprietors as well as partnership, LLC, and corporate tax returns):

1. Did you make any payments in 2011 that would require you to file Form(s) 1099?
2. If “Yes” did you or will you file all required Forms 1099?

Form 1099 is used to report certain payments to recipients and to the IRS. The most common 1099 type form is Form 1099-MISC which is used to report the payment by a business for services rendered to the business (there may also be Form 1099 reporting requirements if a business pays interest or dividends).

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Form 1099 Reporting: Failure to Do It Can Be Costly!

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