Do you have W-9s from your vendors? The "most wonderful time of the year" is over. The New Year has come and gone and now what? Yep, it's a small business owner's least favorite time of the year...tax time! While most W-2 wage earners are enjoying the "work from home" snow days of January, many of the self-employed entrepreneurs, business owners, or their accounting staff are scrambling in the last weeks of January to get out their 1099-MISC forms to their independent contractors for work performed (greater than $600) in 2014.
I like to think of the 1099 filing season as kind of like "Spring Training" to the "Busy Season" that lies ahead for most of my CPA peers. Despite having a month to prepare the 1099 forms, most of us will wait until the last days before the deadline to get these forms out. Procrastination is human nature. Remember cramming for finals, last minute term papers? No matter how much one can prepare, most of us will wait until the last minute to get these done. Well, the deadline is a few days later in 2015 due to the weekend. You are required to send the 1099-MISC to recipients by Monday 2/2/15 (normally Jan 31). The IRS will need their copy a month later, but if you e-file, you get another month (3/31).
Please take a look at the memo we've put together for 1099 FAQs and other tips: 1099 Reminder Memo
Follow John on Twitter @johnsullivancpa
Like Sullivan Strategic on Facebook
This is our first of many blog posts... be sure to share if you like!
I like to think of the 1099 filing season as kind of like "Spring Training" to the "Busy Season" that lies ahead for most of my CPA peers. Despite having a month to prepare the 1099 forms, most of us will wait until the last days before the deadline to get these forms out. Procrastination is human nature. Remember cramming for finals, last minute term papers? No matter how much one can prepare, most of us will wait until the last minute to get these done. Well, the deadline is a few days later in 2015 due to the weekend. You are required to send the 1099-MISC to recipients by Monday 2/2/15 (normally Jan 31). The IRS will need their copy a month later, but if you e-file, you get another month (3/31).
Please take a look at the memo we've put together for 1099 FAQs and other tips: 1099 Reminder Memo
Follow John on Twitter @johnsullivancpa
Like Sullivan Strategic on Facebook
This is our first of many blog posts... be sure to share if you like!
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