2013 Form 1099
The Internal Revenue Service requires the filing of Form 1099 for every person or business (except certain corporations) you paid $600 or more to in your trade or business for commissions, fees, and other forms of compensation for services rendered during 2013. The filing deadline for sending these forms to your vendors is January 31, 2014. Examples of payments for services that should be reported include rent paid, outside labor, management fees, legal fees, accountant fees, medical fees, and repairs or maintenance. Form 1099 is also required for interest and dividends paid of $10 or more, whether paid individually or in connection with your trade or business.
The importance of filing these forms has increased dramatically as the penalties for not filing have increased. Congress in recent years passed new laws expanding who is required to receive a Form 1099, and on your 2013 tax return you will need to answer under penalty of perjury whether you have made any payments that require a Form 1099 and whether you in fact filed these forms. Additionally, the Internal Revenue Service and the Franchise Tax Board may disallow deductions if the required Form 1099’s are not filed.
If you would like LMGW to prepare the required forms for you, please complete the 1099 Request Form by clicking here and return it to us via email, fax, or mail.
In order for LMGW to guarantee your forms are timely filed, we must receive all necessary information no later than January 17, 2014. Please contact our office or email 1099@LMGW.com if you have questions.