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Important 1099 Reminder January 2019
This is a reminder of your obligation to report certain payments made during 2018 to individuals, unincorporated businesses and law firms to the Internal Revenue Service. The IRS uses this information as its primary source to uncover errors and omissions in income reporting by the recipients.
The IRS requires the filing of miscellaneous information returns - Forms 1099 - to assist in identifying the recipients of various kinds of taxable income. Payers are required to provide Form 1099 to the recipients by January 31, 2019. The related copies of Form 1099 must also be sent to IRS by January 31, 2019. To encourage payers to file correct information returns by the due date, penalties of up to $530 may be assessed for each Form 1099 not provided to the recipient and/or IRS.
If our firm prepares your 1099s for you, please be sure to alert us of any changes. Your advisor will be in touch with you with any questions.
The attached file HERE shows the 1099 reporting requirements. Please call us if you have any questions about whether payments you have made are subject to 1099 reporting. Thank you for the opportunity to be of service.
Steve | 01/01/2019
Furrer & Associates, Inc. | 28045 Clemens Road Suite B , Westlake, OH 44145 | Phone: (440)899-7116 | Fax: (440)899-7182 | firstname.lastname@example.org