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Form 1099 NEC

RUS

Dear Taxpayers,

According to the IRS publication…

…” The PATH Act, P.L. 114-113, Div. Q, sec. 201, accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC.”…

If the following four conditions are met, you must generally report a payment as nonemployee compensation:

  1. You made the payment to someone who is not your employee.
  2. You made the payment for services rendered in the course of your trade or business (including government agencies and nonprofit organizations).
  3. You made the payment to an individual, a partnership, an estate, or, in some cases, a corporation.
  4. You made payments to the payee of at least $600 during the year.

Common examples of nonemployee compensation include payments to independent contractors, fees paid for professional services such as attorneys and accountants, and commissions paid to nonemployee salespersons that are subject to repayment but not repaid during the calendar year.

If you prefer that TM Accountant Inc prepare forms 1099 on behalf of your business for your subcontractors, please use the links below with template and email it back to us at 1099@tmaccountant.us

before January 15 

1099_NEC_DATADownload
1099_NEC_DATADownload

or

provide the following information:

For you:

  • Your Business Name
  • EIN #
  • Address
  • Phone
  • e-mail
  • Bank Info:
    • Account Number
    •  Routine Number
    • Account Title

For each recipient (subcontractor):

  • Name (Business or Individual)
  • Tax ID (EIN or SSN)
  • Address
  • Amount to be reported

Please keep in mind that this time a filing extension is not allowed.

Thank you

RUS