Form 1099’s Due This Month

As a general rule, Form 1099s are due to recipients by the end of January. With limited exceptions, every trade or business (including rental properties after 2010) must file an information return for payments made to unincorporated entities. The most common type of 1099 is Form 1099-MISC.  This filing is required for payments of over $600 during the calendar year for services. An unincorporated entity includes individuals, sole proprietors, partnerships and LLCs.  There are a host of other 1099s required for items like rent paid, interest income, dividend income, timber sales, sale of securities, cancellation of debt and an endless list of other items.  This annual filing must include  the name and address of the payee and the amount paid, and furnish a statement to the payee by no later than January 31st (since it is the IRS some exceptions apply).  The good news is that the Forms do not have to be filed with the IRS until the end of March, if electronically submitted. However, if you plan on paper filing these returns to the IRS they require special paper (pink OCR forms) and must be filed by the end of February.

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