IRS Form 1099-MISC

The 1099-MISC is used to report those payments that have been made towards jobs or to workers or independent contractors for the jobs undertaken by them.

Who Needs To File A 1099-MISC?

Broker and/or royalties expenditures with respect to Attorney expenses paid Sales of minimum $5,000 of FMCGs to a buyer for Every contractor paid minimum $600 during the tax

dividends/tax-exempt interests in excess of $10

resale anywhere but a retail concern

year is to be reported individually.

Process For Filing Form 1099-MISC?

The information on the Form 1099-MISC is to be
completed adhering to the detailed instructions supplied by the IRS. The following 4 copies are to be crated and distributed:

Copy A to be submitted to the IRS Copy B and 2 to be submitted to the contractor for Copy 1 to be given to the tax department of the Copy C is to be reserved for the employers archives.

his/her IT returns

state, i.e., if it is applicable

Who Are Out Of Form 1099-MISC?

If you are employed by a firm or a registered

corporation, then you are not supposed to file the Form 1099-MISC.

Entities or individuals paying for

scholarship/fellowship support (student should file

return).

When is Form 1099-MISC To Be Filed?

January 31st 1099-MISC Form must be sent to the February 28th The Form 1099-MISC is to be filed

recipient

with the IRS physically via paper

April 1st The Form 1099-MISC is to be filed

electronically with the IRS.

Process For E-Filing Form 1099-MISC?

The e-filing of the 1099-MISC can be done online on the

IRS website or the individual can download the e-Smart Form of the 1099-MISC on his computer and upload the data and information on the IRS website.

Additionally, the process of e-filing does away with the

copy A of 1099-MISC. However, the additional still need to be given and distributed to the contractors.

Also, e-filing does away with the necessity to file Form

1096 with the IRS.

How To Select Correct E-Service Provider For Filing Form 1099-MISC?

Should be approved by the IRS (will have the IRS Must be secure and safe to trust with important
Have ample client assistance service phone, Should be affordable, reasonable and cost effective.

logo on their website)

info(check the sites security certificate)

email, etc.

Penalties For Not Filing The Form 1099MISC

$30 per info filed correctly within 30 days

(maximum penalty $250,000/year limited to $75,000 for small industries).

$60 per info filed correctly between 30 days (March $500,000/year limited to $200,000 for small industries). Continued...

28th)and 1st August (maximum penalty

Penalties For Not Filing The Form 1099MISC

$100 per info filed correctly after 1st August

(maximum penalty of $1,500,000/year limited to $500,000 for small industries).

$250 penalty for deliberate failure to file.

About Us

1099Fire focuses solely on the information We develop and maintain software for year-end

reporting industry.

information compliance of 1042-S, 1097, 1098,

1099 software, 3921, 3922, 5498, 8027, 8955-

SSA, W-2G, and W-2/W-3 (with corrections).

Thanks For Watching Our Presentation Over Form

1099-MISC.

Feel Free To Contact Us Anytime. We Would Feel

Extremely Happy To Help You! Visit us at http://www.1099fire.com