If you paid any sort of Miscellaneous income other than employees’ wages, you need to report the income & taxes withheld to the IRS through Form 1099 misc. This Form is used to report payments for services done by non-employees (such as independent contractors), rents, royalties and other terms involved. Also you need to send the copies of the form to the recipients.
You should not pay to independent contractor until you have received a Form W-9. Form W-9 is used to "Request for Taxpayer Identification Number and Certification" to obtain names, address, and taxpayer identification numbers (SSN or FEIN) from people you will be required to provide Form 1099-MISCs.
Want to get the Form W-9 information from your recipient? Click here to know how to get it done through online.
Visit https://www.taxbandits.com/1099-forms/file-form-1099-misc-online/ to know more about the filing of IRS 1099-MISC Form.
Recipient Copy Deadline:
January 31, 2020
E-filing / Paper filing Deadline:
To report for Non-Employee Compensation
January 31, 2020
Paper Filing Deadline:
To report other payments made
February 28, 2020
March 31, 2020
Your 1099-MISC Filing doesn't end with the Federal Filings alone. You need to report to the respective state agencies as well. Currently our e-filing software helps out 1099 filing for the states which participate in the Combined Federal and State Filing Program (CF/SF). Learn more about Form 1099 State Filing requirements.
It is important to file Form 1099-MISC on time to avoid late filing penalties. If you are beyond the deadline, & cannot show a reasonable cause, you may be subjected to penalties.
You might face penalties on the following criterias: