Are you required to file Form 1099-MISC to report nonemployee                          compensation payments for the 2016 calendar year?  This information is            reported in box 7 on Form 1099-MISC.  If so, please be advised that there is      a new filing requirement for these returns.  As in the past, the form is due          to the recipient by January 31, 2017.  However, new for 2016 returns, they         are also due to the IRS by January 31, 2017 as well.  This filing date is                 required whether you file by paper or electronically.

Now is the time to review your records to ensure you have all the necessary information required to accurately prepare these documents.  Best practice is to have Form W-9 completed by each of your vendors.  This document will provide you the information necessary to determine if that vendor is required to receive a 1099-MISC.  Review all vendors that you have paid $600.00 or more for services in the calendar year, to determine if they should receive the form.

Please contact our office if you are having difficulty determining if you are required to file these returns, if you would like assistance with the preparation of these returns or any other questions or concerns you may have.  Below are links to the IRS publication for general instructions for certain information returns for 2016 and also a link to Form W-9.

https://www.irs.gov/pub/irs-pdf/i1099gi.pdf

https://www.irs.gov/pub/irs-pdf/fw9.pdf

 

 

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