The penalties for failing to file Forms 1099-MISC correctly and on time aren’t chump change anymore. Beginning with forms filed next year, the penalties jump to $50 from $30, and that’s only if you manage to file correct forms within 30 days of your mistake. Penalties leap further, the longer you wait to file correct forms, which puts a premium on good year-end prep. Here’s what you need to know for the upcoming 1099 filing season.
(Did you know that a step-by-step here.)compliance guide to each pay period, month and calendar quarter of the year is now available? Download it free
Who gets Form 1099-MISC. Independent contractors must receive 1099-MISC forms if they do business in a noncorporate form—sole proprietorships, partnerships, disregarded entities or limited liability companies that don’t elect to be treated as corporations—and you’ve paid them at least $600 in cash for services they provide...(register to read more)