2023 1099 Information Letter
December 1, 2023
Dear Client,
As the end of the year approaches, I would like to make you aware of some possible year-end filing requirements. In the course of your trade or business, if you paid $600 or more to subcontractors, freelancers, or other individuals for non-employee compensation, you are required to:
Issue the recipient a Form 1099-NEC by January 31st
Submit copies of the 1099-NEC to the IRS by January 31st
Payments for items other than non-employee compensation are reported on 1099s such as 1099-MISC, 1099-DIV, 1099-INT, etc. For these 1099s you are required to:
Issue the recipient a Form 1099 usually by January 31st (exceptions apply)
Submit copies of the 1099 to the IRS by February 2sth (March 31st if electronically)
In preparation for this process, it is important that you have correct social security numbers, tax identification numbers, and current addresses for everyone who should receive a 1099.The penalty for late filing can be as much as $280 for each Form 1099.
If you would like us to prepare any of the above forms for you, please send all required information to your account manager or to 1099sandW2s@twru.com. You may also send this through the link to our website. We require that you send all information to us by January 15th so that we can prepare and electronically file before the deadline.
Please click here to download the form so that we can get the information back to you in the manner most convenient for you.
Sincerely,
Nancy Stich, CPA
