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November 1, 2024

1099 Filing Requirements and Deadlines for Compliance

Table of Contents

The IRS requires businesses to issue Form 1099-NEC to any non-employee paid $600 or more for services, including contractors, service providers and vendors, with some exceptions like payments made to corporations. Other forms, such as 1099-MISC for rent and legal services, 1099-DIV for dividends and 1099-INT for interest, apply to specific payments.

To avoid penalties, all 1099 forms must be sent to recipients by Jan. 31 of each year and filed with the IRS.

Understanding the different 1099 forms, deadlines and recipient types is essential for compliance.

Review the tables below to compare these details.

1099 Forms and Deadlines

Form What It Reports Recipient Due Date IRS Filing Due Date
1099-NEC Non-employee compensation (e.g., contractor payments) January 31 January 13
1099-MISC Miscellaneous income (e.g., rent, legal fees, royalties) January 31 February 28 (paper filing)
March 31 (electronic filing)
1099-INT Interest income January 31 February 28 (paper filing)
March 31 (electronic filing)
1099-DIV Dividends and distributions from investments January 31 February 28 (paper filing)
March 31 (electronic filing)

1099 Recipients

Recipient Type Form 1099 Required? Details
Independent Contractors Yes If paid $600 or more for services during the year
Freelancers/Self-employed Yes If paid $600 or more for services during the year
Vendors (sole proprietors LLCS if taxed as a partnership) Yes If paid $600 or more for services during the year (non-corporations)
Attorneys/Law Firms Yes Even if they are corporations, if paid $600 or more
Landlords Yes (1099-MISC) If paid $600 or more in rent
Corporations No Generally exempt, except for payments like legal fees

If you have any questions regarding the 1099 reporting process, connect with our CBIZ outsourced accounting team.

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