1099s
Oh, the many joys of wrapping up another year of growth! One deadline that can sneak up is 01/31! Which is the annual W2 & 1099 deadline. This means all 1099s have to be issued AND sent/postmarked as of that deadline. Not doing so can subject your business to fines of up to $330 per missed form. The IRS has common law rules that differentiate different working relationships. For example, an independent contractor vs an employee. There are hefty fines and penalties for misclassifying a worker.
Did you know that there are 21 different 1099 forms available? For example, different versions are required for SubContractors vs Property Owners. There are also multiple exceptions to the rule. Such as 1099s are not issued for products. Collecting W9s is only the first step. At R22BKS, this is not our first rodeo, we have systems and processes in place to deliver a hassle-free identification, collection, and delivery experience.
