Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
SlideShare a Scribd company logo

IRS Form 1099-MISC

•Download as PPT, PDF•
•

The 1099-MISC is used to report those payments that have been made towards jobs or to workers or independent contractors for the jobs undertaken by them.

1 of 11

1

IRS Form 1099-MISC  The 1099-MISC is used to report those payments that have been made towards jobs or to workers or independent contractors for the jobs undertaken by them.

2

Who Needs To File A 1099-MISC?  Broker and/or royalties expenditures with respect to dividends/tax-exempt interests in excess of $10  Attorney expenses paid  Sales of minimum $5,000 of FMCGs to a buyer for resale anywhere but a retail concern  Every contractor paid minimum $600 during the tax year is to be reported individually.

3

Process For Filing Form 1099-MISC? The information on the Form 1099-MISC is to be completed adhering to the detailed instructions supplied by the IRS. The following 4 copies are to be crated and distributed:  Copy A to be submitted to the IRS  Copy B and 2 to be submitted to the contractor for his/her IT returns  Copy 1 to be given to the tax department of the state, i.e., if it is applicable  Copy C is to be reserved for the employer’s archives.

4

Who Are Out Of Form 1099-MISC?  If you are employed by a firm or a registered corporation, then you are not supposed to file the Form 1099-MISC.  Entities or individuals paying for scholarship/fellowship support (student should file return).

5

When is Form 1099-MISC To Be Filed?  January 31st– 1099-MISC Form must be sent to the recipient  February 28th – The Form 1099-MISC is to be filed with the IRS physically via paper  April 1st – The Form 1099-MISC is to be filed electronically with the IRS.

6

Process For E-Filing Form 1099-MISC?  The e-filing of the 1099-MISC can be done online on the IRS website or the individual can download the e-Smart Form of the 1099-MISC on his computer and upload the data and information on the IRS website.  Additionally, the process of e-filing does away with the copy A of 1099-MISC. However, the additional still need to be given and distributed to the contractors.  Also, e-filing does away with the necessity to file Form 1096 with the IRS.

7

How To Select Correct E-Service Provider For Filing Form 1099-MISC?  Should be approved by the IRS (will have the IRS logo on their website)  Must be secure and safe to trust with important info(check the site’s security certificate)  Have ample client assistance service – phone, email, etc.  Should be affordable, reasonable and cost effective.

8

Penalties For Not Filing The Form 1099- MISC  $30 per info filed correctly within 30 days (maximum penalty $250,000/year limited to $75,000 for small industries).  $60 per info filed correctly between 30 days (March 28th)and 1st August (maximum penalty  $500,000/year limited to $200,000 for small industries). Continued...

9

Penalties For Not Filing The Form 1099- MISC  $100 per info filed correctly after 1st August (maximum penalty of $1,500,000/year limited to $500,000 for small industries).  $250 penalty for deliberate failure to file.

10

About Us  1099Fire focuses solely on the information reporting industry.  We develop and maintain software for year-end information compliance of 1042-S, 1097, 1098, 1099 software, 3921, 3922, 5498, 8027, 8955- SSA, W-2G, and W-2/W-3 (with corrections).

11

Thanks For Watching Our Presentation Over Form 1099-MISC. Feel Free To Contact Us Anytime. We Would Feel Extremely Happy To Help You! Visit us at http://www.1099fire.com

More Related Content

IRS Form 1099-MISC

  • 1. IRS Form 1099-MISC  The 1099-MISC is used to report those payments that have been made towards jobs or to workers or independent contractors for the jobs undertaken by them.
  • 2. Who Needs To File A 1099-MISC?  Broker and/or royalties expenditures with respect to dividends/tax-exempt interests in excess of $10  Attorney expenses paid  Sales of minimum $5,000 of FMCGs to a buyer for resale anywhere but a retail concern  Every contractor paid minimum $600 during the tax year is to be reported individually.
  • 3. Process For Filing Form 1099-MISC? The information on the Form 1099-MISC is to be completed adhering to the detailed instructions supplied by the IRS. The following 4 copies are to be crated and distributed:  Copy A to be submitted to the IRS  Copy B and 2 to be submitted to the contractor for his/her IT returns  Copy 1 to be given to the tax department of the state, i.e., if it is applicable  Copy C is to be reserved for the employer’s archives.
  • 4. Who Are Out Of Form 1099-MISC?  If you are employed by a firm or a registered corporation, then you are not supposed to file the Form 1099-MISC.  Entities or individuals paying for scholarship/fellowship support (student should file return).
  • 5. When is Form 1099-MISC To Be Filed?  January 31st– 1099-MISC Form must be sent to the recipient  February 28th – The Form 1099-MISC is to be filed with the IRS physically via paper  April 1st – The Form 1099-MISC is to be filed electronically with the IRS.
  • 6. Process For E-Filing Form 1099-MISC?  The e-filing of the 1099-MISC can be done online on the IRS website or the individual can download the e-Smart Form of the 1099-MISC on his computer and upload the data and information on the IRS website.  Additionally, the process of e-filing does away with the copy A of 1099-MISC. However, the additional still need to be given and distributed to the contractors.  Also, e-filing does away with the necessity to file Form 1096 with the IRS.
  • 7. How To Select Correct E-Service Provider For Filing Form 1099-MISC?  Should be approved by the IRS (will have the IRS logo on their website)  Must be secure and safe to trust with important info(check the site’s security certificate)  Have ample client assistance service – phone, email, etc.  Should be affordable, reasonable and cost effective.
  • 8. Penalties For Not Filing The Form 1099- MISC  $30 per info filed correctly within 30 days (maximum penalty $250,000/year limited to $75,000 for small industries).  $60 per info filed correctly between 30 days (March 28th)and 1st August (maximum penalty  $500,000/year limited to $200,000 for small industries). Continued...
  • 9. Penalties For Not Filing The Form 1099- MISC  $100 per info filed correctly after 1st August (maximum penalty of $1,500,000/year limited to $500,000 for small industries).  $250 penalty for deliberate failure to file.
  • 10. About Us  1099Fire focuses solely on the information reporting industry.  We develop and maintain software for year-end information compliance of 1042-S, 1097, 1098, 1099 software, 3921, 3922, 5498, 8027, 8955- SSA, W-2G, and W-2/W-3 (with corrections).
  • 11. Thanks For Watching Our Presentation Over Form 1099-MISC. Feel Free To Contact Us Anytime. We Would Feel Extremely Happy To Help You! Visit us at http://www.1099fire.com