At Rosenhouse Group PC, we want to remind everyone that the deadline for issuing W2s and most 1099s to their recipients is January 31st. Also, you must file these with the IRS by February 28th. If, for any reason, you aren't able to meet the February deadline, you may be granted a 1 month extension by filling out form 8809.This is only an extension of time to file with the IRS. Forms must still be issued to recipients by January 31st.
Businesses (including sole proprietorships) are required to issue a 1099 Misc to anyone they paid at least $600 to unless they are a corporation. (Payments to law firms must be reported even if the law firm is a corporation.) For the payment of royalties, the threshold id $10 rather than $600.
For any questions about how to file and what information you need, please don?t hesitate to call your CPAs at Rosenhouse Group PC. As always we are available to assist you in preparing these forms. Our dedicated staff has the information you need to stay in compliance and up to date.