IRS Form 1099 Filing Requirements
To file a Form 1099-NEC by January 31, 2025, for every individual or non-corporate business you paid over $600 for services in 2024. This includes non-employee compensation and legal services.
Here is what we will need for each individual or non-corporate business that you paid over $600 for services and any attorney that you hired this year for any amount.
Filing late can result in penalties.
Would you like MD LEWIS LLC to file for you?
We can help you prepare and file the 2024 1099’s. Please provide, in writing, a complete list of vendors on or before January 13th to meet the January 31st deadline.
Form 1099-NEC
Here is what we will need for each individual or non-corporate business that you paid over $600 and any attorney that you hired this year for any amount:
- Payee name
- Payee address
- Payee federal ID number (obtained by you on Form W-9). Download the W-9 form here.
- The amount paid during 2024
Form 1099-MISC
It is required for rent paid to non-corporations. For each 1099-Misc we will need:
- Payee name
- Payee address
- Payee federal ID number (obtained by you on Form W-9). Download the W-9 form here.
- Amount paid during 2024
IRS Report Requirement
You are required to report on your tax return whether you have filed 1099’s. A compliance question requires a Yes/No response on your tax form. This tightens overall enforcement in this compliance area, which can produce audits.
Important reporting note: Payments made to Limited Liability Companies (LLCS) must be reported on Form 1099. The only LLCs exempt from receiving a 1099 are companies that have elected to file as a C corporation or S corporation (C & S Corporations do not need to file).
The LLC certifies they are a corporation by completing a W-9 form for you. LLCs who are not classified as a corporation should receive a 1099.
The Fee to Report and File
Fees for this begin at $150, depending on your situation. It may be included in your maintenance package. Please contact us with any questions.