All 2022 tax returns completed by JSC Advisers will now be delivered electronically with SafeSend Returns
1099 Deadline Approaching
The IRS filing deadline for businesses issuing Form 1099-MISC & 1099-NEC is :
MONDAY, JANUARY 31, 2023.
***This deadline applies to both electronically and paper-filed forms. Penalties for late filing or not filing your 1099s can range from $50 - $250 per 1099.***
WHO DOES THIS APPLY TO : This applies to anyone who operates a business that directly pays vendors/non-employees in excess of $600 per year for provided services and activities. These services include rent, repairs, maintenance, lawyer fees, sub-contractors, freelancers, etc.
WHAT DO I NEED TO DO : Please send JSC Advisers the following information NO LATER THAN JANAUARY 15, 2023 :
A completed Form W-9 for each contracted worker. You can download the form from our website. Click here to access.
The amount paid to each 1099 vendor during the current tax year.
WHAT ELSE DO I NEED TO KNOW :
If we are preparing and filing the 1099’s for you, we will require this information to be submitted to our office by January 15th, 2023 in order to meet the IRS deadline. We cannot guarantee timely submission for any information received after this deadline. Help us ensure compliance for you by submitting the required data by this date.
For clients who we do NOT provide bookkeeping services to or clients who we do not have a monthly / quarterly bookkeeping engagement with - we no longer will be able to review your QuickBooks file or accounting records in January to determine the 1099 vendors. Therefore, we will need you to review your vendors for the year and determine which vendors need to have a 1099 issued and to obtain the information necessary to prepare the 1099s.
If you have any questions, feel free to contact our office at 570.523.1236. We hope everyone is doing well and has a great rest of the year.
The JSC Advisers Team