1099 Deadline Is Approaching
The New Year is a time not only for looking forward with planning and resolutions, but also for taking a moment to reflect on the prior year and what has been accomplished. In a practical sense that includes kicking off tax season with annual payroll and 1099 reporting.
Generally, reporting rules require that payments over $600 made in the course of your trade or business to individuals, partnerships, estates, and attorneys be reported on form 1099-MISC. This includes payments made through a sole-proprietorship but not payments made for preparation of your personal return. Last year Rose, Snyder and Jacobs underwent a reclassification of our business entity from a Corporation to a Limited Liability Partnership. In years prior there were no requirements to report payments made to us, however this changed starting with the 2012 tax year.
Please remember to include Rose, Snyder & Jacobs, LLP on your 1099 list. If you have any questions or need assistance meeting this compliance requirement, please do not hesitate to contact the partner on your account. Requests for the firm’s FEIN (Federal Employment Identification Number) can also be directed to our office.
Happy New Year!