1099's to workers of buildings

Our coop’s accountant has informed us that  it is now a law to give 1099’s to those who make over $1000.  We are having a hard time getting social security numbers from people, not surprising, really. I’m wondering what the response is from other buildings, i.e. who’s doing what?   Mhughu

mhughu

in Accounting 13 years and 2 months ago

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stevecym | 13 years and 2 months ago

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if they are incorporated, you do not have to provide them with a 1099.  Corporations are responsible for their own taxes.  Contractors working under their own name should be providing you with a SS#.   Steve

Bklnite | 13 years and 2 months ago

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That’s right – 1099 forms must be sent to contractors that you’ve paid at least $600 in the year, and I believe you have to send a copy to the payee by Jan. 31 and file the 1099-MISC forms with the IRS by end of Feb. Contractors would prefer not to have the income reported, but your accountant is telling you the right thing to do. You may get away with it until an audit. If you’ve already missed the 2011 deadlines, you can start complying for 2012\. You can give the contractors the option of being replaced if they don’t want to provide SSN.

buttermilkchannel | 13 years and 2 months ago

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1099’s should be filed in Jan / Feb for anyone you’ve paid more than $600.