Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms 1099-NEC (Nonemployee Compensation), we would like to share the following video explaining the requirement and due date information associated with filing Form 1099-NEC.
Click here: to watch the video
Form 1099-NEC – Important Due Date
January 31, 2023
- Form 1099-NEC information returns, used to report Nonemployee Compensation (NEC) payments, are due. This form must be filed by all businesses that made payments for services to noncorporate recipients or law firms (regardless of their entity type) in excess of $600 during the calendar year.
Things you should do now to ensure compliance with the requirements outlined in the video
- Review your vendor payments and begin to gather any missing Forms W-9 for all vendors to whom you paid or expect to pay more than $600 for services in 2022.
- Collect W-9 forms from corporate entities, as this will be your proof of their corporate status (and your corresponding relief from issuing them a Form 1099-NEC.)
- Because Form 1099 -NEC amounts are based on payments made rather than expenses incurred, establish a payment cutoff date early enough in December to allow you to prepare 1099-NEC information in a timely manner.
Questions?
- If you have any questions, don’t hesitate to contact BLS.
