Re: 1099-MISC late filing
Business owners and Rental Property Clients, please be aware that a form 1099-MISC must be filed with the IRS and given to any non-employees to whom you paid at least $600 or more during the tax year. The only exception applies to Corporations. Please understand that an LLC is not necessarily a corporation, an LLC may be established as a sole proprietor, in which case a 1099-MISC must be issued. This also applies to attorney fees and rent paid to landlords. You will not be allowed to deduct the expense if a 1099 is not issued.
The due date for these forms is 1/31/2020 and the minimum late filing penalty is $50 per form.
We cannot be responsible for late filing penalties.
Please ensure that your forms are filed on time. If we are preparing your forms please make sure that we have the information needed before 12/31/2019 to allow enough time for completion.
Please call us at 757-857-1880 if you have questions or concerns.
Virginia Accounting Services