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1099 Reporting

Writer's picture: Carrie HaddickCarrie Haddick

Did your business pay an individual or LLC for SERVICES over $600 in 2024? Services can include accounting, consulting, or repairs – they are most commonly referred to as subcontractors. If so, you are most likely required to issue them a 1099-NEC for the total amount they received. In certain circumstances, a 1099 might not be required, like the LLC is taxed as an S or C Corporation. Attorney’s are the exception – they must always be issued a 1099 for the service they provide, regardless. Additionally, if the business paid rent during the year, then a Form 1099-MISC is required to be filed for each person or business paid showing the total paid for the year. 


Your business should have any individual or LLC they were paying during the year for services complete a Form W9 – this is used to prepare and file the 1099 forms after year end. The deadline to file 1099’s is January 31st, 2025.

 

Are you not sure if someone should be issued a 1099? When in doubt, file it! There are penalties for not filing; however, there are no penalties for filing a 1099 form that didn’t meet the requirements.

 

Contact Carrie M Haddick, CPA for additional information or to discuss 2024 1099 Preparation & Filing!

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