Just a reminder that the due date for filing most 1099 forms is almost here. Any 1099-MISC forms with an entry in Box 7 for non-employee compensation need to BOTH be furnished to the recipient AND filed with IRS by January 31. These forms need to be completed for anyone your business paid any independent contractor over $600 during the year. With failure to file penalties ranging from $50 to $530 per form for not submitting the forms to the Internal Revenue Service, and matching penalties for not providing the recipient a correct copy, you do not want to miss this rapidly approaching deadline.
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