Missing & incomplete information of your 1099 vendors can cause problems and IRS penalties when filed.
Make sure you have plenty of time to prepare your 1099's. 1099's are required by the IRS, if you have outside consultants or sub-contractors that you've paid $600 or more, they must receive a 1099 MISC form to file their taxes.
Recipients must receive their 1099 MISC forms by January 31st and the IRS must receive form 1096 by February 28th. So start getting your vendor accounts up-to-date to avoid year end mistakes. We at Bookkeeping & More Services offer 1099/1096 preparations to our clients in a timely manner.
For assistance call us at (914) 237-5088 or visit us online to complete our contact form at www.bookkeepingnmore.com.