Did you rent an office? Did you pay a contractor for repairs on your rental property? You may have a Form 1099 filing requirement.
If you paid $600 or more for outside services or contractors during the year, you have a filing requirement. For years you may have overlooked this requirement and never heard a word. Well, last year the IRS warned they would be cracking down on late and skipped filings of Form 1099 and sure enough, we saw many notices assessing penalties.
Late Form 1099 carries a penalty of between $50 and $260 per form!
Skipped Form 1099 (intentional disregard) carries a penalty of $250 per form… plus, interest in both cases of course.
Call us to see if you have a requirement and if so, to get those electronically filed.