Video by The Resourceful CEO provides details on what business types must receive 1099s, why, and by what dates. Includes IRS 1099 filing dates and requirements and W-9 overview. Visit http://www.Cash4Impact.com/1099-guide for more information.

1. What Entities Get 1099s?
The 1099 Video
Series

2. Introduction
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Independent contractors provide a number of
different services in any given year.
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Attorneys and accountants
Business consultants, IT providers, sales representatives
Most must receive 1099s.
http://www.cash4impact.com/1099-guide

3. Form 1099-MISC - Purpose &
Requirements
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Form 1099-MISC's purpose
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Income reporting
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Like a W-2 for non-employees
Required by the IRS
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Applies to any entity or individual your company paid >=
$600 during tax year.
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Income includes: fees for services rendered, attorney
fees, medical and health care payments or rents.
Applies to any entities your company paid >= $10 in
royalties.
http://www.cash4impact.com/1099-guide

4. Covered Business Types
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Applicable entities that must receive 1099s:
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Individuals operating as sole proprietors
General partnerships
Limited liability partnerships (LLPs)
Limited liability companies (LLCs)
Exemption:
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Most corporations
http://www.cash4impact.com/1099-guide

5. Corporate Exceptions
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A few exceptions to the corporation exemption exist.
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In these cases, you must issue a 1099-MISC to a
corporation.
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Attorney's fees paid to a corporation
Medical and health care fees paid to a corporation
Paid cash to a corporation for fish purchases
The $600 minimum reporting threshold still applies.
http://www.cash4impact.com/1099-guide

6. IRS: Dates
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Recipients:
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Payers must deliver Form 1099-MISC by January 31
following the end of the prior tax year.
IRS Filing:
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Payers must mail the IRS the 1099 summary by February
28.
Payers have until March 31 if filing electronically.
http://www.cash4impact.com/1099-guide

7. W-9 Required
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To properly file 1099s, you need all the necessary
information.
Request and obtain a completed and signed W-9 for
each service provider in advance.
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W-9 provides:
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Business name (full legal and doing business as)
Taxpayer identification number or employee identification
number
Business address on the W-9
Signature
http://www.cash4impact.com/1099-guide

8. References
For more information and additional
videos, visit Cash for Impact:
www.Cash4Impact.com/1099-guide


Internal Revenue Service: Forms and Associated Taxes for
Independent Contractors
Internal Revenue Service: General Instructions for Certain
Information Forms
http://www.cash4impact.com/1099-guide