17 Nov Form 1099s
The ability to automatically print many of the required government forms has served to increase the appeal of QuickBooks accounting software packages. Form 1099-MISC is a form required by the Internal Revenue Service (IRS). The form includes information of certain payments made by a business to an individual or partnership. Once the form is received from the payer, the IRS verifies that the recipient has included the income. There is a penalty that can be imposed for failing to file this information in a timely fashion. Payments that require a 1099-MISC would be for services such as labor for repairs, rent, or legal fees. A common rule of thumb is to include any payment that is not for a physical product. To obtain the pamphlet from the IRS that contains all of the specifics, call 1-800-829-3676. Once the list is created, a discussion with the business accountant will confirm that the list is complete and accurate. The tax accountant can also assist in the completion of other 1099 forms that may be required, such as 1099-DIV or 1099-INT.