Urgent Alert: Businesses Must Submit 1099 Forms by Month’s End!

Businesses must be aware of their obligations regarding Form 1099, which reports payments made to vendors or independent contractors. As of January 31, 2024, all businesses are required to issue a 1099 for any individual or business to whom they paid $600 or more during the calendar year. Notably, wages paid to W-2 employees or payments made to corporations and tax-exempt charities are exceptions to this requirement.

Failure to file these forms on time can lead to penalties that may reach up to $630 per form. To avoid complications, businesses should ensure that all necessary forms are submitted by the deadline.

CS CPA Group offers a solution to streamline this process. They provide services to compile data and mail the 1099 forms to your independent contractors and vendors. Furthermore, they will handle filing these forms with the IRS as mandated. Their pricing structure is as follows:

• 1-9 1099s – $20 each
• 10-49 – $15 each
• 50+ – $12 each

To initiate the filing process, clients can email [email protected] with the following details:

• Your company name and EIN
• Vendor or contractor name
• Vendor or contractor address
• Vendor tax ID number
• Total paid during calendar year 2024

For any inquiries, businesses can reach CS CPA Group at 520-568-3303.