The IRS requires businesses that use contract labor, or make payments for services to someone who is not an employee of the business, to issue a form 1099-Misc to that individual or company. Other types of 1099 forms that your business may be required to file include 1099-INT, which reports interest you collected on a loan; and 1099-R, which reports distributions you made from pensions, retirement plans or profit-sharing plans. The business must also file the information from 1099 forms with the IRS.
Deadline to Issue 1099
The IRS requires you to issue 1099s to contractors and others who qualify for the forms by January 31 following the tax year. If January 31 falls on a weekend, you must issue the 1099 no later than the following Monday.
Deadline to Report to IRS
If you’re sending a paper copy of the 1099 to the IRS, you must have it in by February 28. If you file the copies of your 1099s electronically, through the IRS’s FIRE (Filing Information Returns Electronically) system, you have until March 31 to get them in.
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