DECEMBER 2024
Hey, it’s Lourene!
Whether it’s your first year filing 1099s or you’re a seasoned pro, it’s always a good idea to refresh your knowledge and ensure you’ re keeping up with the ever-changing requirements.
SO, WHAT IS A 1099?
Simply put, a 1099 is a form used to report income to the IRS. Each type of 1099 reports a different type of income. For the purposes of this guide, we’ll be focusing on the 1099-NEC: Nonemployee Compensation. A 1099-NEC reports payments for services from a non-employee that total over $600.
If you’re a small business owner who works with contractors (or you are a contractor yourself), you’ll want to download a free copy!
Secure Yours Today!
BOI, oh boy! As part of the Corporate Transparency Act, your business may be required to file a Beneficial Ownership Information report. Failing to file can result in a $591 per day penalty!
When is it due? The due date for your BOI filing is based on the date your business was registered, you can learn more about your filing requirements here: https://www.fincen.gov/boi-faqs.
