FORM 1099-NEC
(non-employee compensation formerly reported on 1099-MISC)
The IRS requires business owners to file a Form 1099-NEC by February 1, 2021, for every individual or non-corporate business that was paid over $600 in 2020 for nonemployee compensation and legal services. It’s very important to meet these requirements, as late filings could result in penalties.
If you would like MD LEWIS LLC to assist you with preparing and filing the 2020 – 1099’s, please provide, in writing, a complete list of vendors on or before January 20th to meet the February 1st deadline.
For each individual or non-corporate business that you paid over $600, we will need:
- Payee name
- Payee address
- Payee federal ID number (obtained by you on Form W-9)
- Amount paid during 2020
A Form W-9 for your vendors to complete can be found online at:
https://www.irs.gov/pub/irs-pdf/fw9.pdf
Please note: You are required to send a 1099 to LLC’s, unless they have elected to be taxed as a corporation.
If you should have any questions regarding Form 1099-NEC, please call our office at (952) 898-2011 or email our help desk at helpdesk@mdlewiscpa.com. Requests for 1099 processing assistance can be emailed to the HelpDesk. Please use your portal for securely transferring any documentation containing SSN’s or other personal information.
We look forward to working with you!