You normally need to file any of the 1099 forms with the IRS by Feb. 28, but recipients should receive copies by Jan. 31. The reporting requirements can be rather complicated. One part of the process involves obtaining a W-9 (Request for Tax ID Number) from any payee who will be issued a 1099. The W-9 document requires the payee to provide key information like their tax identification number.
For further questions about Phoenix new business accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.