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With year-end fast approaching, now is the time to ensure that your vendor information is up to date to comply with 1099 reporting. For any payments to a vendor that equal $600 or greater, you will need to ensure that a 1099-MISC is prepared and sent to those respective vendors by January 31, 2017. This includes payments for rent, legal services, or nonemployee compensation. Nonemployee compensation is payment made to someone for services in the course of your operations who is not your employee. Examples may include payments for professional services, such as attorneys, accountants, consultants, architects, graphic designers, contractors, engineers, etc.

If you do not already have complete and updated vendor information, request that your vendors send you a completed Federal W-9 form by year-end. This form is the most efficient way to obtain all the information needed to prepare and issue 1099-MISC forms. We recommend that you maintain the copies of completed W-9 forms in your records. [1099-excel]

The IRS provides a blank W-9 form on its website, www.irs.gov, which you can send directly to your vendors for completion.

Attention: New filing deadline for 2016 Form 1099-MISC

If you are reporting nonemployee compensation payments in Box 7 on Form 1099-MISC, the due date to file with the IRS is now January 31, 2017. Reporting for all other payments are due by February 28, 2017 if you file on paper, or by March 31, 2017 if you file electronically. The due dates for furnishing payee statements remain the same.

Nicole Lovato

Nicole Lovato is an accounting solutions senior accountant. She earned a bachelor’s degree in business administration and a master’s degree in financial fraud at Saint Xavier University. Prior to joining Selden Fox, Nicole was a senior tax accountant in the fiduciary group at a Big 4 accounting firm.