1099 time is sneaking up quickly!
As we enter the fourth quarter here at Two Roads, we begin to prepare for the January tax push that is around the corner.
1099's always seem to be the big project at the first of the year. It's important that we make this process as painless as possible for our partners, so we are constantly looking for ways to increase our efficiencies in this area.
Don't be surprised if you hear from your Two Roads team member in the next few weeks. It's our way to keep a close rein on this process, to be sure there is little wasted time for everyone involved.
You can expect your Two Roads team member to ask you some questions to help chase down some information, so we can issue the 1099's quickly at the beginning of the year.
So you can begin preparing, here's a reminder of what the IRS says about the 1099-MISC:
"File this form for each person to whom you have paid during the year:
- at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
- at least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
- any fishing boat proceeds
- gross proceeds of $600, or more paid to an attorney during the year,
- withheld any federal income tax under the backup withholding rules regardless of the amount of the payment."
Thanks for partnering with Two Roads!