First year as S-Corp. 1099 question?

First year as S-Corp. 1099 question?
This is our first year as an S-corp. Its a little late to be asking these questions, but the year flew by and before I go to my accountant I would like the answer to a few questions. (so i dont sound like an idiot asking my accountant this late haha) I know we dont have to 1099 people who we contracted for less then $600 But the people who we did pay more than $600, when do we have to have the 1099 paperwork finished and in the mail by? I assume thats soon... Do we have to 1099 businesses we did business with? I dont believe so, but what info and how do we break down the money we paid regarding the business-to-business? exp. If we got paid $10,000 for an add campaing from company XYZ and we paid $8,000 to TimeWarner Cable for air time, how do we break that down? im sure its simpler than im making it, but my accountants going to say "WHY THE HELL DIDNT YOU ASK ME THIS 6 MONTHS AGO!?!" hahaha, hes right, and thanks for the info happy new year fell new business owner My accountant will actually proccess all of my paperwork to the government / mail out the 1099s I just need any info anyone has on exactly what i need to get to my accountant. thank you very much


Answers:

v b:  irs.gov, get the instructions for form 1099-misc. look at the list that you are exempt from doing the 1099-misc. (Eg, not corporations.) The accountant should have had this chat with you a looooong time ago. If you are required to issue a 1099-Misc, you were required to hand out a form W-9 to get the name/address/tin. Without the tin, you were supposed to withhold 28% of the gross and send it to the irs as withholding.
2007-12-27 09:13:36
Chosen Answer
Joanne D:  Ok, here's a quick crash course. You need to ask EVERY vendor you have paid over the year for a W9 form. This form will tell you if you need to send them a 1099. If you paid them over $600 this year and they are NOT a corporation, you must send them a 1099. The information you need to include on the 1099 is on the W9 form. You will need the vendor's legal name and/or dba, address, and Tax ID or Social Security number to complete the 1099. I am not positive about the deadline date to mail 1099's, but I think it's the end of January. You must also send a copy of the 1099's with a transmittal form to the IRS/Social Security Administration. These forms can be obtained from the IRS. Get a tax booklet from your post office or call your local IRS office to find out how to get one.
2007-12-27 09:16:16