- Posted by admin
- Expert Advice, Tax Planning
I know you are focused on other things – raising funds, product design and development, marketing and business development. While you focus on the things that will mean success for the future don’t forget the year-end annual reporting needs and requirements for the IRS the Oklahoma Tax Commission. A quick calendar of important dates for specific requirements:
• February 2nd – 1099 Misc and W2 forms postmarked and mailed to recipients
• March 2nd – 1099 Misc and 1096 forms postmarked and mailed to the IRS
• March 16 – Corporate Tax Returns & K-1 (LLC investors) or Extension to the IRS & State
• September 15 – Final date for Corporate Tax Returns
The 1099 Misc form seems to be confusing for many. You need to send a 1099 Misc to:
• Individuals that received over $600 from your company in the calendar year, no matter what the payments were for;
• LLCs (that are not treated as C-Corps or S-Corps) that received over $600 from your company in the calendar year, no matter what the payments were for;
• Payments to attorneys for legal services over $600 from your company in the calendar year.
The 1099 Misc instructions from the IRS go into great detail when the 1099 Misc form should be sent out:
Start your planning now with your tax professional to make sure all deadlines are met. Feel free to contact me if there are questions.
[ This is a guest post guest blog post by Tom McCabe, Resource Group & Forge Bull-Pen Mentor ]