Avoid the 1099MISC Emergency Next Year
It’s January 23 - are your 1099MISCs prepared?
If you’re the average small business the answer is “No, when are those due???”
What inevitably follows is a panicked scramble to identify vendors who are eligible to receive a 1099 and verify that you’ve got their W-9 on file. Then there’s a desperate search for a time and cost-effective method to send them the paperwork before the January 31st deadline. Making things even worse, the IRS rules are COMPLICATED.
The good news is that with a little bit of effort throughout the year, 1099MISC prep can become a process that occupies a few minutes every month and just a few hours at the end of January.
Take a listen to this fantastic summary of how to set yourself up for easy 1099MISC maintenance by Accounting Best Practices.