The 1099 filing deadline has passed—did you file yours? Businesses must issue 1099-NEC, 1099-MISC, and 1099-INT forms for payments over $600. However, corporations with “Inc.” in their name are exempt. Ensure compliance to avoid IRS penalties. Need help? Call Dr. Friday!

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

The 1099 filing deadline has passed! Make sure you’ve sent out all required forms, including 1099-NEC, 1099-MISC, and 1099-INT. Businesses must issue 1099s for any payments over $600 to contractors or service providers.

If you paid a corporation (one with “Inc.” in its name), they are usually exempt, but they must provide a W-9 form to confirm their status. If you haven’t filed your 1099s yet, get them done now!

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.