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New Year, Same Old Headaches
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The holidays are over and everyone is back at work, armed with a slew of New Year's resolutions to improve efficiency in their departments. And then you remember that it's 1099 season.
This issue features information and resources to help make this 1099 the least stressful yet. That's one resolution you'll be able to keep. Now, about that gym membership...
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| Patrick Harbin – Editor
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Middleman Regulations |
One of the trickiest things about 1099s is determining exactly who to send one to. For instance, if you hired an entertainer for your office Christmas party through a talent agency, would the performer or the agent get the 1099?
See 1099: Assignment of Income and Middleman Regulations on TAPC.
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1099s in January |
While 1099s are a yearlong concern, the beginning of the year is when the process really heats up. To make sure your organization is on the right track, here is a brief reminder of some 1099 responsibilities for January:
- Send annual 1099-MISC payee statements (Copy B) to recipients by January 31 (if amounts reported in boxes 8 and 14, the deadline is February 15).
- Backup withholding must be reported on Form 945 by January 31.
- New electronic filers submit Form 4419 to obtain a Transmitter Control Code (TCC).
Be sure to check out the new comprehensive Guide to Information Reporting Tax Year 2009, offered by The Accounts Payable Network and published by IRSCompliance. This valuable resource covers everything you need to guarantee accurate filing and avoid IRS penalties.
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Just for Fun! |
During last week's New Years' Eve party, you likely ate a little too much, stayed up a little too late, and maybe drank a little too much champagne. But, that's nothing compared to what they did in other countries. See 10 Unusual Traditions for Ringing In the New Year Around the World..
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