Whenever you bring someone on board as a contractor, make sure you have the person fill out and sign a W-9 Form. This will actually make the process of sending out a 1099-MISC much easier. The reason is that the W-9 will have critical information, like the mailing address, Tax ID number and whether the contractor has a corporation or not.
Oh, and yes you need to know the deadlines (if not, you could be subject to onerous fines). Here they are:
- February 1, 2016: Deadline for completing and mailing Copy B of Form 1099-MISC to independent contractors.
- February 28, 2016: Deadline for submitting Copy A of Form 1099-MISC to the IRS if you file by mail.
- March 31, 2016: Deadline for submitting Copy A of Form 1099-MISC to the IRS if you file electronically.
Something else: There may be different deadlines for the state.
Finally, at Pathway Tax we have experts that can help send out your 1099-MISC forms (as well as W-2’s and even forms for Obamacare). Feel free to contact us.