Forms 1099-MISC Reporting Requirements
The due date for employers to send the 2018 form 1099-MISC to the IRS and the recipients is January 31, 2019. A Form 1099-MISC is required for vendors (unless a corporation) to whom you have paid at least $600 during the year in the following: rents, services performed by a non-employee, prizes and awards, other income payments, medical and health payments, and payments to an attorney (no exception for corporations). Credit card payments to vendors are excluded from the Form 1099 reporting. You may want to consider having each vendor complete a Form W-9 to ensure you have the proper identification number and addresses in order to process the 1099s in a timely fashion.
If you need assistance in preparing these forms, please contact our office. All information must be provided to DePretis CPAs by January 18, 2019 in order to guarantee timely filing with the IRS.
Form 571L Business Property Statement Reporting Requirements
All businesses are required by law to file an annual Business Property Statement (BPS) if their aggregate cost of business personal property is $100,000 or greater, or if the Assessor requests the information in writing. This form is due May 7, 2019 and details the acquisition cost of all supplies, machinery, equipment, fixtures and improvements under construction as of January 1st. Businesses with multiple locations must file a separate form for each location where the property is situated.
If you need assistance in preparing these forms, please contact our office. All information must be provided to DePretis CPAs by April 5, 2019 in order to guarantee timely filing with the IRS.