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Home > Money & Services > Taxes   »   1099 penalty?

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Old Feb 11, 2008, 04:58 PM
cbrennan
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1099 penalty?
What is the consequence of not sending a 1099 to an independent contractor? What is the implication? Penalty? There is a person that we paid something to that was an employee but is now no longer. Do we 1099 them like any other vendor?

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Old Feb 11, 2008, 06:00 PM   #2  
MukatA
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If you paid $600 or more to an independent contractor, you must issue 1099-MISC. If you have not done this till now, do it now. Late filing penalty is $50.
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Old May 13, 2008, 11:29 AM   #3  
bigchuck
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Quote:
Originally Posted by cbrennan
What is the consequence of not sending a 1099 to an independent contractor? What is the implication? Penalty? There is a person that we paid something to that was an employee but is now no longer. Do we 1099 them like any other vendor?
You only need to send a 1099 to someone who is not an employee, who is not incorporated and to whom you paid over $600.00 in year.

If in doubt there is no harm in sending one... if you are in doubt.
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Old May 14, 2008, 11:45 AM   #4  
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Agreed; if in doubt, send the Form 1099-MISC.
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