1099’s W-2’s, etc.
December 17, 2012If you paid via cash or check to an UNINCORPORATED person more than $600 during 2012, you MUST issue that person a year-end 1099 form. The penalty for not doing so is $500 for each form not issued! Ouch! Make sure to obtain the person’s correct name, address and social security number. Forms can be obtained at any office supply store beginning in January 2013. Recipients receive their forms no later than January 31st. Social Security Administration gets them by February 28th, 2013.
Don’t wait until its too late. Start planning now!