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IRS 1099-MISC 2023 Baton Rouge Louisiana: What You Should Know

In September 2020, the IRS issued new IRS guidance (Form 942 or Form 945, if filed) stating how to report payments for personal services on and with Forms 942 and 945. If these forms are completed and submitted before the due date, you are able to avoid a 1099 and may be able to delay or avoid paying federal taxes on the income resulting from such services. If you are uncertain as to if you are receiving payment directly from the business entity, contact the appropriate business entity. 1099-MISC — Form 942 If all payment for services is reported on this form (including payments for accounting, office, executive, and management consulting), the recipient is required to file a declaration of Form 1099-MISC (Form 942). The Form 942 will show any payments you receive, for the services received, totaling at least 25% of your income for the calendar year. If the amount is less than 25%, you must not declare a 1099-MISC. The Form 942 must be filed by September 30 each year. 1099-MISC (Form 945) if you received payments for personal services If the amount is greater than 25%, you are required to declare this form. As stated above, the Form 942 should be filed by September 30 each year. For 2017, the Form 945 should be filed by November 2. Form 942 and Form 945 are not required if the payment is for non-tax related services (travel, meals, or entertainment). But if you received income other than on or with any of these forms, you must also file these forms. The tax return or Form 1099-MISC that the recipient returns is not required for business services that are paid or are provided in the course of a trade or business. The recipient may also choose a Form 2350 or a similar form to report this income in lieu of a Form 1099-MISC. This may or may not allow the recipient to avoid a 1099. There are four situations in which the recipient must complete the Form 942 and/or the Form 945. Payment for services received as a result of a transaction involving the purchase of or the sale of property. A recipient must report income resulting from both transactions and Form 1099-R.

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