Did You Know…?

Posted on January 14, 2020 by The Weekly Commentary

Form 1099-MISC Filing Requirements
As a general rule, you must issue a Form 1099-MISC to each individual, partnership, Limited Liability Company (“LLC”), Limited Partnership (“LP”), or Estate you have paid at least $600 during the calendar year in services, rents, or legal fees. Note that personal payments are not reportable.

Form 1099-MISC is also required if you withheld any federal income tax under the backup withholding rules regardless of the amount of the payment.

Some payments do not have to be reported on Form 1099-MISC, although they may be taxable to the recipient. The most common exceptions are payments to a corporation (including an LLC that is treated as a C or S corporation), payments of rent to real estate agents or property managers, and payments made with a credit card or payment card and certain other types of payments, including third-party network transactions.

Form 1099-MISC are due by January 31, 2020. You can submit Form 1099-MISC to the IRS by mail or online, using the Filing Information Returns Electronically (FIRE) system. Please note that if you issue more than 250 information returns, you are required to file electronically and may be penalized if you fail to do so. The IRS operates a centralized call site to answer questions about reporting on Form 1099 and other information returns. If you have questions related to reporting on information returns, the IRS centralized call site can be reached at (866) 455-7438.

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

Valley National Financial Advisors is proud home of the Lehigh Valley’s most CFP® – Certified Financial Planner Professionals^TM. Among other honors, Valley National has been voted Best Financial Planner in the Lehigh Valley seven times by the readers of Lehigh Valley Magazine, and ranked among FA Magazine’s Top RIAs and AdvisorOne’s Top Wealth Managers.

For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

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