Happy New Year from our families to yours!

With the start of the New Year, it is important to recognizing those pesky informational forms that will need to be filed. This would include Federal Forms 1099-NEC, 1099-MISC, 1099-INT, 1099-DIV and 1098-INT.

All 1099 Forms must have copies provided to recipients by Monday, January 31^st, 2022.

The following payments are generally required to be reported to the IRS annually on a Form 1099 if paid in the course of your trade or business. Dollar thresholds apply to total payments made during a calendar year for each payee.

 Total payments of $600 or more per year for:

•  Services (including parts and materials); i.e. - independent contractors
•  Rents paid out
•  Prizes or awards
•  Attorney fees – no corporation exemption (see exemptions below)
•  Gross proceeds paid to attorneys, such as settlements – no corporation exemption
•  Other income, cancellation of debt, nominee income

 Total payments of $10 or more per year for:

• Interest paid out
• Dividends paid out
• Royalties, pensions, or annuities
• Direct sales of $5,000 or more of consumer products to a buyer for resale anywhere other than a permanent retail establishment.
• Payments to anyone from whom you withheld federal income tax under backup withholding rules.

If you believe your Company may need 1099’s filed, please contact our office for further information.

At AZLA, your success is our business. We dedicate ourselves to your needs.

Our full-service accounting firm is large enough to provide first-class professional service,

but small enough to spend the necessary time

to understand our clients’ needs and personalized, individual service.