Individuals and companies engaged in a trade or business must report certain types of payments on an Information Return. This includes payments made to an individual, partnership, or estate, to name a few.
The most common types of payments requiring an Information Return filing include payments for services performed by someone who is not a company employee, payments to attorneys, rents, royalties, and interest payments.
The IRS requires Information Returns to be filed if the amounts paid reach the minimum amounts, or greater, as noted below. Any amounts under the minimum do not have a filing requirement.
Most Information Returns must be postmarked to recipients by January 31, 2023 and electronically filed with the IRS by March 31, 2023. It is possible to obtain an automatic 30-day extension- to file with the IRS by completing and filing Form 8809. To obtain an extension of time to furnish statements to recipients, and for additional details regarding Information Return filings and extensions, review the 2022 General Instructions for Certain Information Returns on the IRS website.
It is important to note that Form 1099-NEC filings are due to recipients and the IRS by January 31, 2023. There are no extensions available for Form 1099-NEC.
Examples of 1099 required reporting:
Non-employee Compensation (1099-NEC): generally, $600 or more
Miscellaneous Information (1099-MISC): generally, $600 or more
Interest Income (1099-INT): generally, $10 or more
Acquisition or Abandonment of Secured Property (1099-A): no minimum / all amounts
Cancellation of Debt (1099-C): $600 or more
Proceeds from Real Estate Transactions (1099-S): generally, $600 or more
Information Return electronic filing is available to anyone through the IRS Filing Information Returns Electronically (FIRE) system. Filers who have 250 or more information returns must file them electronically. For more information and to enroll, go to the IRS FIRE web page.
Author, Noelia Gomez Osorio
Tax Supervising Senior
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.