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Mike Harrison M&M
Joined: 03 Nov 2007 Posts: 2029 Location: Equidistant from New York City and Philadelphia, along the NJ Shore
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Posted: Wed Dec 23, 2020 10:52 am Post subject: Year-end contractor tax question |
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At year-end, when paying a contractor for whom a 1099-MISC form needs to be filed, which date gets reported: the date on which payment was issued (prior to December 31), or the date on which payment was received or even deposited (after January 1)? _________________ Mike
Male Voice Over Talent
I have taken leave of my sensors.
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Bruce Boardmeister
Joined: 06 Jun 2005 Posts: 7927 Location: Portland, OR
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Posted: Wed Dec 23, 2020 1:09 pm Post subject: |
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If I'm getting your question right, 1099-MISC forms are a summary of all fees paid during the year in question, so there is no date entered, just the year the income was earned and paid. It needs to be sent by January 31 of the following year (although many aren't). And as I'm sure you know you don't have to report payments to contractors totaling less than $600.
B _________________ VO-BB Member #31 Enlisted June, 2005
I'm not a Zoo, but over the years I've played one on radio/TV. . |
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Frank F Fat, Old, and Sassy
Joined: 10 Nov 2004 Posts: 4421 Location: Park City, Utah
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Posted: Wed Dec 23, 2020 1:11 pm Post subject: |
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I am not an accountant, but I did stay at a Holiday Inn once.
As I understood the question; taxes apply to the year earned. Not the year paid. But I could be wrong as tax stuff changes rather quickly.
F2 _________________ Be thankful for the bad things in life. They opened your eyes to the good things you weren't paying attention to before. email: thevoice@usa.com |
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Mike Harrison M&M
Joined: 03 Nov 2007 Posts: 2029 Location: Equidistant from New York City and Philadelphia, along the NJ Shore
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Posted: Wed Dec 23, 2020 1:23 pm Post subject: |
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Thanks, Bruce. You de-mangled my question. It wasn't about entering a date but rather, as Frank surmised (thank you), for what period the taxes are paid.
So a 1099-MISC is filed for anything earned (over $600) in a given year, even if payment is made after year-end.
Many thanks... and enjoy your holidays. _________________ Mike
Male Voice Over Talent
I have taken leave of my sensors.
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