Form 1099 Reporting Requirements

Section 6041A of the Internal Revenue Code requires that payments made in the course of your trade or business should be reported to the Internal Revenue Service.

The IRS has been increasing the forms that require reporting income as well as enforcing stricter requirements on Forms 1099 and W-9.  For your convenience, we have linked the reporting requirements directly from the IRS.

Click here to see reporting requirements for 1099s

Make sure during the year that you are collecting a W-9 from any vendor or independent contractor you expect to do business with.  Even if the vendor is a corporation, it is good practice to obtain a completed W-9 from each vendor to have for your records, should you ever need to produce them to the IRS.

As a reminder the deadlines for 1096 and the corresponding 1099’s are as follows:

1099-NEC (Non-Employee Compensation)

  • Due to recipients: January 31, 2022
  • Due to IRS – January 31, 2022 (Regardless of filing paper or electronically)


  • Due to recipients: January 31, 2022
  • Due to IRS: February 28, 2022

Most Other 1099s

  • Due to recipients: January 31, 2022
  • Due to IRS: February 28, 2022 (March 31, 2022 if you are filing electronically)

Peter Shannon & Co. is available to discuss with you the tax rules relative to the various informational returns. The responsibility for accumulating the data necessary for the various informational returns and meeting the filing requirements is yours. There are substantial penalties for noncompliance, so make sure you stay well informed!


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