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The IRS is reminding small business which paid independent contractors $600 or more in 2005, that they have until Jan. 31 to send out their Forms 1099-MISC.
If you fail to do this, your business cannot deduct those payments as expenses. More importantly, you could face federal fines for not complying.
The 1099-MISC form does not have to be sent if the contractor acted as a corporation unless you were paying for legal or medical services. However, if you paid business rent to an individual other than a corporation or real estate agent, you’ll need to send them their 1099 by the end of the month as well.
