At year-end, companies are required by the IRS to submit 1099 forms for each independent contractor which provided services if the IC was paid more than $600 for the year. 1099 forms must be received by the IRS by March 31st and a copy must be provided to the IC by February 1st.
To generate a 1099, each IC must fill out, sign and return to the company a W-9 form. Their W-9 form will include their address, name of company or DBA, and their social security number or EIN. All payments made to the IC throughout the year must be documented and transferred to their 1099.
We will take care of sending out each W-9 to your ICs, document all payments made to them, and ensure that both the IRS and your IC receives their annual 1099 on time.