topic Does one report payments on a 1099 based on the company's fiscal year or a calendar year? in Get your taxes done using TurboTax

Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

burgyathome — Thu, 11 Jul 2019 17:11:00 GMT

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

Anonymous_ — Thu, 11 Jul 2019 17:35:45 GMT

Your question is somewhat ambiguous in the sense that it is not clear whether you are the payer or the recipient.

Regardless, 1099s are not based on a fiscal year. Rather, 1099s are based on a calendar year and must be filed by January 31st, February 28th, or March 31st (for the prior calendar year) depending on the type and filing method.

Re 1099-MISC see: https://www.irs.gov/instructions/i1099msc#idm139665633919392

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

Anonymous — Thu, 11 Jul 2019 17:42:21 GMT

now if you are a business filing on a fiscal year, then you can't use the 1099's received since they are on a calendar year and you are not. you are supposed to report the actual revenue received during your fiscal year.

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

burgyathome — Thu, 11 Jul 2019 17:45:55 GMT

This question is coming from the payer.

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

Anonymous_ — Thu, 11 Jul 2019 17:58:56 GMT

@burgyathome wrote:
This question is coming from the payer.

Then you issue (and file) a 1099 to each person in the course of your business to whom you have paid during the calendar year.

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

VolvoGirl — Thu, 11 Jul 2019 18:21:50 GMT

You need to give a 1099Misc to anyone you paid $600 or more to for the year. But not to corporations or for merchandise. You send the IRS a copy of the 1099Misc with the transmittal summary form 1096. These are due to the person by Jan 31 and to the IRS by Jan 31 also.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Forms-and-Associated-Taxes-for-Independent-Contractors

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

Anonymous_ — Thu, 11 Jul 2019 18:46:54 GMT

.....And the exemption from reporting payments made to corporations does not apply to payments for legal services. See https://www.irs.gov/instructions/i1099msc#idm139665634554176

Re: Does one report payments on a 1099 based on the company's fiscal year or a calendar year?

burgyathome — Thu, 11 Jul 2019 18:56:12 GMT

Yes - I understand all of the usual 1099 instructions. No where in the IRS instructions does it state if one should issue a 1099 based on calendar or fiscal year which is why the question was asked.