What are 1099s?

A 1099 is an informational filing used to report income to the IRS, much like a W2. There are more than a dozen types of 1099s but we most commonly see 1099-NEC for non-employee compensation.

Who gets a 1099 NEC?

An Independent Contractor or business Partnership may need to be issued a 1099-NEC if your business paid them $600 or more for services during the tax year 2023. You do not issue 1099-NECs to Corporations or to Employees. You do not issue 1099-NECs for purchases of goods, this is for services only.

BQ's 1099 Filing Services

BQ's 1099 Service Includes:

• (Optional) Review your books to help identify recipients
• (Optional) Calculate reportable amounts
• Prepare 1099s
• File 1099s electronically
• Email completed 1099 Recipient Copies to recipients (if email address is provided)
• (Optional) Print and Mail Recipient Copies to recipients (required if email addresses are not provided)

BQ's 1099 Service does NOT Include correspondence

with recipients to secure W9s

Required Data

1. 1099 Type (NEC, MISC w/ identifier such as Rent, DIV, INT, etc)
2. Recipient Name, Address, Taxpayer ID # (all can be found on a legible and complete W-9) Click Here to Download Form W-9
3. Amount Paid in 2023
4. OPTIONAL (saves you $) Recipient Email Address - Electronic delivery is permissible, and favored by most recipients over traditional mail

Data Submission

If you have 5 or fewer recipients use this easy submission form. This form is submitted upon completion with no additional upload step required.

Click Here to Submit 1099 data for 5 or Fewer Recipients

If you have 6 or more recipients download the Fill In Worksheet, complete it, and then upload it to ShareFile.

Click Here to Download the Fill in Worksheet for 6 or More Recipients

Click Here to Upload to ShareFile

Preparation and Filing Fees

Fees for data provided up to January 20

Preparation, e-filing, and email delivery to recipients - $30.00/ first recipient

Preparation, e-filing, and email delivery to recipients - $15.00/ additional recipient

Paper mailed recipient copies (if needed) - $2.00/ recipient

Administrative Services (if needed) - $125.00/ hour

There is a minimum total fee of $125 for this service

Expedited Fees for data provided after January 20

Preparation, e-filing, and email delivery to recipients - $50.00/ first recipient

Preparation, e-filing, and email delivery to recipients - $20.00/ additional recipient

Paper mailed recipient copies (if needed) - $2.00/recipient

Administrative Services (if needed) - $175.00/hour

There is a minimum total fee of $125 for this service

Important Upcoming Dates

December 15, 2023 - 1099 Engagement Letters MUST be signed and Deposits paid to secure 2023 1099 filing services

January 2, 2024 - Clients requesting assistance with determining recipients and amounts MUST provide access to their books

January 20, 2024 - Last day to submit data to BQ for timely filing, and without expedited service fees

January 31, 2024 - Last day for BQ to timely efile government copies and postmark or email recipient copies

Need Help?

Reply directly to this email or email tioni@bqtaxpro.com