As the next year rapidly approaches, we would like to share our new 1099 and personal property tax process with you as well as some helpful tips.
Designed for the Best Service to You
We have a new process for filing 1099s and personal property tax declarations! As we are always looking for ways to better serve you as our clients, this process was designed with you in mind. Our new processes will better assist you in timely filing the required forms.
What is the New Process?
In early November, we will be reaching out to you with a questionnaire and an engagement letter. The questionnaire will ask you to provide us with information to better assist you with your Form 1099 and property tax filing needs for 2021.
As 1099s for payments to subcontractors are due at the end of January, we will ask that you complete the questionnaire and return it to us by January 10th, 2022 in order for us to prepare these forms timely. It will be our understanding that if we do not receive a completed questionnaire and engagement letter from you by January 10th, you do not need us to assist you in filing your 1099s or property tax declarations.
What Will the Questionnaire Ask?
So you can best plan for your filing needs, we have created a brief list of items that will be on our questionnaire:
Name, address, and SSN/EIN of the payee (or completed form Form W-9).
Total amount of payments made to each subcontractor if you paid them more than $600 for the year.
For personal property tax declarations:
List of all assets purchased in 2021 valued at or over $400.
Copies of purchase documents for all assets purchased in 2021 for at or over $2,500.