{"id":40434,"date":"2025-01-22T00:14:22","date_gmt":"2025-01-22T00:14:22","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/1099-other-year-end-reporting-tips-for-your-tech-company-2025\/"},"modified":"2025-01-22T00:14:22","modified_gmt":"2025-01-22T00:14:22","slug":"1099-other-year-end-reporting-tips-for-your-tech-company-2025","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=40434","title":{"rendered":"1099 &#038; Other Year-End Reporting Tips for Your Tech Company | 2025"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><span style=\"font-weight: 400;\">Founders, as you embark on making sure your tech company is compliant with all of its tax obligations in 2024, a host of deadlines are upcoming for you and your finance team to navigate, which involve information returns (W2s, 1099s, and other reporting).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For\u00a0 2024, the threshold to issue a 1099-NEC remains $600 for payments made in the calendar year 2024. You must issue a 1099-NEC to the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Services performed by someone who is not your employee (including parts\/materials) \u2013 (box 1)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payments to an attorney (box 1)<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">If you just started your tech company in 2024, it\u2019s great practice for you as a business owner to start collecting a W9 form (<\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw9.pdf\"><span style=\"font-weight: 400;\">link<\/span><\/a><span style=\"font-weight: 400;\">) from all contractors your business decides to work with. This would include any software developers who are not employees, graphic designers, lawyers, accountants, and any other vendors your company begins to work with. The W9 is a one-page form that collects basic information about the vendor you are paying. This includes name, address, federal tax classification (Sole Proprietor, C-Corp, S-Corp, Partnership, etc.), and the social security or employer identification number. This information is then used to prepare the 1099\u2019s.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">For those founders who have dealt with issuing 1099\u2019s, ensuring that the W9 forms you have collected from your contractors are up to date is critical. Most of our tech clients use payroll\/PEO services like Gusto, Justworks, or Rippling to pay their employees and contractors. Although these services will issue 1099\u2019s for any payments made through their platform, they won\u2019t include any payments made outside of it. This means that analysis will need to be done to review any additional vendors you may have paid via wire transfer or ACH during the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For tech companies, we find that this often is the case for payments made via bill.com and large wire transfers to law firms when a fundraising round (Seed, Series A, Series B, etc.) has closed. More recently, we\u2019ve seen companies like Ramp, Mercury, and Brex roll out bill-pay functionality. Check each company\u2019s support pages to confirm whether they process 1099s for payments that run through their platforms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Important Deadline for 1099-NEC for 2025:<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Filing Copy: 1099-NEC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2025 Due Date<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Recipient Copy\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">January 31st, 2025<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">IRS eFile\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">January 31st, 2025<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">IRS Paper Copy<\/span><\/td>\n<td><span style=\"font-weight: 400;\">January 31st, 2025<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Below is a copy and <\/b><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1099nec.pdf\"><b>link to the 1099-NEC form<\/b><\/a><b> for 2024.<\/b><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXc9p1HyqPEpdvyL1qaHZ2JPvaPjF_oUjvU3TplrjyqPWezcIPOV5j3qQujx44lVqyKk4Mr_5n-R8Y5H-z7doPnpO6ySCbUB46Wj-xpaAzOJ7476zQ_vMDOUfFjWDbsmOL4H0WwFMw?key=3oE5kNe6O578trqjfmTUwMve\"\/><\/p>\n<p><span style=\"font-weight: 400;\">For the tax years 2020 and prior, the 1099-MISC forms were used instead of the 1099-NEC; however, the 1099-NEC is now used exclusively for contractor payments.\u00a0<\/span><\/p>\n<p>\u00a0<\/p>\n<p><b>Your company may still have a requirement to file 1099-MISC forms if you pay for any of the following payment types.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rents (box 1);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Royalties (box 2);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prizes and awards (box 3);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other income payments (box 3);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any fishing boat proceeds (box 5);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Medical and health care payments (box 6);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Crop insurance proceeds (box 9);<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gross proceeds paid to an attorney (box 10)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Section 409A deferrals (box 12); or<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nonqualified deferred compensation (box 14).<\/span><\/li>\n<\/ol>\n<p>\u00a0<\/p>\n<p><b>The following thresholds apply.<\/b><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Greater than $600 payment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">The tax deadline for 1099-MISC is generally <\/span><b>January 31st<\/b><span style=\"font-weight: 400;\">, with a few exceptions. More detailed information can be found directly on the IRS website. <\/span><a href=\"https:\/\/www.irs.gov\/instructions\/i1099mec\"><span style=\"font-weight: 400;\">See link.<\/span><\/a><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcMKN6KMtn_okY6LWdaFrut5YAIcP5ixpr0X0iYbV4UZDGDrylDpmNsOmsF1TM9m1wY4tLS-0BaGzHvvcgKSyD9Atm7QoefwuVp5YoYmG8wQmp3xMSJn5gbmgIWWdtB0xpPxHsY?key=3oE5kNe6O578trqjfmTUwMve\"\/><\/p>\n<h3><span style=\"font-weight: 400;\">Paying Foreign Contractors<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your tech company is paying foreign contractors, it may help to understand whether any income could be considered U.S. Source income. It\u2019s helpful to have all your foreign contractors complete <\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw8ben.pdf\"><span style=\"font-weight: 400;\">Form W8-BEN<\/span><\/a><span style=\"font-weight: 400;\"> to ensure compliance with tax treaties and 30% foreign withholding requirements. Depending on the type of entity you are paying overseas, various W8 Series forms may apply. <\/span><a href=\"https:\/\/apps.irs.gov\/app\/picklist\/list\/formsPublications.html?value=w8&amp;criteria=formNumber\"><span style=\"font-weight: 400;\">See link<\/span><\/a><span style=\"font-weight: 400;\"> here for more information. A 1042-S may need to be issued to foreign vendors where withholding is required. See more details <\/span><a href=\"https:\/\/www.irs.gov\/instructions\/i1042s\"><span style=\"font-weight: 400;\">here.\u00a0<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\"> <img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdGMmIwsV3SjDXXStdaZ8JXauwwlarfEkXe4FQAQzZW-klvtnfiVrtLktXcDBZSdp-eFrCgmIaip6i-UZ-rxctYxVP0K4a6iOxW8IoVTG3xSpvhVHv1p5IH37dx3StiOR1B56lBKw?key=3oE5kNe6O578trqjfmTUwMve\"\/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Incentive Stock Option Exercises<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your startup had ISO (Incentive Stock Option) exercises during the year, these would also need to be reported on Form 3921 <\/span><b>by January 31st, 2025 to recipients and April 1st to the IRS if e-filing \u2013 Deadline for Paper Copy is February 28th, 2025<\/b><span style=\"font-weight: 400;\">. Some services like <\/span><a href=\"https:\/\/carta.com\/\"><span style=\"font-weight: 400;\">Carta<\/span><\/a><span style=\"font-weight: 400;\"> may offer assistance with preparing these forms; however, it\u2019s your company\u2019s responsibility to make sure they are filed on time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXccLPHNeqlWPz13moQTU6E8Ex-sxSZmB4b3ZasO9hmQ3EPZobIALqWn0t5WKhtH_pYkTfzgwjR3zGRvZKJB2oU7X305D9GtYD8ktc0tjc8dsmlI_Tp2a3RgPSiY8nwAC0omiw7P?key=3oE5kNe6O578trqjfmTUwMve\"\/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Non Qualified Stock Options (NSOs)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your tech company needs to report any exercised 83(b) non-statutory stock options, these will need to be reported on Form W2 (Box 12, code V). There is a helpful <\/span><a href=\"https:\/\/support.gusto.com\/article\/216190391100000\/Reporting-exercised-83(b)-non_statutory-stock-options\"><span style=\"font-weight: 400;\">Gusto article<\/span><\/a><span style=\"font-weight: 400;\"> that explains this in further detail.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">IRIS System: Taxpayer Portal<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Startups have a new option to e-file 1099\u2019s through the IRS IRIS Taxpayer Portal. This free, web-based filing system lets you:<\/span><\/p>\n<p>\u00a0<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">E-file up to 100 returns at a time<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter manually or by .csv upload<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Download payee copies to distribute<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep a record of completed, filed and distributed forms<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Save and manage issuer information<\/span><\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">To use the IRIS Taxpayer Portal, you need an IRIS Transmitter Control Code (TCC). This 5-digit code identifies your business when you e-file forms. It can only be used for IRIS.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/www.irs.gov\/tax-professionals\/iris-application-for-tcc\"><span style=\"font-weight: 400;\">Apply for an IRIS Taxpayer Portal TCC<\/span><\/a><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">More information is <\/span><a href=\"https:\/\/www.irs.gov\/filing\/e-file-forms-1099-with-iris\"><span style=\"font-weight: 400;\">linked here.\u00a0<\/span><\/a><\/p>\n<p>\u00a0<\/p>\n<p><span style=\"font-weight: 400;\">If your Startup already uses a payroll provider like Gusto\/Justworks to help with 1099\u2019s it may be best to double check whether IRIS would be needed as it may create duplication of forms filed which will create more tax issues for you and your contractors. Currently, the IRIS system only supports the filing of 1099\u2019s and all other form types would need to be filed through the IRS already established FIRE System.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What about 1099-K Requirements?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The IRS has updated the thresholds for <\/span><b>Third-Party Settlement Organizations (TPSOs)<\/b><span style=\"font-weight: 400;\">, such as Stripe, Venmo, and Cash App, to issue 1099-K forms:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>For 2024:<\/b><span style=\"font-weight: 400;\"> The threshold will change to <\/span><b>$5,000<\/b><span style=\"font-weight: 400;\"> in <\/span><b>annual gross payments<\/b><span style=\"font-weight: 400;\">, with <\/span><b>any number of transactions<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For Startup founders we commonly see them setting up Stripe accounts initially with their own Social Security Numbers, and they end up receiving 1099-K forms which are intended for their tech companies. It\u2019s extremely important to keep your Stripe accounts updated with your Startup\u2019s tax ID numbers so that these forms are issued to the correct entity and do not create tax notices for you or your co-founders personally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Talk to your Accountant<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Working with a trained professional will help you manage the various deadlines and reporting requirements. As ever, we love working with founders to help take away the pain of onerous reporting requirements, so feel free to <\/span><a href=\"https:\/\/shaycpa.com\/contact-us\/\"><span style=\"font-weight: 400;\">reach out if you have any questions.<\/span><\/a><\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Founders, as you embark on making sure your tech company is compliant with all of its tax obligations in 2024, a host of deadlines are upcoming for you and your finance team to navigate, which involve information returns (W2s, 1099s, and other reporting).\u00a0 \u00a0 For\u00a0 2024, the threshold to issue a 1099-NEC remains $600 for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":40435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[25560,25561,25562,25563,25564,25565,25566,25567,25568,25569,25570,12717,19985,12843,25571,19986,19987,3619,13100,19988,11018,10924,12635,19989,13609,25572,20002,20003,11439,7356,25573,20005,20006,11097,5107,20007,20008,20009,20010,20011,3535,21047,25574,25575,11378],"dealstore":[],"offerexpiration":[],"class_list":["post-40434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-25560","tag-1099-other-year-end-reporting-tips-for-your-tech-company-2025","tag-1099-and-other-year-end-reporting","tag-1099-form","tag-1099-tax-form","tag-1099-nec","tag-1099-nec-form","tag-2025-1099-filing","tag-2025-filing","tag-2025-taxes","tag-2025-tech-company-taxes","tag-accountants","tag-accountants-for-tech-companies","tag-accounting","tag-accounting-advice","tag-akshay-shrimanker","tag-certified-accountants","tag-company","tag-cpa","tag-early-stage-startups","tag-entrepreneur","tag-finance","tag-founders","tag-kacie-goff","tag-reporting","tag-shay-cpa","tag-shay-cpa-p-c","tag-shaycpa","tag-startup","tag-tax","tag-tax-for","tag-tax-season","tag-tax-tips","tag-taxes","tag-tech","tag-tech-companies","tag-tech-company-accountants","tag-tech-founder-advice","tag-tech-startup","tag-tech-startup-accountants","tag-tips","tag-year-end","tag-year-end-reporting","tag-year-end-reporting-tips","tag-yearend"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>1099 &amp; 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