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Precision Computing Arts / Fastwebdev Blog
Precision Computing Arts / Fastwebdev Blog

Welcome to the Precision Computing Arts / Fastwebdev blog. We use this blog to post interesting news about our Sitebuilder web hosting and content management system (CMS). As with other blogging systems, blog articles from our system are indexed in Google and other search engines within a week or two.

(Customers can set up and maintain similar blogs on any Sitebuilder websites that we host.)

Wednesday, August 10 2016

Information current as of August 2016:

You ARE NOT REQUIRED by the Internal Revenue Services (IRS) to file FORM 1099 Information Returns if you are engaged in a trade or business and the payment was made to another business that is incorporated, or the sum of all payments made to the person or unincorporated business is less than $600 in one tax year (unless the recipient is an attorney or law form). Otherwise, you may be required to file FORM 1099.

NOTES:

  1. You do not need to complete a FORM 1099 for your web hosting service, because these payments are made to a corporation (EZOT, Inc.).
  2. Website consulting and support are being handled by PRECISION COMPUTING ARTS, LLC (an LLC, not a corporation, owned by Larry Gotkin), so you may need to complete FORM 1099 for consulting and support services.
  3. IRS Forms and information:
    1. Form 1099: https://www.irs.gov/uac/about-form-1099misc

    2. Form W9: https://www.irs.gov/uac/about-form-w9

Please consult your tax professional if you have questions.

Additional Information about W9 / 1099 (Paraphrased from Investopedia)

Businesses use IRS form W-9, Request for Taxpayer Identification Number and Certification, to obtain information from independent contractors (aka freelancers). A business that pays an independent contractor $600 during a tax year is required to report these payments to the IRS on FORM 1099-MISC, Miscellaneous Income.

Businesses that hire independent contractors do not withhold income tax or pay Medicare or Social Security taxes for their independent contractors, as they do for their employees; contractors are responsible for these obligations. However, the IRS uses form 1099-MISC to find out how much these contractors are being paid in order to make sure the contractors pay the taxes they owe.

More at : http://www.investopedia.com/articles/personal-finance/082714/purpose-w9-form.asp#ixzz4CFTcN1sk

Posted by: Precision Computing Arts AT 05:33 am   |  Permalink   |  Email

​NOTE: We are now taking on new projects and website updates. Do-it-yourselfers and professional website designers are always welcome to create and maintain websites on our easy-to-use professional-quality Sitebuilder platform.

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