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Medical Accounting News for 2008
Staff Writers
By now, most physician business-owners understand the general rules regarding the filing requirements for Form 1099-MISC.
IRS Form 1099-MISC in Review
Nevertheless, in review, Forms 1099-MISC should be issued to independent entities performing services for your medical practice or business entity. 1099s should be sent to individuals with annual earnings exceeding $600. There is no requirement to file Forms 1099-MISC to corporations.
The Forms should be mailed to the recipients no later than January 31st, and no later than February 28th 2008, to the IRS.
Your Vendors
The starting point in this process is your attempt to learn more about a vendor, subcontractor, janitor, accountant, attorney, software and medical practice management consultants, etc.
This is accomplished by requesting the entity to complete a Form W-9, which will reveal the legal status of the vendor, i.e. LLC taxed as a sole proprietor, an LLC taxed as a partnership, a corporation, a sole proprietor, etc.
Assessment
Always request and maintain a Form W-9. Why? Protection from the IRS! Failure to obtain and maintain Form W-9 can lead to the Federal backup withholding tax of 25% to 28%.
Forms W-9 are available from the IRS Website.
Conclusion:
And so, are you familiar with these medical accounting risk management principles for Form 1099-MISC?
Related info: http://www.jbpub.com/catalog/0763745790/
Terms: www.HealthDictionarySeries.com
Institutional: www.HealthcareFinancials.com
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[…] Executive-Post always has something good to say. I like this one posted earlier today. Follow the link for the whole article. Medical Accounting News for 2008. Staff Writers. By now, most physician business owners understand the general rules regarding the filing requirements for IRS Form 1099-MISC. Nevertheless, in review …
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