1099's Deadline

The end of January is the deadline for small business to send out 1099's. (Internal Revenue Form 1099-MISC) Companies are required to send 1099's to each independent contractor they've paid $600 or more in 2005. If you are planning on hiring independent contractors this year read more on "The Great Debate: Employee vs Independent Contractor." Once you decide on hiring an independent contractor, you have to carefully navigate the independent contractor determination rules set forth by the IRS and Fair Labor Standards Act (FLSA).