The deadline for employers to report payments to contract workers on form 1099-MISC (box 7, nonemployee compensation) along with W-2 and W-3 forms is Jan. 31, which is rapidly approaching.

Brokers and franchise owners, for example, must file a 1099-MISC whenever they pay an independent contractor $600 or more in a year for work and are engaging in a trade or business, according to the IRS.

Despite the government shutdown, the Internal Revenue Service confirmed last week that it will process tax returns beginning Jan. 29 and provide refunds as scheduled.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown,” IRS Commissioner Chuck Rettig said in a statement. “I appreciate the hard work of the employees and their commitment to the taxpayers during this period.”

An estimated 86 percent of all Realtors are independent contractors, according to the National Association of Realtors, which means tax season can be a yearly headache for all involved.

If you have questions, you can contact the IRS toll-free at 1-866-455-7438.

Email Patrick Kearns

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
It's not too late to join us for Connect Now today. Participate in workshops, networking and more.REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription