It’s common for photographers to pay subcontractors in their line of work. Common subcontractors would be payments for services to second shooters, makeup artists, and editors. The IRS requires individuals and businesses that make payments to these contractors of $600 or more in a year to issue them a Form 1099-NEC (Nonemployee Compensation). The IRS can penalize you for not filing the 1099-NEC to these contractors.
To properly prepare the Form 1099-NEC, you must obtain a Form W-9 from the contactor. This form provides you with the necessary information to prepare Form 1099-NEC. You must file Form 1099-NEC with the IRS in addition to providing the form to the contractor. The due date for filing is January 31st.
Lee Neville Tax, LLC assists photographers in the preparation and filing of Form 1099-NEC for $75 +$10 per Form 1099.