Hayley Stewart, IDOC Financial Services Manager
The end of the year is quickly approaching, which means you are probably thinking about your practice’s bookkeeping and all the many year-end deadlines that are going to be here before you know it. One of those deadlines you should be thinking about is the 1099 filing deadline. 1099s are due to recipients January 31, 2023. 1099s are due to the IRS on paper by February 28, 2023, or electronically by March 31, 2023. Exceptions may apply so please double check to ensure you file documents on time with both the IRS and your state.
Now let’s talk about 1099s and what you need to know when reviewing financials for possibly 1099 vendors.
What is a 1099?
A 1099 is an IRS document used to report miscellaneous payments made to non-employee individuals or business for services provided to your practice. Starting in 2020 the IRS now requires you to provide information on a couple of different forms. The most commonly used forms are going to be:
The 1099-NEC is used to report any payments made to independent contractors (individuals who are not employees, or businesses). The 1099MISC is used to report rents paid, legal settlements, and prize or award winnings and the 1099INT is used when you paid an individual or a business more than $10 in interest income.
Who receives 1099s?
Determining who receives a 1099 is where things get fun. There are 2 things you need to look for when determining if a 1099 needs to be sent out.
How do you verify if a person/business is taxed as a corporation? You will need to request a copy of the W9 from all service providers (both businesses and individuals). The W9 will provide you with all the information you need to determine the business structure. In general, if payments are made to a corporation (S corporation or C corporation) a 1099 does not need to be sent, however if the W9 shows they are an individual, limited liability company, or partnership you may have a 1099 filing requirement. Once its determined business structure you will need to verify amounts paid throughout the course of the year. According to the IRS guidelines, the following examples may require a 1099 to be issued:
*This is a limited list, there are instances where a 1099 might need to be filed, however, they are uncommon. Refer to the IRS Guidelines if you feel you might need to send a 1099MISC for additional payments.
Common examples of who practices might need to issue 1099s to:
Are there exceptions to the rules?
Of course, there are exceptions to these rules. You are not required to issue 1099s if you are not engaged in trade or business. This likely isn’t going to apply if you are the owner of a business, however, if you engaged in services for a plumber to come over to your house to fix a toilet leak you as an individual do not need to send a 1099 for the service provided.
Did you pay the service provider via a credit card? If yes, you are not required to send a 1099 as the credit card processor will include any fees you paid in the 1099k at the end of the year. I always tell my clients if they are able to pay services providers on a credit card to do so, since it will eliminate the potential 1099 filing requirements at the end of the year.
You know how I mentioned that you don’t have a 1099 filing requirement for corporations (S-corporations and C-corporations?) This is correct, unless you paid a provider for legal services or medical and health care services. If you paid for these services you are required to send a 1099NEC regardless of entity structure, unless of course, you paid via credit card, then you don’t have the requirement.
Tips to making things easier come the end of the year:
If you are using IDOC Books & Benchmarks 1099 review/preparation is included with your monthly bookkeeping fee. If you aren’t currently utilizing our service and would like additional information, schedule a Practice Check-In with your PDM today.
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Starting a solo optometry practice can be a daunting task, especially considering most optometrists do not graduate optometry school with a strong grasp of the business aspects of running a private practice. There are many things you need to do prior to your grand opening, but the work doesn’t... Read more
Office Managers are responsible for setting the expectations for all office employees. The optical staff is a unique situation because the patient experience is easily measured. Good communication and clear goals will go a long way to improve patient satisfaction in this very... Read more
Google and social media have changed the ways we look for information, discover area service providers and research options for health care, and as a result, many Optometrists who own a practice now question which tactics are the most effective to increase brand awareness, number of... Read more
The Science of Selling
Have you ever made what you considered an iron clad case for why a patient should purchase a certain product or service from you, only to have them walk out without ever making the purchase? As clinical professionals, we can be very logical in our approach with... Read more
Your optometry practice is incredibly valuable to you. “Well, Nathan” – you may say – “of course it is!” But have you ever thought of why it’s valuable?
You spend most days pouring your blood sweat and tears into it: hours and hours of patient care, planning,... Read more
The internet isn’t usually a popular topic in conversations I have with owners and staff members of optometric practices. Dealing with reviews and competition from web-based retailers along with the challenge of creating and maintaining a website and good social media marketing may have many... Read more
Optometrists in private practice sometimes fail to offer a clear reason why someone should choose them for their vision care over competitors - on their websites or in other marketing collateral – sometimes when you try to market to everyone, you fail to capture... Read more
When working with small business owners to create marketing plans and strategies, I run across the following scenario far too often: “Hey, I’m not sure how to log in to my Google listing. My office manager used to handle that for me, and she’s not on the team anymore... Read more
“You might as well ask me to describe the essence of music, or the color of starlight.”
Did you make any New Year Resolutions? Well, I did. I do every year, and in keeping with my obsession with goals and metrics that I have professed here repeatedly, I write them down... Read more
For starters, I’m not a licensed psychologist, I just play one as a practice management consultant. It’s been my observation that whenever human beings come together in an environment where they are required to work together and interact, inevitably some tension and conflict will arise.... Read more
Your schedule has gotten busier and you’ve hired an associate OD. While you would like to keep the associate’s schedule filled most of the time, it’s not uncommon for an associate to have some gaps in his or her schedule – at least in the beginning. This often leads to some resentment by the... Read more
Before anyone panics, I am not suggesting that most practices go out and spend $80,000 or $100,000 on a COO tomorrow, or that your manager is due a large raise for 2018. I typically only recommend that type of role for multi-location practices grossing over $2M-$3M per year: practices... Read more
Sometimes it’s not the inventory you choose to carry or the reps you choose to indulge. It’s not the pricing or the shipping or the cadence of your reorders. As we head into the tail end of the holiday season, I can’t help but think of the process of opening presents.
Everyone has... Read more
Texting is an incredibly tempting mode of communication for marketing-minded businesses competing for the attention of consumers, primarily because the open rates on a text from businesses to consumers are incredibly high (98%) compared to other forms of communication (email is around 20%,... Read more
“How many frames do I need?” “How many frames should I carry?” “How much stock should I have in inventory?” It doesn’t matter how you phrase it, at least 1/3 of my consultations start the same way. I’m going to make this all very, very easy for... Read more
If you are in a competitive area, you’ve already learned that marketing is a necessity to attract brand new patients to your practice. It’s easy to confuse marketing tactics – sending email, creating Facebook posts and advertising in a community magazine, for instance –... Read more
A practice owner pulled me aside at our most recent conference in Denver to start thinking of an exit plan. I always ask two questions when these discussions come up:
“How long do you see yourself continuing to own your practice?”
“How is your retirement savings coming... Read more
A consumer-centric culture with a focus on customer service is becoming increasingly important for brick & mortar businesses. While I do believe most practice owners strive to deliver on great service, it requires a team effort. I often hear owners tell me they want to be known in their... Read more
Most businesses have polices that employees are required to follow. In general, office policies are a good idea. Policies provide structure for how to conduct business and create consistency around processes and operations. But in a service-based industry, well intended but rigidly executed... Read more
With all the talk of private equity roll-ups and regional alliances, many practice owners are concerned that if they aren’t a large, multi-office, multi-doctor practice, they don’t have a future in independent optometry.
Is that... Read more
One of the interesting mysteries that I get to unravel in many practices is the mystery of tight cash flow. Sometimes it’s obvious – a small practice with low profitability, for instance. But other times it’s not.
First off, what is tight cash flow? Here’s my simple definition:... Read more
Doctor: Would you like to order your contacts today, Mrs. Smith?
Mrs. Smith: That’s OK. I’ll just take the prescription and get them online.
What happened here? You just did a thorough, high-tech eye exam... Read more
For practices looking to grow, there are basically two paths: see more patients or generate more revenue per patient. Ideally, a practice will do both. One thing I consistently hear from ODs is that it’s hard to generate high revenue from contact lens patients. Even when selling annual... Read more
Can you find 20 or 30 minutes a week to hold a staff meeting? You might be surprised at the impact that it has on your optometry practice.
Your staff is your most valuable business asset. Your investment in optometry marketing, technology, office design, etc. will fail to deliver an... Read more
The very phrase can cause irritation, anxiety and bewilderment in the minds of owners who understand that they should somehow be participating in the conversations across the various social media platforms – but which ones are the best for optometry practice... Read more
While there is more than one way to achieve success, there are a few common traits that successful independent optometry practice owners have in common.
They refuse to accept the status quo. While others remain stagnant, ignore trends, and complain about the... Read more