Note: Symphonic is not a legal or tax authority. We do not give legal or tax advice. Symphonic simply reports and provides information as per what we've been instructed to. Please consult a tax professional or legal authority for advice and direction.
The IRS requires any person or company who makes certain types of payments to report them on a 1099-MISC to the recipient and the IRS. Form 1099-MISC is intended to report the income of taxpayers who are not employees, such as independent contractors, freelancers, sole proprietors, and self-employed individuals. The form is also used to report non-employee compensation such as rents, prizes, awards, healthcare payments, and payments to an attorney.
When would I receive a 1099-MISC form?
1099-MISC tax forms are sent to US-based entities no later than January 31st following the end of each calendar year. If you did not receive any payment from us within a calendar year, you will not receive a 1099-MISC form. Please be sure to keep your mailing address up to date in your Symphonic profile to avoid any delays in receiving your tax forms.
Do I ever need to update the tax forms?
W-9 tax forms will remain valid unless there is a change of circumstance, address, or payee. It is your responsibility to advise us of these changes and to ensure your information is correct. You can make updates via the SymphonicMS; however, updates can only be submitted by the account owner and may be subject to review.
Do you keep copies of 1099-MISC forms from previous years?
We will retain copies of 1099-MISC forms that we send out for a period of one year in the event that you lose and/or that the form is sent to an incorrect location.
My 1099-MISC is incorrect! What do I do?
If you have received a 1099-MISC and the dollar amount is incorrect, or the name, EIN, or Social Security is incorrect, please let us know, and we can file a correction. This may happen occasionally and is not a difficult process to correct; thus, no worries if it occurs.
Will you send 1099-MISC forms to my SplitShare payees?
No. You are responsible for gathering W9 forms and sending out 1099-MISC forms to your SplitShare payees. SplitShare payees are clients of accounts distributed by Symphonic, ie, you.