Taxes and 1099 Forms
Do you withhold Federal taxes from my check?
Urban does not withhold Federal taxes from your check, unless required by Federal Statute. You may be subject to backup withholding and the payer must withhold at a flat 24% rate when: You don't give the payer your TIN in the required manner. The IRS ...
What is the 1099-NEC?
Starting with payments made in 2020 the IRS has required some payments be removed from the 1099-MISC and reported on a 1099-NEC. Payments for services, vendor payments, and working interest payments are now reported on the 1099-NEC.
Why did I receive 2 forms: 1099-MISC & 1099-NEC?
If you received both royalty and working interest payments in these are now reported on separate forms. Also, if you received royalty payments and provided services to Urban, these will be on different forms.
I didn't receive my December check until January, why is it included on my 1099?
The IRS uses the “Constructive Receipt” doctrine. Because the December royalty check was issued in December, the amount is appropriately included on the 1099 even if you received the check in January.
My 1099 shows more than I received on my royalty checks
We are required by the IRS to report the gross amount on your 1099-MISC and 1099-NEC. Your royalty checks reflect the net amount received after taxes and deductions. All the information to get the net (check) amount is provided from your revenue ...
I need a duplicate 1099
1099s are mailed by January 31st of each year. Due to the volume of accounts, Urban is unable to provide 1099s prior to January 31st. If you are in need of duplicate copies, Urban now provides an electronic copy of your 1099 on a secure website ...
When are 1099s Mailed?
1099s are mailed no later than January 31st of each year (or as required by the Internal Revenue Service). Due to the volume of accounts, Urban is unable to provide 1099s before January 31st. Please allow 15 business days from January 31st to receive ...