IRS Changes Deadlines for 1099 Forms

shutterstock_406904218

 

It’s almost January. Are you ready for taxes? Of course, Form 1099s are an important part of any tax season, and this coming year will be no different. As a taxpayer, if you receive any kind of Form 1099 don’t ignore it. The IRS will get the same form and you will be held accountable for its contents. So, make sure you keep and report all Form 1099s that you receive.

On the other hand, if you are a business and you need to issue any of these forms to others there are some changes you need to know about. The IRS has announced changes to some of these Form 1099s. Here’s what you need to know. Starting next year, for the 2016 reporting season, the deadline for Forms 1099-MISC reporting nonemployee compensation in box 7, has been moved to January 31, which is the same deadline for when they need to be sent to recipients.

Previously, filers had more time, up to a month or two, to get those sent to the IRS, but that’s no longer the case. The good news is that for Forms 1099-MISC that don’t report in box 7, the filing dates have not changed. They must be mailed to the recipients by January 31 and to the IRS by the end of February.

The bottom line, whether you are going to give or receive any type of Form 1099, make sure you check the deadlines and do your due diligence. Don’t give the IRS any reason to pay extra attention your taxes return.

You also might like Make Sure you Report All of  Your 1099 Income

http://www.forbes.com/sites/robertwood/2016/11/07/irs-forms-1099-are-critical-and-due-early-in-2017/#274363c6792a

Posted in
Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Five Great Reasons to Attend Venture Capital Seminar 2 of 6

Impact Venture Capital & GROCO’s “Venture Vision” Seminar 2 of 6 (To register FREE, click here.) This free online instructional seminar on January 11, 2023, at 10 AM is an excellent opportunity to learn more about the risks and rewards associated with venture capital (VC) investments. By covering topics such as the stages of funding,…

Mastering Comprehensive Financial Planning with Bill Gombert

Mastering Comprehensive Financial Planning with Bill Gombert

Introduction: In this interview, Alan Olsen, CPA and featured guest Bill Gombert discuss comprehensive financial planning and much more. Transcript: Alan Olsen Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Bill Gombert. Bill, welcome to today’s show. Bill Gombert Thank you very much pleasure to be here. Alan Olsen So, Bill, you’re…

Building Conscious Communities with Brett Kaufman

Building Amazing Conscious Communities with Brett Kaufman

Introduction: In this interview, Alan Olsen, CPA and featured guest Brett Kaufman discuss Building Conscious Communities and much more. This Transcript of Alan and Brett’s discussion of conscious community building has been generated by software and may have inaccuracies: Alan Olsen So Brett in our segments here in American Dreams, we talked about pathways of life and things…

5 reasons to attend free venture capital seminar 2 of 6

Unveiling the Venture Vision: 12 Insights from the Frontline Capital

Insights Into Venture Capital Investing From Seminar 1 of 6 (To register for seminar 2 of 6 FREE, click here.) “In an era where financial landscapes are constantly being reshaped, it’s crucial for investors to stay ahead of the curve. The Venture Vision Webinar, a joint initiative by GROCO and Impact Venture Capital, recently hosted…