IRS Changes Deadlines for 1099 Forms
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
Effectively Managing Your Goals
Effectively Managing Your Goals In effectively managing your goals, you need to know where you are going, start with the end in mind. In order to do this, it is important to establish an effective process to carry out your goals. Some goals may take only days to accomplish while others may take years. In…
What do both Goal Failure and Goal Success have in Common?
What do both Goal Failure and Goal Success have in Common? The other day I was asking my 12-year-old son how basketball practice went (he is playing goal success goal failure with a new year-round competitive team), and how he feels he is doing. He said, “Good.” That’s the typical answer I get from him,…
Becoming an Influential Leader
Becoming an Influential Leader Who are the most influential business leaders the world has known? Would it be the CEO of a multimillion-dollar corporation? Maybe it is someone that is not as well known; someone within your community who has set an exemplary example of leadership. Some individuals have innate qualities that make them born…
Agile Stacks | John Mathon
Agile Stacks | John Mathon Transcript Alan 0:02 I’m here today with John Mason. John is the founder of agile stacks and also CEO. John, welcome to today’s show. John 0:09 Thank you. Good to see you here. Alan 0:10 So agile stacks. You know, for the listeners, before we get into the company, let’s…