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
Star Valley Wyoming Trout Ranch | Scott Carlisle
About Scott Carlisle In his early years Scott Carlisle visited a small fishery to see where the fish on his father’s ranch was coming from. He fell in love with the place and tried to find employment there. After being denied work there he went home and told his wife that one day he…
Joke Videos
Joke Videos Insanity So, you’re saying it’s ok. Insanity, is a side-effect of tax law. Accounting Classes I tried taking a course on ethics for my CPE credits, but everything contridicted what I learned in my accounting classes. Feelings So, you’re saying that I should own my feelings… but my accountant said that it would…
Social Entrepreneurship & Why It Matters | Nzinga Blake
Interview Transcript of: Social Entrepreneurship & Why It Matters | Nzinga Blake Alan Olsen: Can you share a little about your background? Nzinga Blake: I was born in Maryland, my family is from West Africa from Sierra Leone and my mom has some roots as well in Nigeria and so I was born here in…
Mark Eaton: The Four Commitments of a Winning Team
Episode Transcript of: Mark Eaton: The Four Commitments of a Winning Team Mark Eaton: I had an opportunity to play team at the highest level in the NBA and I’ve looked at what I learned on the basketball court and figured out a way to transpose that and transfer it to the business realm and…