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
How to Make Your Nonprofit Vision Happen
How to Make Your Nonprofit Vision Happen Many high-net-worth individuals come to the realization that they want to do something good and noble with their money. They understand that they are fortunate to be in their particular circumstances and they want to give something back. There are many ways to do this, from donating money…
Best Luxury Hotels in America
Best Luxury Hotels in America Luxury Hotels If you’re like most people then you love to get away from time-to-time and check out exotic locations all over the world. There’s nothing quite like a relaxing vacation where you can leave all your worries behind for a few days and get in touch with your lazy…
Is Repealing Obamacare for the Better or Worse?
Is Repealing Obamacare for the Better or Worse? Since the Affordable Care Act (aka Obamacare) became law, many have decried its terms and conditions, as well as how it negatively affects so many Americans and business owners. Republican lawmakers have tried unsuccessfully to repeal it since its inception. However, that could all be about to…
The Path to Successful Entrepreneurship
The Path to Successful Entrepreneurship The road to becoming a successful entrepreneur is often long and tedious, full of trial and error and setbacks. However, for those who are able to persevere and overcome those setbacks, the rewards can be significant. The world is full of people who dream of becoming an entrepreneur. Some of…