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

What is the Purpose of Your Business?

What is the Purpose of Your Business? Profit is the result of what a business does, but it is not the purpose. Businesses spend an inordinate amount of time asking questions about how things are done. For example: How has this been done in the past? How have other businesses done this? These kinds of…

plan; embrace opportunities

Embrace Opportunities and Be Flexible in Your Plan

Embrace Opportunities and Be Flexible in Your Plan Life is a journey and the race is usually not won in a day. While it’s important to plan ahead and it’s a good idea to map out your future, the fact is things don’t always go according to plan. Thus, it’s very important to be flexible…

What Philanthropy Really Is

What Philanthropy Really Is What comes to your mind when you hear the word philanthropy? Perhaps you think of giving away money to a great cause in order to help further its purpose. Maybe it’s a large donation to a school, a community service or a new building designed to help many. Of course, philanthropy…

Tips to Improve Your Leadership Communication

How to Be a Leader: Dispelling the Myths

How to Be a Leader: Dispelling the Myths No matter what position you hold in your company, your ability to lead will greatly determine the extent of your success. Leadership skills enable you to guide customers effectively, get team members and company leadership to buy in to your ideas, and develop the respect and reputation…