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
Some of the Most Amazing Hobbies From Around the Globe
Some of the Most Amazing Hobbies From Around the Globe Have you been looking for a new hobby lately to fill your time? If the stamp or coin collecting just doesn’t seem to grab your attention and the thought of taking up golf or polo bores you, then perhaps it’s time to look outside the…
Where to Live if You Just Graduated From College
Where to Live if You Just Graduated From College A fresh new crop of college graduates has just recently walked across that grand stage in caps and gowns to receive their hard-earned diplomas. It also means that thousands of young graduates are busy looking for a job, and in many cases, a new place to…
Unusual Habits Creative People Have in Common
Unusual Habits Creative People Have in Common If you spend some time considering some of the most creative people in the world and the many contributions they’ve made to society, you will surely be amazed. From Steve Jobs and Bill Gates in the tech industry to Warren Buffet in the business world, as well as…
The Most Valuable Items to Include In Your Garden
The most valuable items to include in your garden may surprise you. Gardens come in all shapes and sizes and can be very personal. Plus, with so many diverse fruits and vegetables, there is no end to what you can grow in your own personal garden. However, what kinds of things have the most value?…