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 demonstrate mutual respect in the workplace
Definition: Mutual Respect Mutual respect should be at the core of any true principle-based leader. Mutual respect is the recognition that two or more individuals have valuable/important contributions to make in a relationship. Benefit: Mutual Respect When an individual demonstrates mutual respect, they show that they not only care for others, they also care for…
Are You a Leader Worth Following?
A Leader Worth Following Are you a leader worth following? Remember “Follow the Leader”, that game we all played as kids? It was a simple game that most small children really enjoyed. Back then you didn’t give much thought to whether or not you should follow the leader. And the leader didn’t give much thought…
Do You Know These Key Leadership Secrets?
Do You Know These Key Leadership Secrets? Is there a magic formula to becoming a good leader? Well, in reality no, there isn’t. However, there are some hidden secrets that you should know about if you want to lead successfully. Because most people are not just “born leaders.” They have to earn it. A Lateral…
Are You Increasing Your Chances of an Audit?
Are You Increasing Your Chances of an Audit? Audit. It’s the dreaded “A” word at tax time. The word can send chills down almost any taxpayers’ spine. Being audited by the IRS is not a pleasant experience. But if you’re ever selected for an audit, it’s not the end of the world. You can get…