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
Six Common Daily Habits of Professional Leaders
Six Common Daily Habits of Professional Leaders Leadership in the workplace comes in many different styles and forms. Not all people in positions of leadership have the necessary skills to excel at their position. To be successful in business leadership you have to develop and hone numerous talents, abilities and attributes. Some professional leaders are…
These Illegal Tax Moves Could Cost You Big
These Illegal Tax Moves Could Cost You Big Everybody fibs on his or her taxes right? What’s a few dollars here and there? The IRS will never notice it. While it’ true that many taxpayers alter the real numbers on their tax returns and get away with it, honesty is always the best policy. Cutting…
Top Ways to Improve Your Leadership Skills
Top Ways to Improve Leadership Skills. You know there’s always room for more growth, more learning, and more improvement. Good leaders know they can always get better. They don’t become leaders by becoming complacent. So, since you’re like most good leaders and you recognize the need for continuing improvement, the next question is, how do…
Tax Filing Issues Have Jumped Greatly in 2019
Tax Filing Issues Have Jumped Greatly in 2019 Much of the news this tax-filing season has been about the changes in tax law, as well as the average refund amount. But there are other tax filing issues making news. In fact, that’s the exact problem. The 2019 tax season has been full of issues. According to statistics from the…