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
Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group…
IRS Wants A Lot More Than a Coke and a Smile From Coca-Cola, Co.
The Coca-Cola, Co. wants everyone to share a Coke and a smile but the IRS just wants the soft drink company to share it’s profits with the government, in the form of it’s tax bill. The IRS claims that the company has skipped out on more than $3 billion in taxes and interest due from…
FATCA Is Officially Underway
We’ve been talking about it for months and according to the IRS, FATCA is now officially underway. The Foreign Account Tax Compliance Act is live and the IRS is actively exchanging information with several other countries that have signed on. So what does that mean for you and your information if you have funds in…
Be Careful of Scams When Donating to Charities
The world is full of good Samaritans, those people who see other people suffering, and want to help or who get involved in a good cause. Donating time, talent and money to charities and other good causes is a noble endeavor. However, as with most things in life, there are always those on the other…