News / Article

IRS Forms 1099 Are Critical, And Due Early In 2017

Source: forbes.com - Nov 15, 2016

IRS Form 1099 season is almost here. No form is more critical to your tax return. Each Form 1099 is matched to your Social Security number, so the IRS can easily spew out a tax bill if you fail to report one. You are almost guaranteed an audit or tax notice if you fail to report a Form 1099. Mistakes matter, especially now that the IRS has six years to audit, not three. And now, the IRS has changed the filing date for some Forms 1099.

Beginning in 2017 for 2016 payments, the IRS has moved up the filing date for Forms 1099-MISC reporting non-employee compensation in box 7. The reporting date to the IRS will now be the same as the due date for the forms to be issued to recipients, January 31. This deadline applies regardless of whether the forms are filed electronically or on paper. In the past, filers had an extra month or two after issuing the forms to recipients, but no longer. Note, however, that the filing dates remain unchanged for Forms 1099-MISC that do not report in box 7.

CLICK SOURCE TO READ ENTIRE ARTICLE

Category: General Business