NEW FILING DEADLINES FOR W-2s AND 1099s
The IRS has changed the filing deadline for the 2016 Form 1099s and W-2s.
The new deadline is January 31, 2017 for BOTH the recipient copies and the filing copies.
PENALTIES INCREASED – to as much as $250 per form for late filing or failure to file by the January 31, 2017 deadline.
A Form 1099-MISC is required for each person who is not a corporation to whom you have paid during the year at least $600 in:
• Services performed by someone who is not your employee (i.e. accountants, lawn & snow service, cleaning & maintenance, sales commissions, etc.)
• Awards & prizes
• Payments to an attorney (even if they are a corporation)
OR At least $10 in:
• Broker payments in lieu of dividends
File a Form 1099-INT for payments of interest on a business debt to someone who is not a Financial Institution.
If you require our assistance to prepare the Forms, please provide the following information as soon as possible after Year End 2016, in order to allow adequate time to prepare the 2016 Forms.
• Full Name of Recipient
• Social security or Tax ID number
• Total Amount paid
• Type of payment (Rent, Services, Attorney, Royalty, Interest)
Our Latest Insights
Please SUBSCRIBE to our newsletter and you’ll receive practical, actionable updates on a regular basis.
- Taking it to the Streets: Seven Marketing Strategies to Consider
- Individual Tax Calendar: Important Deadlines for the Remainder of 2018
- TCJA Changes to Employee Benefits Tax Breaks: Four Negatives and a Positive
- Blockchain May Soon Drive Business Worldwide
- Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls