2017 Tax Year 1099 Filing Deadline
The deadline pertaining to Form 1099/1096 filings has not changed this year! All parties, the recipients AND THE IRS, must receive your finalized 1099 forms by JANUARY 31ST for filings to be considered timely. The new January 31stfiling deadline also applies to Forms W-2/W-3.
Filing Requirements & Penalties
Forms 1099 must be issued by your trade or business to individuals or partnerships to whom you paid $600.00 or more for SERVICES, RENT, INTEREST and/or DIVIDENDS. If a person is incorporated, no return need be filed on that person except if you have made medical and health care payments. Any dollar amounts paid to attorneys must be reported as well. Please take note that the IRS has put non-compliance penalties in place of up to $1,060 per 1099.
Contact Jane Smiley CPA, Inc. if you would like to learn more about how we help our clients manage their business and keep up with tax compliance requirements.