The IRS Deadline to submit Forms 1098, 1099, & W-2 is soon, and Anvil Tax can help!
January 31, 2017, is the Deadline
Deadline for employers to mail out Form W-2 and for businesses to furnish Form 1099 statements reporting, among other things, non-employee compensation, bank interest, dividends, and distributions from a retirement plan.
Deadline for self-employed individuals to file and to pay their tax and avoid a penalty for not making your 4th quarter estimated tax payment.
New IRS Failure to File Form 1099 Penalties:
- $250 penalty for intentional failure to file (was $100).
- $250 penalty for intentional failure to Furnish to the payee (was $100).
- This means the IRS could assess $500 per Form 1099 without any limits
What is a Form 1099
Form 1099-MISC is used to report miscellaneous income for individuals and companies (LLC’s) who have been paid $600 or more in non-employee service payments during a calendar year with the exception of royalty payments of $10 or more.
Please note that amounts paid for wages and other compensation paid to an employee are NOT reported on a Form 1099-MISC. These amounts are reported on a Form W-2.
Examples of persons whom you might have paid more than $600 to and are therefore required to issue a Form 1099-MISC include Independent Contractors providing services such as:
- Health care or medical care service
Anvil Tax is here to help with your Form 1099 and W-2 filings.