If you just realized that you’ve missed the January 31 deadline for filing Form 1099-MISC, this may be an accurate depiction of your reaction. Luckily, it ends with celebration through the success of filing quickly and accurately with TaxBandits!
Let’s be honest, deadlines are not always the most exciting things to meet. The pressure of running your business, managing your staff, paying bills, etc., can become burdensome.
Form 1099-MISC is used to report payments for services performed for a business by people not treated as its employees. Miscellaneous income includes payments made to subcontractors wages, rental payments, prizes, awards, or substitute payments in lieu of dividends.
As an employer, you must file Form 1099-MISC for non-employees that you compensated $600 or more for the year services were rendered. A 1099-MISC Form, reporting miscellaneous income, must be provided to the recipient and a copy e-filed to the IRS.
What’s The Deadline For Form 1099-MISC?
As you can see, there are a few deadlines when it comes to Form 1099-MISC — the first one being January 31. If you’ve failed to provide your non-employee with a copy of their 1099-MISC Form, you may be subject to penalties from the IRS.
Do you still need to file? If so, hurry on over to TaxBandits and complete your forms easily in a short amount of time.
Copy B and Copy 2 are for the recipient and must be provided no later than Jan. 31.
Copy A must be filed with the IRS no later than Feb. 28, or April 1 if you file electronically.
Form 1099-MISC Penalties
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement.
If you don’t file a correct Form 1099 with the IRS and don’t provide a correct Form 1099 statement to the payee, you may be subject to two separate penalties.
You may also face penalties for providing statements that are incomplete or inaccurate. Penalties may be avoided if you can show reasonable cause, which is either accepted or rejected by the IRS.
Need More Time To File?
If you’re unable to file Form 1099-MISC on time, you can apply for an automatic 30-day extension of time to file by completing Form 8809. Simply e-file and receive approval within an hour!
To file Form 8809 just create or sign in to your TaxBandits account, select the tax form that you wish to receive an extension for, add pay/employer details, review the form summary, then pay and transmit directly to the IRS.
Yes, it’s really that simple!
We’re Here For You
At some point in life, we all need a helping hand. As you navigate through this tax season, let TaxBandits assist you with your tax filing needs. Whether it’s 1099 Forms or ACA Forms that are due on March 2, we supply you with everything you need, right at your fingertips.
Updated Feb. 1, 2019.
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