1099 misc new rules

[JenMO]

am i reading this right that the 1099 misc with non employee box filled in has to be efiled to the IRS by Jan 31?

[JenMO]

ive read farther and see that it is the W-2's also have to be in to ssa by Jan 31. My w-2s are always ready, but have some late comers on the 1099's. Will there be a penalty for late filing, say, the 1099 is efiled by Feb 28?

[TaxGuyBill]

Yes, the penalty is $50 per 1099 if it is filed within 30 days, and it goes up from there.

https://www.irs.gov/instructions/i1099gi/ar02.html#d0e2142

https://www.irs.gov/instructions/i1099gi/ar02.html#d0e606

[Jiggers]

am i reading this right that the 1099 misc with non employee box filled in has to be efiled to the IRS by Jan 31?

And this includes e-filed 1099's with non-employee compensation.

[JenMO]

the first year, you think they will abate the penalty?

[spanel]

am i reading this right that the 1099 misc with non employee box filled in has to be efiled to the IRS by Jan 31?

New filing date. Public Law 114-113, Division Q, section
201, requires Form 1099-MISC to be filed on or before
January 31, 2017, when you are reporting nonemployee
compensation payments in box 7. Otherwise, file by
February 28, 2017, if you file on paper, or by March 31,
2017, if you file electronically. The due dates for furnishing
payee statements remain the same.

So far I would agree.....


Who must file electronically. If you are required to file
250 or more information returns, you must file
electronically. The 250-or-more requirement applies
separately to each type of form. For example, if you must
file 500 Forms 1098 and 100 Forms 1099-A, you must file
Forms 1098 electronically, but you are not required to file
Forms 1099-A electronically.

I you have less than 250 1099's, you can still print and mail by Jan 31st (line 7)... efling not required.

Chris

[Brian EA]

Less than 250 1099's, you can still print and mail by Jan 31st (line 7)... efling not required.[/B]

Chris[/QUOTE]

That's correct

[Jiggers]

I have clients that have both, Non-Employee Compensation and Rental Payments, that require 1099's. I am going to insist that both have to be filed by January 31.

And I doubt if there will be a first-time abatement. I have been reading other comments elsewhere that the IRS is going after the late filing penalty on earlier years and refuse to abate.

[BHoffman]

Form 8809 extension request

https://www.irs.gov/pub/irs-pdf/f8809.pdf

I think there is a form to request an extension for filing 1099M with NEC (Non Employee Compensation).

[JenMO]

didnt realize they might be extendable. that helps, anyway

[TaxGuyBill]

They are extendable, but it is not an automatic extension. In other words, you need explain to them that you have a legitimate reason for filing late, and hope that they approve it.

[taxea]

Those who have to submit them would appreciate having an extension available; those who are waiting for them to complete the tax return will not be happy, I suspect.

[JohnH]

Last year I used 1099express for the first time. Sure glad I did, because they are automatically filing the extension of time to submit IRS copies for all their former customers. The even have a way to inquire to be sure the client is on the extension request list. Nice company.