In today's paper there was an article saying the IRS has given broekrage houses till 2/28 to send out 1099 forms to clients. It seems the brokerage houses need the extra time to deal with reporting tax exempt interest.
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Well.......
...... what was there excuse for all those "revised/corrected" statements last year?This post is for discussion purposes only and should be verified with other sources before actual use.
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can we submit this to independent contractor at february 28, 2007?Comment
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1099 Dates
Due Date of Annual information statements (1099 and W-2) to recipients and employees is Jan 31.
Due Date of Transmittal of these forms to IRS and SSA is February 28th.
SandyComment
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Sure... I do it all the time. They would be issued on time if they were not the **** red forms. How is the IRS to know as long as you send the IRS copy by 2/28/07. The independent contractor knows the amount he was paid and the fact that it is 100% taxable without the 1099. Its not your fault if the contractor files early and decides to not include your payments in his income only because you didn't send him a 1099 by Jan 31.Comment
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If we find where a 1099
needed to be filed late generally because the client is late in getting their information to us, we generate the 1099 even if it's several months late. We have not received a penalty yet.Comment
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