The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.
All filing deadlines are as follows:
Important changes for filing in 2018:
1099-MISC forms reporting NEC must be submitted in a single submission. This means if additional 1099-MISC forms with NEC are required after originally submitting them to the IRS and after the January 31 due date, then ALL 1099-MISC forms with NEC have to be reprocessed and filed together. If they are not filed as one submission, the IRS Section 6721 penalty will apply to all forms that were not included in the single submission.
In addition to submitting all 1099-MISC with NEC in one submission, if our firm does need to file after the January 31 due date, any 1099-MISC without NEC need to be a separate submission as well.
For us to serve you best, we strongly recommended that you aggregate all vendors requiring a 1099 prior to the January 31 deadline. Failure to submit data in a timely manner can result in penalties and processing fees that we want to help you avoid.
If you have questions, please contact us.
Of the many things America does well, taking vacation time isn’t always one of them.
People do lots of things during the summer—take vacations, grill in the backyard, attend ball games and go to the beach, among other pursuits.
Ahh, summer. Those long, lovely, lazy days are almost here—and for many of us, that means one thing: Lots and lots of beach or backyard reading.