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.
Most professions have their own lingo, and accounting is no different. What is different is that you have a vested interest in understanding what your accountant tells you about your financial situation. So, here’s a quick primer on common accounting terms—some business-related, some general—to keep you in the know:
There has rarely been a winter when we so badly needed to see (and feel) spring. Depending on where you live, this could mean bluer skies, warmer temperatures, time outside and…gardening! For those who live in a climate where spring doesn’t always mean it’s warm enough to garden outdoors, consider creating an indoor planting box for flowers, veggies, herbs or all of the above.
While “under a blanket on a cold winter day” isn’t the worst place to work, it’s a good idea to regularly assess your remote working environment—especially if you don’t have a full home office setup—to decide if anything needs an adjustment or upgrade. Here are four important points to consider: