1099-Misc Filing Requirements and Penalties for 2018
It’s a new year and that means 1099 season is here! I hope you have been collecting those W-9 forms from people because the IRS is cracking down on 1099 reporting. If you don’t have W-9 forms signed and filled out, I suggest you start working on collecting those NOW...otherwise be prepared for possible penalties this year. What’s New Beginning last year, the IRS changed the deadline for filing government copies of 1099-Misc forms to January 31 st . In case you weren’t aware the OLD deadline for most was February 28 th (March 31 st if filing electronically). That means 1099 preparers have one to two less months to get the information required to prepare these forms this year. The IRS has always required the filing of 1099-Misc forms and there have always been penalties for not filing and filing late. What’s new is that beginning last year the IRS started enforcing those penalties. A few of our clients who self-prepare their 1099’s received large penalties for