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1099 Preparation, Penalties & Deadlines

Posted by Admin on 23. January 2012 02:46


Steps to Take to Prepare for  1099 -MISC Forms

You should request that your vendors, contractors and other payment recipients submit to you a Form W-9. The W-9 will provide you with the legal name, address and taxpayer identification number for the vendor, which is the information you will need when preparing any  1099 -MISC forms.

You should also keep track of your payments in your bookkeeping system. You will need to know whether the payment falls under any of the categories listed above for reportable payments, whether your payments to a particular recipient reaches the $10 or $600 threshold for reporting, and finally you'll need to know the exact amount you paid the recipient for the year.


Penalties for Filing Form  1099 -MISC Late

The following penalties will be in effect for the year 2011:

$30 penalty for filing a  1099  not more than 30 days late;

$60 penalty for filing a  1099  more than 30 days late and before August 1;

$100 penalty for filing a  1099  on or after August 1;

$250 penalty for intentional failure to file.

These Form  1099 -MISC penalties were increased as part of the Small Business Jobs Act, and have not been repealed.


Deadlines for  1099 -MISC Forms

Provide the recipient with his or her copy of the Form  1099 -MISC by January 31 reporting income for the previous calendar year.

Mail the Form  1099 -MISC to the IRS by February 28.

Or electronically file  1099 s with the IRS by March 31.

Businesses can request a 30-day extension to file  1099 s with the IRS using Form 8809. An extension does not permit additional time for providing the  1099  to the recipient.



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