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CRITICAL CHANGES & DEADLINES IN 1099 REPORTING

 E-Filing 1099 with the IRS -January 31, 2017 •NOT February 28, and definitely not March 31, 2017 •This is specifically for 1099-MISC with Box 7 amounts greater than $600, but that’s most of the forms so this effectively becomes the new date •IRS is trying to limit the window for tax fraud •Delivery of 1099 to Recipient -January 31, 2017 •This is unchanged, but having Delivery and E-Filing at the same time, you’ll want to have your corrections process prepared. 

Small Businesses with Gross Receipts $5 Million or Less

Time returns filed/furnished

Returns due 01-01-2011 thru 12-31-2015

Returns due 01-01-16 thru 12-31-2016

Returns due 01-01-17 thru 12-31-2017

Not more than 30 days late
(by March 30 if the due date is February 28)

$30 per return/
$75,000 maximum

$50 per return/
$185,000* maximum

$50 per return/
$186,000* maximum

31 days late – August 1

$60 per return/
$200,000 maximum

$100 per return/
$529,500* maximum

$100 per return/
$532,000* maximum

After August 1 or Not At All

$100 per return/
$500,000 maximum

$260* per return/
$1,059,500* maximum

$260 per return/
$1,064,000* maximum

Intentional Disregard

$250 per return/
No limitation

$520* per return/
No limitation

$530* per return/
No limitation

 

Large Businesses with Gross Receipts of More Than $5 Million and Governmental Entities

Time returns filed/furnished

Returns due 01-01-2011 thru 12-31-2015

Returns due 01-01-16 thru 12-31-2016

Returns due 01-01-17 thru 12-31-2017

Not more than 30 days late
(by March 30 if the due date is February 28)

$30 per return/
$250,000 maximum

$50 per return/
$529,500* maximum

$50 per return/
$532,000* maximum

31 days late – August 1

$60 per return/
$500,000 maximum

$100 per return/
$1,589,000* maximum

$100 per return/
$1,596,500* maximum

After August 1 or Not At All

$100 per return/
$1,500,000 maximum

$260* per return/
$3,178,500* maximum

$260 per return/
$3,193,000* maximum

Intentional Disregard

$250 per return/
No limitation

$520* per return/
No limitation

$530* per return/
No limitation

 

Penalties for Failure to File Correct Information Returns (Code Section 6721) may apply if you:

·         don’t file a correct information return by the due date and a reasonable cause is not shown,

·         file on paper when you were required to file electronically,

·         fail to report a Taxpayer Identification Number (TIN),

·         report an incorrect TIN, or

·         fail to file paper forms that are machine readable.

Penalties for Failure to Furnish Correct Payee Statements (Code Section 6722) may apply if:

·         you don’t provide a correct payee statement by the applicable date and a reasonable cause isn’t shown,

·         all required information isn’t shown on the statement, or

·         incorrect information is included on the statement.

The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. A penalty for failure to file a correct information return is separate from the penalty for failure to furnish the correct payee statement. For example, if you fail to file a correct Form 1099-MISC with the IRS and don’t provide a correct Form 1099-MISC statement to the payee, you may be subject to two separate penalties.

Extension for information return e-filed?  FORM 8809- FAX TO 1-877-477-0572

 

      

 

info@solutionresources.org

800-269-0153