Due Date for Forms 1099 Quickly Approaching

Form 1099-MISC along with many other informational returns are due to recipients at the end of this month. Last year, I gave a brief outline of who may be be required to file.

Penalties for late filing range from $30-100 per late or incorrectly filed return. The maximum penalty is $250,000 per year. ($75,000 for small businesses).

These are pretty steep penalties for an informational return, and they are set to increase for the 2016 filing period ($50 for the minimum and up to $175,000 for small businesses).

 

For instructions on how to prepare Form 1099-MISC for the 2015 reporting tax year, visit the IRS website.

For information on due dates, and when and where to file, check out this IRS Publication.

If you have any questions about Form 1099-MISC contact Paul Glantz, CPA at paul@launchconsultinginc.com

Tax Deadline Reminder: 2014 Forms 1099

Almost halfway through January, the Form 1099-MISC deadline is quickly approaching. Copies of this form are due to the recipient at the end of January (February 2, 2015 for 2014 Forms, since January 31, 2015 is a Saturday) and due to the IRS at the end of February (March 2, 2015, since February 28, 2015 is a Saturday). Penalties for failing to file range from $30-$100 PER recipient.

Think you might be required to file? Visit my blog on who is require to file and find out!

Launch Consulting 2014 Form 1099-Misc, Tax Consulting, CPA, Tax Prepare, Austin, Texas

IRS “Red Copy” of 2014 Form 1099-MISC

 

For help filing these informational returns, contact Paul@LaunchConsultingInc.com

For full instructions, visit the IRS website using the link provided below:

http://www.irs.gov/pub/irs-prior/i1099msc–2014.pdf

Am I required to file Form 1099-MISC for 2014?

This is a question I get asked often from new clients. In short, 1099s are issued by businesses (sole-proprietors, LLCs, partnerships, corporations, etc.) who’ve made payments in excess of $600 to individuals or other businesses during the ordinary course of business. This includes services (contract labor), rents, royalties, and interest.

There are certain exceptions that apply to this $600 threshold, but we’ll attempt to keep this post as brief as possible. Under Code Section 6041, payments made to a “corporation” do not require returns of information, however 1099’s are still issued to law firms regardless of their entity structure.

Failure to file these required informational returns will result in penalties ranging from $30-100, depending on how late they are filed.

 

For help preparing Forms 1099-MISC, contact Paul@LaunchConsultingInc.com

Form more information on requirements for filing, visit the IRS website using the link provided below:

http://www.irs.gov/pub/irs-prior/i1099msc–2014.pdf