Are There Any Exceptions or Exemptions to Filing 1099 forms?

Yes, the Internal Revenue Service provides certain exemptions for filing 1099 forms for freelance workers. Familiarize yourself with the exceptions before you hire a contractor. Do not submit 1099 forms if you:   Make payments to corporations. Do not send Form 1099-MISC or any other 1099 forms when you make a payment to a corporation. […]

When to Issue a Corrected 1099

Issue a corrected 1099 form as soon as you notice that you made an error on one. The Internal Revenue Service generally prefers to receive amended 1099s within three years of your original filing date. Yet the IRS does not impose a hard deadline for filing amended 1099s. Only issue a corrected 1099 to the […]

When Do You Have to File 1099s Electronically?

Electronic filing deadlines for 1099s depend on the specific type of 1099 form. Your window for e-filing may extend through March 31. File Form 1099-NEC to the Internal Revenue Service by January 31 for paper and electronic submissions. The IRS may otherwise enforce late penalty fees. Send Form 1099-MISC to the IRS by March 31 […]

When are Corrected 1099s Due?

There is no hard deadline for when you must file your business’s corrected 1099s. Aim to submit amended forms to the Internal Revenue Service within three years of your original filing date. A three-year window exists to collect a refund from an amended form. The IRS generally does not reject or block amended 1099s that […]

When are 940s Due?

File Form 940, the Employer’s Annual Federal Unemployment (FUTA) Tax Return, by January 31. You may find your business eligible for the February 10 deadline if you deposited all your FUTA tax when it was due. File your return on the next business day if the tax return due date lands on a Saturday, Sunday, […]

What Qualifies as a 1099 Employee?

A 1099 employee is someone who is a business owner or contractor that provides services to other businesses. The Internal Revenue Service generally qualifies these types of workers as self-employed and not employees. They are non-salaried and companies do not pay them wages for their services. Companies come to a mutual agreement with a 1099 […]

What Happens If You Missed 1099 Deadline?

Missing a 1099 deadline is not the end of the world, but you will likely face some consequences from the Internal Revenue Service. Do not fret if you miss a deadline — you can and absolutely should send any missing 1099s immediately once you discover your mistake. Some of the major consequences if you missed […]

What Happens If You Forget to File a 1099?

Expect to pay a penalty to the Internal Revenue Service if you forget to file a 1099 during tax season. Your business’s consequences will depend on if you intentionally missed a deadline or not. Check to see whether you received a notice from the IRS about a missing 1099 form. An appropriate way to handle […]

What Happens If You File 941 Late?

Employers who file 941 late will likely encounter the Failure to Deposit Penalty. The IRS’ penalty applies to employers who fail to make employment tax deposits on time, in the correct amount, and/or in the right way. The penalty that you owe the Internal Revenue Service is a percentage of the taxes in any of […]

What Happens If I Don’t File My 1099-MISC?

Failing to file your business’s 1099-MISC forms can lead to incurring penalties from the Internal Revenue Service. The severity of the penalty depends on the lateness of a Form 1099-MISC. A penalty will also be higher if you intentionally disregard the March 1 paper deadline or March 31 electronic deadline. Charges for late information returns […]