In short: Yes, you can still file a 1099 C form 2018 after the deadline. Filers typically have around three years from the original deadline to file the forms they need. Until that time, the IRS can impose fines and fees. If you neglected to file a 1099 C form 2018 and only just realized, we recommend getting your documents in as soon as possible.
That said, there are a few ways that organizations and businesses can prevent these oversights. The easiest? An integrated and semi-automated accounting system to help you keep track of data and hold yourself to deadlines.
What is the 1099 C Form 2018?
The 1099 C, also known as the Cancellation of Debt form, is filed for each debtor to whom an organization canceled $600 or more of debt. This applies only if the organization is an applicable financial entity and if an identifiable event has occurred. These qualifications may sound vague, but the organizations who deal with form 1099 C often handle hundreds of these forms at a time. They are typically banks or other lenders who may forgive debt and who track transactions.
Still, it is not uncommon for a 1099 C to go unfiled. When this happens, it can be difficult to catch the mistake unless the IRS imposes a fine. If you have discovered a 1099 C form 2018 that went unfiled, and the IRS has not yet penalized your business or organization, you should do so as soon as possible.
For additional context, folks working with the 1099 C form should know that most 1099 forms have a 3-year statute of limitations. This means that, for three years after the initial deadline, the IRS has the ability to pursue a business or organization for failing to correctly file. While the penalty is typically only a fine, it can be a hefty fee for some businesses to pay.
Get 1099 C Form 2018 Support from Advanced Micro Solutions
Tax and wage mistakes happen every day, but your business can cut down on how much they occur. An accounting software tool is the best and most implementable way to do this. When it comes to late and incorrect 1099 filings, mistakes happen because of two reasons: An incorrect piece of information or forgetting t file for a specific person or account. The combination of our W-2/1099 Forms Filer software with AMS Payroll can address both problems.
AMS Payroll can generate, store, and apply essential employee and contractor information throughout the year. This information is essential to accurate 1099 and W-2 reporting. When annual tax season rolls around, users can use this information to complete the relevant forms for all types of payments. Filing is also easy. With several electronic filing options available with AMS, you’re sure to find an option that fits best with your business’s needs and budget.
Additional Resources from AMS
- W-2/1099 Forms Filer
- E-File Direct
- Affordable Care Act Filer
- 1042-S Filer
- Software-Generated Forms
- Forms Filer Plus