We know that accountants and small business owners can’t always spend their time on tax and wage tasks. With so much else going on – making a profit, hiring the right people, and keeping a business afloat – some tasks are bound to fall by the wayside. For some, this could mean forgetting to hire a contractor to paint the door. For others, it could mean forgetting to file a 1099 form. In these cases, missing forms can go unnoticed for years. But after a certain point, does it really matter?
In short: Yes, it does still matter. Those who did not file or report 1099 MISC 2018 forms should still seek to remedy this mistake. Most 1099 forms have a statute of limitations of three years. During that time, the IRS can impose a fee or penalty for late or missing forms. While it has been several years since the 1099 MISC 2018 was due, the statute of limitations has not ended. The IRS can impose a fine up until January 31, 2022. If you haven’t been fined but have still not filed your 2018 1099s, we recommend doing so as soon as possible.
Where Can I Get a 1099 MISC 2018?
The IRS allows businesses and individuals to order any number of forms online. This may be especially useful for those filing a 2018 1099. Usually, accountants and business owners can find these forms at office supply stores, and they are often widely available online. However, since this form is now two years old, you will have a much harder time finding one out on your own. Our recommendation is to order directly with the IRS to ensure you get your forms correct.
Additionally, the IRS hosts a database for all current and previous forms. This can be especially useful for businesses and accountants who discover a late filing and need to understand what the form required at the time it was due. Tax and wage forms change frequently. This means instructions for a 1099 MISC 2018 may not be the same as those for a 1099 MISC in 2020 – and, indeed, they aren’t. Familiarize yourself with this tool – you never know when you’ll forget to file a tax or wage form.
A Software Solution Can Help
We strongly believe that late forms can be prevented with a powerful accounting software. But accounting tools are only as useful as they are customized. We know that not all businesses benefit from the same types of accounting software. That’s why AMS is a modular system. After purchasing our base platform – our W-2/1099 Forms Filer – users can pick and choose the tools they want to use. While the W-2/1099 Forms Filer will significantly help to organize 1099 and W-2 filings, tools like AMS Payroll can centralize all payee data for ease of filing. Your 1099 MISC 2018 might not benefit from a one-size-fits-all solution. With us, it doesn’t have to.