What’s New about the 1099 Form Filing Rules?

If you’ve filed 1099 forms for your business in the past, you probably have a solid beat on the general filing methods. Still, there are details and finer points that can change from year to the next. In fact, the federal government typically makes hundreds of changes to the tax code each year, but there are typically a handful of changes that are significant to the forms filing process.

Harried business owners with time constraints may be especially prone to missing these changes, but even experienced filing form preparers can make mistakes if they don’t stay abreast of changes to the instructions for 1099 filings.

Looking for the nitty-gritty details on all the new 2016 1099 form filing rules? You can actually find a handy list of instructions for 2016 1099 forms here on the IRS website. If you’re just looking for the highlights ahead of buying software for this year’s filings, check out the following information.

 

2016 1099 Form Filing Deadlines

As is often the case, the big developments relate to Form 1099-MISC. The filing volume for this form continues to grow as the U.S. economy incorporates a wider range of independent contractor/self-employment skills into its overall workforce. The IRS has had to adapt, just as it did when modern online communications technology made paper filings so incredibly inefficient by comparison.

Of more immediate concern when filing a 2016 1099 form is the new deadlines. Specifically, if you’re reporting non-employee compensations (Box 7), you have to mail Copy B to the recipient and file directly with the IRS by January 31st. In contrast, forms 1099-B, 1099-S, and 1099-MISC (Box 8 reporting) have certain extended deadlines.

On a slightly different note, there are also two new kinds of business forms 1099-QA and 5498-QA that are used to document and report ABLE accounts (Achieving a Better Life Experience) for individuals with disabilities and their families. Finally, there are a number of forms for which you can now use free and fillable PDF print files (1099-CAP, 1099-LTC, 1099-SA, and 5498-ESA/SA/MSA).

 

Find Software Support for Your Small Business

Really any small business, but especially if you’re up against it with the new filing deadlines, you’re going to want a software companion that can guide you through the process quickly and reliably. Nowadays, for most businesses, the best way to file is electronically. Many even take the next step by printing out their recipient Copy B paper form.

Either way, Advanced Micro Solutions (AMS) offers a foundational software platform and modular product solution that’s just what you need to keep up with your 2016 1099 form filing requirements. Learn about the advantages and value of our W-2/1099 Forms Filer. This intuitive, menu-driven platform provides a range of essential data management and form preparation features. It also offers sophisticated module interaction for the following options:

Don’t wait any longer. Download our free software demo, buy a tailored software package for your business, or talking to our Sales and Information team at (800) 536-1099.

Software Solutions from AMS

Our W2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.