The Internal Revenue Service is known to update its tax forms. All business owners should pay attention to any updates as tax deadlines approach, or even for future tax seasons. One of the most notable changes is to the Form 1099-MISC. For 2017 misc 1099 forms, there are multiple reasons why you may have filed them.
One of the reasons a business may have filed a Form 1099-MISC in 2017 is if they paid an individual at least $10 in royalties. Separately, a business would have filled out the form if a broker payment was made instead of dividends or tax-exempt interest. There are additional reasons for filing a 2017 Form 1099-MISC. These include paying someone at least $600 in: rent, prizes and awards, other income payments, and medical and health care payments.
Other filing requirements include crop insurance proceeds, cash payments for aquatic life purchased from fish traders, cash paid from a notional principal contract, payments to an attorney, and fishing boat proceeds. While these are known reasons to file 2017 misc 1099 forms, there is one more common reason. A company in 2017 would have filled out Box 7 on the form if a non-employee or independent contractor performed any services.
Since 2020, non-employee compensation of $600 or more is now filled out on the Form 1099-NEC. Similarly, there are a few other payments no longer recorded on the Form 1099-MISC. These include cash payments that were made for fish or aquatic life that was bought from traders, as well as payments made to an attorney.
Why Businesses Need A Reliable Tax Software
Regardless of what year it is, a reliable tax software program is crucial. For 2017 misc 1099 forms or any later forms, Advanced Micro Solutions can help ease any of your filing burdens. One of the best features for Advanced Micro Solutions’ W2 and 1099 software is their entry screen resembles actual forms. Another helpful feature is that a “Common Payee File” lets a user select a payee across payers or 1099 forms without repeatedly needing to input the same information.
Advanced Micro Solutions is a disc-based tax software. So, unlike cloud-based tax software, there is less fear of compromised data. There is no need to worry if the WiFi goes out or the system is hacked. Users are able to create encrypted PDF files. Then, users can email the necessary reports directly from the 1099 – W2 Software.
More so, any current forms or any 2017 misc 1099 forms can be filed directly at the end of the year to the Internal Revenue Service. The quick-and-easy process is completed by using the company’s E-Filer module interaction. Ultimately, there is no reason for any avoidable manual complications during the tax season. While filing taxes manually may seem preferable to taking the time to learn a software program, Advanced Micro Solutions’ software is intuitive. So rather than risk penalties due to manual errors, consider investing in the tax software.