IRS Eliminates Automatic Extensions for Forms 1099-MISC with NEC Reporting

May 18, 2023November 5, 2018 by Ken Ham

No More Automatic Extensions for 1099-MISC with NEC Reporting

In an attempt to decrease the number of fraudulent individual tax returns, the IRS has decided to do away with automatic extensions for Forms 1099-MISC with NEC Reporting in Box 7. Extensions may still be requested using Form 8809, but they will not be automatically granted and must fall within certain allowances such as first-year … Read more

Preparing Form 1099-MISC: TY2018 Guide

May 18, 2023September 26, 2018 by Ken Ham

irs, 1099, 1099-misc, e-file, efiling, e-filing, form 1099-misc

Before you begin preparing your Form 1099-MISC reporting, it is important that you know what information you need to gather. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your Form 1099-MISC. What’s New for 2018? The IRS recently announced that Forms 1099-MISC with NEC (Box 7) reporting will … Read more

1099-MISC Automatic Extensions Discontinued by IRS

May 18, 2023August 24, 2018 by Ken Ham

irs, 1099, 1099-misc, e-file, efiling, e-filing, automatic extensions, automatic extension, extensions

The IRS has recently handed down a decision to eliminate automatic extensions for Form 1099-MISC for all businesses. This new decision also states that individual requests with sufficient cause made directly to the IRS may have some difficulty with earning approval. This regulation is the result of an increase in fraudulent tax returns and identity … Read more

W-2 vs. 1099-MISC: How to Report Wages

May 18, 2023June 18, 2018 by Ken Ham

w-2, 1099-misc, 1099, withholding, IRS, wages, income

Both Forms W-2 and 1099-MISC are annual wage reports required to be sent to workers and the SSA or IRS by employers for tax reporting purposes. However, the form used to report those wages will depend on the classification of the worker, specifically whether they are an employee or non-employee.

Preparing Form 1099-MISC Guide – IRS TY 2017

May 18, 2023September 5, 2017 by Ken Ham

irs, 1099, form 1099-misc, e-file, efiling, e-filing

It is important that you know what information you need before you begin preparing Form 1099-MISC. We’ve identified the following 5 key topics that may help you to correctly and timely file your 1099-MISC forms with our Step-by-Step Guide. Determine Who Must Receive a 1099-MISC Form The IRS instructs that a 1099-MISC form must be completed … Read more

Gathering Information For IRS Form 1099-MISC – TY2017

May 18, 2023September 4, 2017 by Ken Ham

irs, form 1099, form 1099-misc, e-file, efiling, e-filing

Before you prepare or distribute your Form 1099-MISC, you will need the tax information for the business or payer and recipient or payee, as well as the amounts paid to the recipient. A. Business Information You will need to include the following information on each Form 1099-MISC form you prepare. B. Recipient’s Information Before completing … Read more

Who Receives a Form 1099-MISC?

May 18, 2023September 4, 2017 by Ken Ham

Form 1099-MISC is used to report payments to non-employees. A non-employee is defined as a person or business who is not employed by your company, such as independent contractors, freelancers, or outsourcing companies. This includes persons such as cleaning services, IT support, or maintenance services.

Common Errors for Form 1099-MISC – TY2017

May 18, 2023September 4, 2017 by Ken Ham

So, you: Sounds like you are good and ready to complete and file your 1099-MISC forms. However, before you press that print or e-file button, take a moment to review your information and forms for accuracy in order to avoid potential penalties or other problems. Some common mistakes when completing Form 1099-MISC are: Sending a … Read more