Deadlines for Form 1099 Series Tax Year 2020

IRS Deadlines for Form 1099 Series

The deadlines for Form 1099 series vary depending on form and type of filing, electronic or paper.

The deadline to submit 2020 Forms 1099-NEC to the IRS by paper or electronic filing is January 31, 2021.

The deadline to submit all other 2020 Forms 1099 to the IRS by paper filing is March 1, 2021.

The deadline to submit all other 2020 Forms 1099 to the IRS by electronic filing is March 31, 2021. 

Note: You must file electronically if you are submitting over 250 Forms 1099-MISC, -INT, or -DIV for TY2020.

Recipient Deadlines

The deadline to distribute all 2020 Forms 1099 to recipients is January 31, 2021. 

State Deadlines

Requirements and deadlines for state Form 1099 reporting vary by each individual state. Many states that require Form 1099 reporting participate in the Combined Federal and State Filing Program. It is always best to verify this information by contacting the responsible state agency in order to avoid potential penalties.

Please note: Form 1099-NEC does not participate in the CFSF program.

Extension of Time to File Information Returns Deadlines

Form 8809 is used to request a 30-day extension of time to file your information returns with the IRS. You should request this extension as soon as you suspect it will be necessary.

The deadline to request an extension of time to file 2020 Form 1099-NEC reporting by paper or electronic filing is January 31, 2021 and must be submitted by paper.

The deadline to request an extension of time to file all other 2020 Forms 1099 by paper filing is February 28, 2021.

The deadline to request an extension of time to file all other 2020 Forms 1099 by electronic filing is March 31, 2021.

If you are requesting an extension for more than one type of form, the request must be filed by the earliest due date of the combined forms.

Initial requests are granted automatically upon filing Form 8809, with the exception of Form 1099-NEC. If you receive an automatic extension, you may request one additional extension by submitting a second Form 8809 by paper before the end of the first extension period.

Extension requests for Form 1099-NEC reporting and additional extension requests are not automatically granted and must meet certain criteria.

Affordability Safe Harbors – Tax Year 2020

Determining the affordability of the health coverage offered to your full-time employees and their dependents can be a bit complex. To put it simply, provided coverage is considered affordable if the premium constitutes less than 9.78% of the household income of an eligible employee for plans starting in 2020.

The ACA originally set the affordability threshold at 9.5% of an employee’s household income, and the IRS has adjusted it annually.

Since household income can be difficult to determine, due to factors such as spousal or secondary income, the IRS offers three safe harbor options to assist in determining affordability: Continue reading Affordability Safe Harbors – Tax Year 2020

What is Employer Shared Responsibility?

Employer Shared Responsibility

The Affordable Care Act’s employer shared responsibility provisions require certain employers (called applicable large employers or ALEs) to offer affordable health coverage to at least 95% of their full-time employees and their dependents, or otherwise make an employer shared responsibility payment to the IRS. Continue reading What is Employer Shared Responsibility?