IRS Deadlines Approaching
1099s Must be Mailed to Recipients by February 2nd
As a small business owner, you oftentimes have a lot on your plate. Between drumming up new business, managing your employees, and overseeing your customer accounts, it’s easy to let certain forms such as 1099s slip the mind. However, when a penalty for late filing can easily eat into a small business’s margins, it’s very important to get these forms to the IRS on time!
If, in the last fiscal year, you paid any individuals, partnerships, or any other NON-corporate independent contractors who aren’t your internal employees $600 or more, you are required to file a 1099-MISC form for each (ANY attorney paid $600 or more requires one, regardless of corporate status).
Deadlines to Keep in Mind
02/02/15 – Deadline to send copy of 1099-MISC to respective workers (this year's deadline extended due to weekend)
03/02/15 – Deadline to send paper Copy A of 1099-MISC (Along with a Form 1096, which is simply a summary of the information on your 1099-MISC forms) to the IRS (this year's deadline extended due to weekend)
03/31/15 – Deadline to send copies of 1099-MISC filed electronically to the IRS
For every form you send late/don’t send at all, penalties may be assessed based on the time after the mandated filing date. Don’t let little errors like this eat into your company’s profitability!
If you require assistance in filing, the bookkeeping team at Sharp Point can ease this frustrating paperwork and help you meet your deadlines. Fill out our contact information form expressing your interest, and one of our bookkeepers will get back to you shortly. Deadline for requesting the assistance of Sharp Point is January 9, 2015, to allow us to get everything handled in a timely manner for you.
Provided for informational purposes only. For advice on your specific 1099 reporting requirements, please contact your tax professional.
Renee Melville is the founder of Sharp Point, Inc., a bookkeeping and accounting firm that specializes in helping small businesses and restaurants save time and money through better processes and improved business strategies.