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Beyond The Numbers - November 2019

 

Form 1099-MISC Deadlines

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As the end of the year approaches, we are reminding our readers about the filing deadlines related to IRS Form 1099-MISC. Different filing deadlines apply, depending on what type of income is being reported.

If Form 1099-MISC is being filed and NEC is reported:

Form 1099-MISC is to be filed with the IRS and the recipient on or before January 31, 2020, when reporting non-employee compensation (NEC) payments in box 7 (this applies for both paper and electronic filing).

If Form 1099-MISC is being filed and NEC is not reported:

  • Copy B and Copy 2 of the 1099-MISC form are to be sent to the recipient by January 31, 2020.
  • Copy A of the 1099-MISC form is to be filed with the IRS by February 28, 2020.
  • Electronically filed forms are due March 31, 2020.

Most payments made by companies are reportable in box 7. Therefore, the best practice is to mail and file all 1099-MISC forms by January 31.

Extensions of time for filing 1099-MISC reporting NEC will be granted only in the event of a catastrophic event, fire, casualty, natural disaster, serious illness, or unavoidable absence of the individual responsible for the filing.

Visit the IRS website for Form instructions.

 
 

 
 
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