Happy New Years!
It’s that time of the year again!
It’s raining 1099’s and deadlines!
Tune in to Jay Larson’s latest report on staying ahead of the storm!
Dates and Dates
Jan. 2, 2017 — first day to e-deliver forms to Recipients/Employees
Jan. 19, 2017 — first day to e-file to IRS
Jan. 31, 2017 — due date to send 1099-series and W-2 forms to Recipients (unless Substitute Payments are reported in 1099-MISC box 8 or Gross Proceeds paid to an attorney are reported in box 14, in which case it’s Feb. 15). For e-delivery, you must have delivered the email to the Recipient notifying them that their form is ready for pick up
Jan. 31, 2017 — New! IRS due date to e-file 1099-MISC with Box 7 amounts and W-2 to IRS. Neither 1096 nor W-3 required
Mar. 2, 2017 — due date to send 1095-C to Recipients. See the IRS Notice
Mar. 31, 2017 — due date to e-file to the IRS all other 1099-series and ACA forms 1094/1095-C
Aug. 1, 2017 — due date to file Corrected 1099s to IRS. W-2 and 1095-C may be corrected any time through Oct 15.
Dec. 5, 2017 — last day to e-file
For a printer friendly version of this, click here.
For more state specific information, see here.
Click here and get started with our User Guide on 1099’s!
Some tips doing your 1099’s now:
- Do remember to exclude electronic payments such as PayPal, Dwolla and credit card payments.
- Do note the different deadline (Feb. 15) for Gross Proceeds paid to an attorney.
- Don’t confuse E-delivery with E-filing
- Don’t rush to E-file — modifications are not ideal
- Take the time to double-check your data and file towards the end of the deadline
A Helpful Tool to Manage 1099’s
Check out Track1099.com
You can export your 1099’s out of AccountingSuite as a CSV file and upload here
Print it out or have Track1099 mail it out for you at very reasonable rates at a la crate prices or annual subscriptions.
(If you’re an accountant or bookkeeper, these rates are cross client so if you have 50 or 500 separate clients, you get volume-based pricing for all of them)
Or…buy more expensive forms from Office Depot to print and mail yourself
Utilize the 1099 dashboard for tracking missing information such as chasing down recipient information and other items
Going forward into the new year, here’s some best practices:
- Have a written contract with your 1099 Vendors.
- Always have a completed and signed W-9 form before you make a payment.
- Guard your W-9 forms. It’s a sensitive document and should be treated as such under lock and key. Social security numbers and home addresses are often readily displayed on these forms and can lead to identity theift if not protected.
- Sending W-9 forms via email is not recommended, use a secure electronic file sharing service such as Hightail, SmartVault or ShareFile.com (Don’t forget about the ‘ol trusty fax machine!)