Thursday, 10 January 2013

1099 form filing deadline


The IRS deadline to electronically file your 1099 form is April 1st , 2013. As Per IRS regulations any person/s required to file 250 returns or more must file those returns electronically. Others with less than 250 returns may also choose to electronically file their returns. Filers who fail to file a correct information return by the deadline may be subject to a penalty. Penalties vary and are based on the date you file your correct return.


The penalties are:

$30 per information return if you correctly file within 30 days; maximum penalty $250,000 per year ($75,000 for small businesses)

$60 per information return if you correctly file more than 30 days after the due date but before August 1; maximum penalty $500,000 per year ($200,000 for small businesses)

$100 per information return if you file after August 1 or you do not file required  information returns; maximum penalty $1500,000 per year ($500,000 for small businesses)

The 1099-MISC is a form used to report to the IRS income paid to an independent contractor. It is also used to report rent, royalties and a variety of other types of income. For independent contractors who work from home, often in freelancing or consulting, it is commonly used to report non-employee compensation. It is used to report miscellaneous income, such as income earned as a non-employee, as well as fees, commissions, rents, or royalties paid during the last tax year. Payments for prizes, awards, legal services, and other non-employee activities may be reported on this form as well.

If you want to file electronically form 1099 ,  you need not to download any software, it is very simple and easy navigation. Prepare form online and report the form to IRS in few minutes. On 1099online.com you just need to enter the information of your business then system automatically generates the form for you to download and give to your payee or contractor and also it sends your information to IRS. Don't struggle with buying forms and forget about the typewriter. Filing  1099-MISC forms is easy, fast and secure with 1099online.com. Easily enter data online and let us electronically file with the IRS, plus download and email or mail your recipient copies.

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