Form 1099-MISC is used to report the year-end summary of income from miscellaneous non-employee sources. This information return covers the details such as rent, royalties, self-employment and independent contractor income, crop insurance proceeds and several other kinds of miscellaneous income to be reported to the IRS as well the recipient.
Check the following situation to issue a copy of 1099-MISC Form to your recipients and file the same information with the IRS.
If you had,
Both the recipient copy as well as the filing deadline is on Jan 31st, if there’s data in box 7 for non-employee compensation, else you might only have the recipient copy deadline due by this date.
If you’re filing 1099-MISC Form through paper Form and there’s no data in Box 7, you’ve got until Feb. 28, 2020 to file a 1099-MISC Form to the IRS.
If you’re electronically filing 1099-MISC and there’s no data in Box 7, you’ve got time until April 1, 2020 to file your 1099-MISC Form with the IRS.
If you paid out any substitute payments in lieu of dividends (box 8) or any proceeds to an attorney (box 14), you have until February 15 to get these forms to the recipient.
If you're ready to File 1099-Misc Form, you need a valid Tax ID number and also your recipient’s Tax ID number.
The information you would need to File 1099-MISC are
If you fail to file Form 1099-MISC form before the due date, you may be subjected to penalty, based on the date you filed the return. You may receive penalty letter from the IRS for late filing. No interest will be charged on your penalty if you make the payment on time.
The penalty rates for late filing are:
Electronic filing is simpler and efficient way to file your 1099-MISC with IRS. E-filing also has more advantages than paper filing. Look for e-file providers to handle your 1099-MISC filing online. Also, you can save time, avoid last-minute rush and Form errors. When you prefer to e-file you will be notified by the respective provider regarding the IRS acceptance status of your 1099-MISC return.
Also you can save time and avoid last minute rush and Form errors. When you prefer to e-file you will be notified by the respective provider regarding the IRS acceptance status of your 1099-MISC return.
If you prefer to e-file 1099-MISC Form, then the wise choice is to go with TaxBandits.com. TaxBandits is a trusted source for e-filing 1099, W2, 940, 941, 1095, and 990 returns online with the IRS. You can simply manage all your year-end filing with TaxBandits and you will be provided with the various filing features which simplify your filing process. Visit https://www.taxbandits.com/1099-forms/efile-form-1099-misc-online/ to know more about the filing of IRS 1099-MISC Form