Showing posts from September, 2016

How to be a little lazy & win in 1099 season. Updated 2017 Guide.

Automate your 1099 Workflow. As mentioned in Ed’s post last week, the IRS is changing the due date for form 1099-MISC to end of January. This means you don’t have the luxury of waiting to submit to the IRS on March 31st. I will breakdown some of the easiest ways to prepare for this upcoming tax season.

"I will always hire a lazy person to do a hard job, because they will always find an easy way to do it." - Bill Gates
Collect Vendor Information. The first step in the automation process is collecting vendor data through form W-9. We call this process W-9 solicitation. We designed our platform to make this process easier than using a paper workflow. With our electronic process, all you need is the vendor’s email address. We’ll take care of the rest. The vendor will receive a secure link to fill out their W-9 information online. Once they've e-signed and completed the form, you will receive an email from us.
Validating Tax ID against Legal Name. Next, you want to make sure…

1099 MISC Deadline Changed to January.

Are you on the right PATH to e-File 1099's? Read for info on due date and other changes for 1099-MISC and W-2 forms.

There is a big change on the way for 2016 1099-MISC and W-2 filings. The change comes courtesy of the "Protecting Americans from Tax Hikes" (PATH) Act of 2015. This act changes the due date for income reporting by employers. The changes apply to employee and nonemployee income. We've noted some other changes below. Due Dates of Yesteryear For tax years 2015 and prior, recipient copies of forms were due January 31. The IRS (for 1099-MISC) and SSA (for W-2) copies were due after the recipient copies. Paper files were due February 28, and e-files were due March 31. This gap helped payers and recipients to communicate before sending the form to the IRS/SSA. New and Improved (?) Due Dates For W-2 forms, both recipient and SSA copies are due January 31. The due date applies to both paper and e-filed forms. 

The 1099-MISC deadlines are a little more involved. Only …