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Showing posts from November, 2016

IRS Moves Recipient Due Date for 1095 Forms

2015 was a year of firsts. The first official filing of the Affordable Care Act Forms. The first year for the 1094 transmittal. The first year form the 1095. As you may recall, the IRS made some changes to deadlines. They extended the due date for both the recipient forms and the submission to the IRS by three months.
For 2016, the IRS is again modifying due dates for these forms. Recipient due date changedThis year, though, only the recipient due date has changed. The IRS moved the due date for the 1095 forms by 30 days. The new due date is now March 2, 2017. The IRS recommends sending recipient statements as soon as possible. The extended deadline gives a little more leeway, if needed.
IRS filing dates remain the sameIRS submission deadlines vary based on the filing method. Paper filing – the submission is due February 28, including the 1094 transmittal. Electronic filing – the submission is due March 31, including the 1094 transmittal. File on Time The IRS provided "Good Faith Tra…

Form 1099, W-2: When to File? Due Dates and more.

“When should I file my 1099s?” Seems like an easy question, right? There are deadlines that you need to meet, so as long as you meet them you are doing well. The end. Of course, everyone out there is a little different. Some reading this post are owners of small businesses. Others are accountants. Others work in accounts payable departments in large organizations. To add to the confusion, don’t forget that some deadlines changed this year (thanks Congress!). So let’s consider the original question in a little more depth.
Deadlines, deadlines, deadlines First, the deadline for notifying recipients has not changed. You need to postmark or e-deliver the form to your recipients by January 31.  There are two important deadline updates that we covered in an earlier post. W-2's are due to the Social Security Administration (SSA) on January 31. This is regardless of whether you are filing by paper or electronically. 1099-MISC forms with box 7 amounts are due to the IRS on January 31. This is…

1099 Form Types

Many of our clients file a particular form, with a specific box amount: the Box 7 1099-MISC form. Others need to manage more than one type of form. We thought a list might be helpful to you, for easy reference.

Keep in mind, this isn’t all the forms – just the most prevalent 1099 versions that we file. I selected the most prevalent forms from the IRS' 2013 records. (The 2013 records are the most recently published numbers.) 1099-MISC (89,196,731 filed in 2013) - Many of our clients (accountants, small businesses, AP) file this form. According to the IRS, it is only the third-most commonly filed form. The 1099-MISC generally reports non-employee compensation and rental income. There are other uses for it, too: reporting royalties medical payments attorney’s gross proceeds fishing boat proceeds. Yes, fishing boat proceeds. 1099-A (865,876) - The number of 1099-A forms filed is small, comparatively. The 1099-A reports property acquisition or abandonment. The 1099-A may coordinate with a…