Showing posts from April, 2018

2017 Corrections: The Basics

The eFiled forms have been submitted, the vendor copies have been delivered, and you're ready to put the 2017 filing season behind you. But then a vendor comes to you, and says that their SSN is listed incorrectly on their 1099.

What do you do? Do you have to make a correction to the return? How, and when do you do this?

We receive lots of questions about corrections at this time of year. The dust from filing season is starting to settle, and our filers turn their minds to finishing out the filing process for the year. Corrections are a vital part of this process.

Many of you will use our live chat feature to ask if you have to file a corrected form for a vendor name misspelling, or an incorrect TIN. The answer is yes - absolutely, that information should be corrected as soon as possible. Corrected forms also must be filed to reflect accurate dollar amounts in the boxes of a form.

There is a grey area when it comes to vendor addresses. The IRS does not require a corrected form to…

Forms Due Today: 1099, 1098, 3921, 3922

Your forms 1099, 1098, 3921, and 3922 are due today. As the usual deadline of March 31st fell on a weekend this year, the due date for these forms got pushed out to the next business day. To get your forms in by the IRS-declared deadline, be sure to submit through Tax1099 by 11:00 EST. This will ensure that your forms are sent to the IRS by the required date.

We'd like to remind you that 1099-MISC forms with a Box 7 amount were due January the 31st this year, as they were last year. If you have any 1099-MISC forms with a nonemployee compensation amount in Box 7 that did not make the January 31st deadline, do NOT submit these with your March 31st batch. The IRS recommends that these forms be sent in a separate batch.

Why is this?

If a late Box 7 1099-MISC form is submitted with 1099-MISC or other forms, the whole batch may be classified as late. To avoid this possibility, submit those late forms in a separate batch from the forms due today. This will help you avoid a lengthy back …