Quick reminder, the deadline for 1099 ‘s is here…

I wanted to share with you some changes you need to know about to make sure you are compliant.

Starting the tax year 2023, if you have 10 or more combined 1099s, W-2s or other federal forms to file, you must file them electronically.

Addition video to learn about 1099’s: https://canduskampfer.com/?s=1099


E-file requirement changes for 2023:

Starting tax year 2023, if you have 10 or more combined 1099s, W-2s or other federal forms to file, you must file them electronically. To learn more, see IRS and Treasury issue final regulations on e-file for businesses.

https://www.irs.gov/newsroom/irs-and-treasury-issue-final-regulations-on-e-file-for-businesses

 

Deadlines for 1099 – NEC

  • January 31st is the IRS deadline to file 1099-NEC forms that include non-employee compensation recorded in Box 1. This deadline applies whether you choose to e-file or mail copies to the IRS. January 31st is also the IRS deadline to mail copies to your contractors. 
  • Mailing 1099-NEC forms (not e-filing): Must be postmarked by January 31st to contractors & IRS.

 

Deadlines​ for 1099 – MISC

  • You are required to furnish the payee statements/forms by January 31, 2024
  • E-file your 1099-MISC: forms with Intuit on or before January 28, 2024 so they can be processed for the recipient by January 31, 2024.
  • IRS requires to receive their copy by March 31st
  • Mailing 1099-MISC forms (not e-filing): Must be postmarked to the IRS by February 28, 2024.

 

Let me know in the comments did you know about these 1099 updates for this year?

 

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