When are 1099s due?

All 1099-MISC types that report non-employee compensation (NEC) have to be despatched to each the recipient and the IRS by January 31. All different 1099s are due February 28 if filed on paper and April 1 if filed electronically. 

These early due dates are a fairly tall activity for a lot of companies and accounting companies. Fortunate for you, there’s reduction accessible. Let’s check out how one can get a one- to two-month extension on submitting your 1099 with the IRS.

Automated extension for Type 1099

The IRS has offered a easy manner for practitioners and enterprise homeowners to request an automated 30-day extension for 1099s. Automated on this case means the IRS will routinely grant the 30-day extension whether it is requested.

An extension may be requested by filling out Type 8809 by the FIRE system or by manually finishing and mailing Type 8809. Extension requests for Type 1099 have to be postmarked by February 28 or filed electronically by March 31.

Consider, a Type 8809 is used to request a submitting extension with the IRS, however IRS Publication 1220 supplies info on how one can request a delivering extension for 1099s. 

Extra 30-day extension for Type 1099

In some circumstances, an extra 30-day extension for submitting Type 1099 with the IRS could also be accessible. In line with the directions on Type 8809, “In the event you obtain an automated extension, chances are you’ll request one further extension of no more than 30 days by submitting a second Type 8809 earlier than the tip of the primary extension interval.”

Requests for an extra extension could also be granted if:

• “The enterprise suffered a catastrophic occasion in a Presidentially Declared Catastrophe Space that made the enterprise unable to renew operations or made obligatory data unavailable.”
• “Loss of life, severe sickness, or unavoidable absence of the person answerable for submitting the knowledge returns affected the operation of the enterprise.”
• “Hearth, casualty, or pure catastrophe affected the operation of the enterprise.”
• “The enterprise was in its first 12 months of multinational.”
• “The enterprise didn’t obtain knowledge on a payee assertion akin to Schedule Okay-1, Type 1042-S, or the assertion of sick pay required below part 31.6051-3(a)(1) in time to arrange an correct info return.” 

Extensions for 1099-MISC types reporting NEC

The IRS has eradicated the automated submitting extension for 1099-MISC reporting NEC. You possibly can nonetheless request an extension, nevertheless it will not be routinely granted, and you may solely request one, no further extensions. You possibly can request an extension by filling out and mailing Type 8809. Extension requests for Type 1099-MISC have to be postmarked between January 1 and January 31. 

Like further extensions for different 1099s, requests for a submitting extension for 1099-MISC reporting  NEC will solely be granted in the event that they meet not less than one of many 5 {qualifications} outlined within the part above.

As at all times, you’re answerable for offering the mandatory documentation to show eligibility for the extra 30-day extension.

On the lookout for extra assistance on how one can deal with Type 1099? We’ve obtained a complete collection of free CPE webinars that cowl something you possibly can ever need to learn about all issues Type 1099. Click on right here to enroll in programs.  

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