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Changes and Updates Related to Form 1099-MISC

Your HW and Associates, LLC (formerly Hysjulien) accounting professionals would like to alert you to some changes and updates related to filing of Form 1099-MISC.

Key points include:

*    The deadline for filing most government copies of Form 1099-MISC has moved up from February 28th to January 31st
*    The deadline for providing employee copies of Form 1099 will remain January 31st
*    Penalties for late filing after the January 31st deadline can range from $50-$260 per 1099
*    The new January 31 deadline applies to certain types of 1099s:  If you’re filing Form 1099-MISC and reporting amounts in Box 7:  Non-employee Compensation, then you will need to meet the new filing deadline of January 31.   If you don’t have amounts in Box 7, then the deadline remains February 28 for paper filings or March 31 for electronic filings

In order for your Hysjulien and Associates accounting professional to accurately complete your 1099-MISC Forms and get them filed in a timely manner, we need to receive your 1099-MISC data as soon as possible after 1/1/17.

Ideally, we’d like to receive ALL necessary information by Monday, January 9th, but no later than Monday, January 16th.  This will ensure both accurate and timely filing, and will also give 1099 recipients time to review the 1099s for accuracy before the final versions are electronically filed.  

Required 1099 recipient information includes the following:
    Recipient names
    Recipient current addresses
    Recipient taxpayer identification numbers/social security numbers
    Amounts received

Ideally, employers should have W-9s on file NOW for any person to whom you have paid at least $600 in rents, services (including parts and materials), prizes and awards, and other income payments.  You are not required to complete a 1099-MISC if the recipient is incorporated.  We recommend that all service vendors complete a W-9 Form to remove any uncertainly as to their entity type and your 1099 filing requirement.

If you have any questions regarding this information, 1099-MISC filing or other employer requirements, please do not hesitate to contact your Hysjulien and Associates accountant for assistance.

December 29th, 2016

Posted in Accounting,Featured

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