New 1099 instructions are out: What you need to know
IRS is making year-end a little easier to prep for this time around. Final 1099 instructions are already out.
The Service wants you to know about two changes.
First, the new deadlines we’ve been telling you about. As a reminder:
- Forms 1099-MISC are due by Jan. 31, 2017 when you have amounts marked in Box 7.
- Other Forms 1099-MISC can be submitted Feb. 28 if done on paper, and March 31 if done electronically.
IRS also announced two small exceptions, one for compensation for disability or survivor’s benefits for public safety officers, and the other for compensation for wrongful incarceration.
Never too early to prep
Now that instructions are out, get your team together to comb through and refresh yourselves on 1099 requirements.
Make a list of anything that stands out or that’ll have a major impact.
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