Posted By Dave Jennings, CPA
As we prepare for the approaching tax filing season, we have some important information to share regarding the filing of certain Forms 1099-MISC. This applies if you employ workers that are NOT employees, but are Independent Contractors.
We are writing to remind you that there is an accelerated filing deadline for 2017 Forms 1099-MISC with nonemployee compensation (non-corporate Independent Contractors) reported in Box 7. The accelerated due date for the filing these returns is January 31, 2018. The filing deadline for Rents or other payments reported on Form 1099-MISC, remains February 28, 2018 if you file on paper, or April 2, 2018, if you file electronically.
Along with the accelerated due date, the Internal Revenue Service has increased the penalties it may impose for non-filed, late, incorrect or incomplete returns. The penalties have increased to as much as $260 per form. However, if the Internal Revenue Service determines intentional disregard of filing requirements, the fines can be up to $530 per form.
We strongly encourage you to contact your representative at BLS at your earliest convenience to start the conversation of how these changes will impact you. You can also contact us at 302.225.0600 or firstname.lastname@example.org.