by The TaxResearchPro Team | Mar 28, 2015 | Business Tax
The initial 1099 filing deadline passed on February 2nd, 2015. This may have many businesses scrambling. What should businesses do if they are in this predicament and how can they avoid facing penalties. We address this concern and other 1099 tax questions below. First, take a deep breath, you can still issue the 1099 and possibly avoid a filing penalty if you can show reasonable cause. This would mean that your business was unable to send the 1099 form on time because there was an unforeseen event such as an office fire that made it impossible to do so. Separately, while this is after the fact for the 2014 tax year, the business can file Form 8809 to request an additional 30 days to file the 1099 or other information return. This form must be filed on or before the earliest 1099 due date or February 2nd, 2015 for the 2014 tax year. When are the 1099 filing deadlines? Please note that there are separate 1099 filing deadlines. The deadline is February 2nd, 2015 to send the form to the recipients or independent contractors. The deadline to send the form on paper to the IRS is March 2nd and if you e-file it, the deadline is March 31st. Is the earliest due date February 2nd, 2015 for all 1099 forms? The earliest due date is February 2nd for most 1099 Forms. However, if the transaction is to report the following items, the due date is February 17th. All payments reported on Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. All payments reported on Form 1099-S, Proceeds From Real...
