Posted by Pierces Notary Services on 2/17/11 1:37pm
Msg #373156
1099's
When are 1099's supposed to be mailed out by?
| Reply by Ilene C. Seidel on 2/17/11 1:47pm
Msg #373160
last day of February
| Reply by PAW on 2/17/11 2:01pm
Msg #373161
Re: 1099's - January 31st
According to the IRS (http://www.irs.gov/efile/article/0,,id=98114,00.html) 1099's were due to the recipient by January 31st. The reporting to the IRS must be made by February 28th.
| Reply by John Schenk on 2/17/11 2:05pm
Msg #373163
Better link than mine, PAW. LOL n/m
| Reply by Pierces Notary Services on 2/17/11 2:09pm
Msg #373165
Re: 1099's - January 31st
What is the penalty for not sending 1099-misc by 1/31? Anyone know?
| Reply by John Schenk on 2/17/11 2:24pm
Msg #373170
Re: 1099's - January 31st
What are the penalties for sending 1099’s late or not sending them at all?
The penalty for late filing is generally $50, but can be higher in special cases. If you haven’t sent 1099’s to your contractors yet, don’t think the IRS won’t notice.
If you’re still tempted to ignore your obligation to send 1099’s, don’t worry, the max penalty for small businesses who get behind on their 1099’s is only… $100,000.
http://education.outright.com/taxes/forms/common-1099-mistakes-%E2%80%93-frequently-asked-questions/
Sorry, don't have an IRS link.
JJ
| Reply by Pierces Notary Services on 2/17/11 2:38pm
Msg #373174
Re: 1099's - January 31st
Reason I'm asking is we were supposed to issue 2 for a closing handled end of December, 2010 but they were still negotiating the final payout. It was a partition action my boss handled. I've kept telling him we need to get these done and now it's past the date. I think he thought they had to be out by end of Feb.
| Reply by John Schenk on 2/17/11 2:48pm
Msg #373176
2 closings?
If you didn't pay over $600 to one person/company you don't have to issue 1099's.
JJ
| Reply by Pierces Notary Services on 2/17/11 3:09pm
Msg #373181
Re: 2 closings?
actually it is for a 1099-s, not misc. I made a mistake.
| Reply by John Schenk on 2/17/11 3:14pm
Msg #373183
1099-S you had until February 15th
Instructions for Filer
General and specific form instructions are provided as
separate products. The products you should use to
complete Form 1099-S are the 2011 General
Instructions for Certain Information Returns and the
2011 Instructions for Form 1099-S. A chart in the
general instructions gives a quick guide to which form
must be filed to report a particular payment. To order
these instructions and additional forms, visit IRS.gov or
call 1-800-TAX-FORM (1-800-829-3676).
Due dates. Furnish Copy B of this form to the
transferor by February 15, 2012.
File Copy A of this form with the IRS by
February 28, 2012. If you file electronically, the due
date is April 2, 2012. To file electronically, you must
have software that generates a file according to the
specifications in Pub. 1220, Specifications for Filing
Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and
W-2G Electronically. IRS does not provide a fill-in form
option.
http://www.irs.gov/pub/irs-pdf/f1099s.pdf
| Reply by John Schenk on 2/17/11 3:07pm
Msg #373180
$600 or more or no need to send 1099 MISC.
File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year:
*
At least $10 in royalties (see Box 2 on page 4) or broker payments in lieu of dividends or tax-exempt interest (see Box 8 on page 7);
*
At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate;
*
Any fishing boat proceeds; or
*
Gross proceeds of $600 or more paid to an attorney. See Payments to attorneys on page 2.
http://www.irs.gov/instructions/i1099msc/ar02.html
JJ
| Reply by John Schenk on 2/17/11 2:02pm
Msg #373162
Last day of January>>>
January 31, 2011
Deadline for employers to mail out Form W-2 and for businesses to furnish Form 1099 statements reporting, among other things, non-employee compensation, bank interest, dividends, and distributions from a retirement plan.
Deadline for self-employed individuals to file and to pay their tax and avoid an penalty for not making your 4th quarter estimated tax payment.
http://taxes.about.com/od/Federal-Income-Taxes/qt/tax-deadlines.htm
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