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IRS Form 1099 Deadlines: Which deadline do you prefer?

IRS Form 1099 Deadlines – While we spend a lot of time talking about the January 31st deadline for 1099-MISC forms with a Box 7 nonemployee compensation amount (always a mouthful)… There are other form deadlines to be aware of.

IRS Form 1099 Deadlines 2020

Many of you are still suffering from the shock of the new 1/31 deadline for nonemployee compensation forms. The IRS adjusted that deadline a few years back, moving it up from March 31st. Even after the surprise of the earlier deadline has worn off, the deadline can be a difficult one to meet. It can be a scramble to collect and verify information, and then to create and file forms. Tax1099 helps users with this process, offering W-9 eSolicitation, TIN matching, and accounting software integrations.

The earlier deadline for 1099 MISC Box 7 forms has another effect: the rush to file makes it difficult for you to transition from preparing and triple-checking your submission to getting ready to file other 1099 forms. That’s why we’d like to remind you that your deadline for other 1099 forms is upcoming. We’d also like to let you know that you have some options when it comes to filing methods and deadlines.

What’s next for 1099-MISC Box 7 forms?

Before we jump into deadlines for 1099 forms, like the 1099-DIV, 1099-INT, and more, we just have to ask. Is anyone else excited about the possibility of the IRS creating a 1099 form specifically for nonemployee compensation reporting? We’ve heard rumors, and we’re excited to keep you in the loop over the coming months.

Form 1099 deadlines for delivering forms to recipients

When looking at form due dates, it’s important to recognize that the deadline for submitting forms to the IRS and delivering forms to vendors may not be the same. In fact, the IRS and vendor deadlines only match for W-2 forms and 1099-MISC forms with a Box 7 amount. These forms are due to the IRS and vendors on the same date, January 31st. For vendors, this is a postmarked/email delivery date, not a received date. For the IRS, this is a postmarked or an eFile due date.

All other 1099-series forms have a recipient form delivery date of January 31st as well, even though the forms aren’t due to the IRS until later. The forms should be postmarked or emailed to vendors by January 31st.

Though this may feel like a hassle, sending out forms so early in the year, it will actually save filers a world of trouble. Many of our users think they have all their information correct, only to hear back from a vendor that their form has some kind of error. Sending vendor forms before the IRS file is due is a great way to stay on top of updates to forms without filing corrected forms or dealing with late filing penalties.

This is so beneficial to filers that we have built in a scheduled date feature on our platform. With this feature, you have complete control over your form eFiling. You can submit forms to mail immediately, and schedule the IRS submission for the date of your choice.

If you’re eager to get that acceptance, you can even schedule the eFile for the same day. We default the scheduled date to a week after your submission, unless you’re within a week of the deadline. You can also schedule all the way out to March 31st, and then change the date later, when you’re sure that your forms are finalized and ready to send.

What if I haven’t delivered my forms to vendors yet?

If that January 31st deadline for vendor form delivery is news to you… well, better luck next year! In all seriousness, get those forms out as soon as possible. We’re often asked by our users what the penalty for late vendor form delivery will be, and how it will be assigned. Our answer: the IRS would be alerted to the late vendor form delivery by your vendor(s). That’s why it is important to be in contact with your vendors about the forms. Make sure to deliver your vendor forms, so that your vendor(s) can begin filing their tax returns.

If you’re looking for a way to send 1099 forms to vendors, and fast: Tax1099 offers email delivery for recipient forms at no additional charge. Tax1099 also provides pressure-sealed, priority, trackable delivery of forms by USPS for an additional $1.50/form.

Okay, when’s my deadline for filing other 1099 forms with the IRS?

 As is often the case with the IRS, that all depends. If you are paper filing your forms, they are due February 28th. If you are eFiling your forms, they would ordinarily be due March 31st. However, as this year the 31st falls on a Sunday, the deadline is bumped to Monday, April 1st. We’ll spare you any comment on that deadline not being an April Fool’s joke. The IRS is serious about transitioning payers from paper filing to eFiling. The maximum form count for paper filing continues to shrink, and the threshold for eFiling was aggregated this year.

What does the aggregated eFiling threshold mean? Now, if you have more than one type of 1099 form to file, the form count stacks across the different forms. If the total form count exceeds 250, you are required to eFile rather than paper file. This new threshold, and the extended deadline for eFiling, are just some examples of how the IRS is attempting to convert filers to eFiling.

Congratulations on your automatic 30-day extension

So, if you thought your non-nonemployee compensation forms were due by the end of the month, we hope this has been a happy surprise. You’ve effectively won an automatic 30-day extension for filing your 1099 forms by deciding to eFile. Great choice! We hope that you’ll use Tax1099 to get it done. If you’d like to get started, no need to delay! Our Tax1099 platform and support staff are ready for you.