The first month of 2020 is already long gone. Hard to believe, isn’t it? It’s a strong argument for “time flies when you’re working so hard you forget to look up.” Let’s just hit pause for a second, and take stock of the status of your IRS Form 1099-MISC eFiling.
IRS Form 1099-MISC 2020
Have you submitted all your 1099 MISC forms with a Box 7 amount to the IRS? Have you sent info to the IRS for all payers, and all recipients?
To some of you, this may seem like an odd question. If you’re used to paper filing your 1099-MISC forms, you’re used to sending all forms in at once, with a 1096 summary form. When you eFile, you don’t need to do this, though. You may submit forms in separate batches, and no 1096 summary form is required by the IRS.
While this is great news for many filers, it can also be a little risky. You’re missing information from one recipient, and you think, “no problem, I’ll collect it, and send it in later.” Only, George never gets back to you, and you never get back to the IRS. Well, guess what? Sooner or later, the IRS will get back to you. So, make sure that you’ve submitted for all your payers, and all your recipients.
Have you sent required information to the states?
This is where many of our users have their “uh-oh” moment. Luckily, this is also where Tax1099 has great news for you! Our platform automatically identifies any state filing requirements based on the information you provide. So, if you have requirements to satisfy, we let you know during the filing process.
State filing can be complicated. States are constantly changing their requirements. Some states that have never required a direct filing in the past require one now. Some states are just the opposite. Some states participate in the combined federal state filing program, and receive information from your federal filing.
During your filing process, we alerted you if you had any direct-to-state filing requirements, and asked if you would like to opt-in to our state filing feature. If you opted-in, we filed those forms directly to the state. You can find that information in Forms > Manage Forms > Manage State Forms. If you opted-out of that alert, make sure that you have filed to the state outside of Tax1099.
Have you delivered 1099 forms to your vendors?
The deadline for vendor forms to be postmarked for delivery was January 31st. If you haven’t gotten these forms out yet, make sure it’s on your to-do list, marked urgent. You can select our USPS priority mail delivery on the Forms > Manage Forms page. You can also visit that page to email forms to recipients, or to print on blank paper. You can mail our pre-formatted forms in #10 double-window envelopes.
Have you considered how you’re going to store your 1099 forms?
With Tax1099, you don’t have to find your own solution to how to store forms securely. We’ll keep those forms in your account for 7 years, and you can access those forms at any time. Download forms into a zip file, download one-off forms, and print. Your forms, your information.
Tax1099 is a comprehensive solution to the 1099 eFiling process. We help create forms, deliver to the IRS, states, and vendors, and store forms securely. We thank you for trusting Tax1099 with your 1099 process, and we look forward to assisting you in the eFiling process for years to come.