{"id":912,"date":"2022-01-27T10:52:25","date_gmt":"2022-01-27T10:52:25","guid":{"rendered":"https:\/\/blog.tax1099.com\/?p=912"},"modified":"2025-12-29T08:28:37","modified_gmt":"2025-12-29T08:28:37","slug":"form-1099-nec-misc-deadlines-penalties","status":"publish","type":"post","link":"https:\/\/www.tax1099.com\/blog\/form-1099-nec-misc-deadlines-penalties\/","title":{"rendered":"Form 1099-NEC &#038; Form 1099-MISC: Deadlines &#038; Penalties For 2021-2022 Tax Year"},"content":{"rendered":"<div class=\"summaray\">\r\n<h4>Key Takeaways<\/h4>\r\n<ul>\r\n<li>Form 1099-NEC is due on January 31 for nonemployee compensation of $600 or more.<\/li>\r\n<li>Form 1099-MISC is due on Feb 28 for royalties of $10 and $600 for other payments.<\/li>\r\n<li>Late filing penalties for 1099 forms range from $50 to $250.<\/li>\r\n<li>Prepare and file 1099 returns before deadlines to avoid penalties.<\/li>\r\n<li>Use Tax1099 API solutions for efficient 1099 form preparation and filing.<\/li>\r\n<\/ul>\r\n<a href=\"https:\/\/web.tax1099.com\/signup\" class=\"btn-lined m-0\">Get Started Now<\/a>\r\n<\/div>\r\n\r\n<p><strong>The IRS deadlines for forms 1099-NEC and 1099-MISC are fast approaching. Check the due dates, penalties, and important information with this quick and simple guide<\/strong>.<\/p>\r\n\r\n\r\n\r\n<p>Every year, businesses look forward to the filing season.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Said no one ever!<\/p>\r\n\r\n\r\n\r\n<p>Filing season is stressful no matter how prepared you might be.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>So, we\u2019ve put together some important information to help you prepare, validate, and eFile your 1099 forms.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>If you\u2019re a business owner or a paid preparer, you must know just how important this time around the year is.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Recently, the IRS accelerated the deadlines for 1099 filing, which includes Form 1099-NEC. After Box 7 of 1099-MISC was subtracted and Form 1099-NEC was reinstated for the same, business taxpayers have had to file most of their 1099 forms on or before the IRS deadline, which is January 31. For the 2021-22 tax year as well, the IRS deadline for the 1099 forms will be January 31.<\/p>\r\n\r\n\r\n\r\n<p>For contextual purposes, this discussion will address the specific due dates, penalties, and other key points pertaining to forms 1099-NEC and 1099-MISC exclusively.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>So, let\u2019s get to it.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Form 1099-NEC: Quick Facts<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Form 1099-NEC is an IRS information return in the 1099 series.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>It is specifically used for reporting non-employee compensations paid to independent contractors.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Form 1099-NEC was re-introduced to accelerate entity-contractor compliance and address <a href=\"https:\/\/www.tax1099.com\/blog\/employee-misclassification-how-it-costs-gig-economy-companies\/\">employee misclassifications<\/a> prominent in certain industries.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Legal name and taxpayer identification number of the vendor are critical for filing this return.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">Form 1099-MISC: Quick Facts\u00a0<\/h2>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>1099-MISC is specifically used to report miscellaneous information that is generally not reported in other tax forms.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>For example, rent, royalties, crop insurance proceeds, and other miscellaneous payments are reported on <a href=\"https:\/\/www.tax1099.com\/1099-forms\/efile-1099-misc-form\">Form 1099-MISC<\/a>.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Box-7 of Form 1099-MISC was previously used to report payments made to independent contractors.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Due to the misuse of the reporting for Form <a href=\"https:\/\/www.tax1099.com\/blog\/form-1099-misc-instructions-for-the-2024-tax-year\/\">1099-MISC instructions<\/a>, the IRS decided to separate the non-employee compensation reporting, which resulted in the re-introduction of Form 1099-NEC.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">When Is Form 1099-NEC Due In 2022?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>Use the following table to understand the <a href=\"https:\/\/www.tax1099.com\/blog\/1099-misc-deadlines-2026\/\">1099-NEC due dates<\/a> for the tax year.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Form Type<\/strong><\/td>\r\n<td><strong>Form Description<\/strong><\/td>\r\n<td><strong>Minimum Reportable Amount<\/strong><\/td>\r\n<td><strong>IRS eFile Due Date\u00a0<\/strong><\/td>\r\n<td><strong>IRS Paper File Due Date<\/strong><\/td>\r\n<td><strong>Current Version (2022)<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>1099-NEC<\/strong><\/td>\r\n<td>Nonemployee Compensation<\/td>\r\n<td>$600 in nonemployee compensation<\/td>\r\n<td>January 31<\/td>\r\n<td>January 31<\/td>\r\n<td><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1099nec.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Form 1099-NEC<\/strong><\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<\/figure>\r\n\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow text-center\">\r\n<h3>Correct 1099-MISC filings to avoid costly penalties.<\/h3>\r\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\r\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/web.tax1099.com\/#\/signup?ref=blog\">eFile 1099-MISC Timely <\/a><\/div>\r\n<\/div>\r\n<\/blockquote>\r\n\r\n<h2 class=\"wp-block-heading\">When Is Form 1099-MISC Due In 2022?\u00a0<\/h2>\r\n\r\n\r\n\r\n<p>Use the following table to understand the due dates for Form 1099-MISC for the 2021-2022 tax year.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table\">\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Form Type<\/strong><\/td>\r\n<td><strong>Form Description<\/strong><\/td>\r\n<td><strong>Minimum Reportable Amount<\/strong><\/td>\r\n<td><strong>IRS eFile Due Date\u00a0<\/strong><\/td>\r\n<td><strong>IRS Paper File Due Date<\/strong><\/td>\r\n<td><strong>Current Version (2022)<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>1099-MISC<\/strong><\/td>\r\n<td>Miscellaneous Information<\/td>\r\n<td>$10 for royalties.\u00a0$600 for most forms of miscellaneous payments<\/td>\r\n<td>Feb 28<\/td>\r\n<td>March 1<\/td>\r\n<td><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f1099msc.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Form 1099-MISC<\/strong><\/a><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\">What Are The Late Filing Penalties For Form 1099-NEC &amp; Form 1099-MISC?<\/h2>\r\n\r\n\r\n\r\n<p>The IRS requires business taxpayers to file their 1099 returns on or by the prescribed due dates.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>However, if you fail to file your returns by this deadline, your business will be subject to certain late filing penalties and failure to file penalties as well.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The current penalty assessment for late filing of forms 1099-NEC and 1099-MISC is $50-$250. This amount may not seem like much. But when you consider the fact that businesses usually file these form types in multiples of 10s, the penalty seems pretty <em>taxing.<\/em><\/p>\r\n\r\n\r\n\r\n<p>What\u2019s more? The IRS penalties will continue to accrue interest and additional penalties if you disregard the filing deadlines willfully.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The tax experts at Tax1099 recommend preparing and filing the 1099 returns before the IRS due dates as prescribed above to prevent IRS penalties.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>If you don\u2019t have the time to prepare your 1099 forms, leverage the API solutions from Tax1099.\u00a0Choose from sleek utility solutions like bulk W-9 solicitation, real-time TIN Matching, and USPS Address Validation solutions.<\/p>\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow text-center\">\r\n<h3>File 1099-MISC forms within the due date to avoid costly penalties.<\/h3>\r\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\r\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/web.tax1099.com\/#\/signup?ref=blog\">Get Started Now<\/a><\/div>\r\n<\/div>\r\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Form 1099-NEC is due on January 31 for nonemployee compensation of $600 or more. Form 1099-MISC is due on Feb 28 for royalties of $10 and $600 for other payments. Late filing penalties for 1099 forms range from $50 to $250. Prepare and file 1099 returns before deadlines to avoid penalties. Use Tax1099 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,27,23],"tags":[8,9,11,21,29,22],"class_list":["post-912","post","type-post","status-publish","format-standard","hentry","category-1099-forms","category-form-1099-misc","category-form-1099-nec","tag-8","tag-1099-form","tag-1099-forms","tag-form-1099","tag-form-1099-misc","tag-form-1099-nec"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Form 1099-NEC &amp; MISC: Deadlines &amp; Penalties For 2021-2022 Tax Year<\/title>\n<meta name=\"description\" content=\"The IRS deadlines for forms 1099-NEC and 1099-MISC are fast approaching. 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