January 23, 2017
Attention business owners: It’s time to provide 1099s to vendors that you paid $600 or more for services or rent in 2016. You must issue 1099s to non-incorporated businesses (eg. Sole Proprietors, LLCs and Partnerships). In general you do not need to issue 1099s to Corporations. An exception to this rule is that you must issue 1099s to attorneys that have incorporated practices.
1099s need to be provided to recipients by January 31, 2017 and NEW THIS YEAR the related forms that need to be filed with the IRS are due on the same date, January 31, 2017, if you issue 1099s for non-employee compensation for services provided. In prior years, you did not have the file the Form 1096 with the IRS until the end of February.
Penalties for failing to file Forms 1096 and 1099 have increased in recent years to a maximum of $500 per form that is not filed timely.
If we prepare these forms for you, please get us the information immediately so that they can be prepared timely. The new accelerated deadline for filing is approaching quickly!
Please call our office at (541) 388-7888 for more information or if you have any questions.
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The IRS requires you to keep your records that support an item of income or deduction on a return until the period of limitations for that returns runs out. The period of limitations is the period of time in which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.
Period of Limitations: