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When are 1099s due?
All 1099-MISC types that report non-employee compensation (NEC) have to be despatched to each the recipient and the IRS by January 31. All different 1099s are due February 28 if filed on paper and April 1 if filed electronically.
These early due dates are a fairly tall process for a lot of companies and accounting companies. Fortunate for you, there’s aid out there. Let’s check out how one can get a one- to two-month extension on submitting your 1099 with the IRS.
Automated extension for Kind 1099
The IRS has offered a easy manner for practitioners and enterprise homeowners to request an automated 30-day extension for 1099s. Automated on this case means the IRS will mechanically grant the 30-day extension whether it is requested.
An extension will be requested by filling out Kind 8809 via the FIRE system or by manually finishing and mailing Kind 8809. Extension requests for Kind 1099 have to be postmarked by February 28 or filed electronically by March 31.
Bear in mind, a Kind 8809 is used to request a submitting extension with the IRS, however IRS Publication 1220 supplies data on easy methods to request a delivering extension for 1099s.
Extra 30-day extension for Kind 1099
In some circumstances, an extra 30-day extension for submitting Kind 1099 with the IRS could also be out there. Based on the directions on Kind 8809, “For those who obtain an automated extension, chances are you’ll request one further extension of no more than 30 days by submitting a second Kind 8809 earlier than the top of the primary extension interval.”
Requests for an extra extension could also be granted if:
- “The enterprise suffered a catastrophic occasion in a Presidentially Declared Catastrophe Space that made the enterprise unable to renew operations or made essential data unavailable.”
- “Dying, critical sickness, or unavoidable absence of the person answerable for submitting the knowledge returns affected the operation of the enterprise.”
- “Fireplace, casualty, or pure catastrophe affected the operation of the enterprise.”
- “The enterprise was in its first yr of firm.”
- “The enterprise didn’t obtain knowledge on a payee assertion reminiscent of Schedule Ok-1, Kind 1042-S, or the assertion of sick pay required beneath part 31.6051-3(a)(1) in time to organize an correct data return.”
Extensions for 1099-MISC types reporting NEC
The IRS has eradicated the automated submitting extension for 1099-MISC reporting NEC. You may nonetheless request an extension, however it will not be mechanically granted, and you’ll solely request one, no further extensions. You may request an extension by filling out and mailing Kind 8809. Extension requests for Kind 1099-MISC have to be postmarked between January 1 and January 31.
Like further extensions for different 1099s, requests for a submitting extension for 1099-MISC reporting NEC will solely be granted in the event that they meet no less than one of many 5 {qualifications} outlined within the part above.
As all the time, you’re answerable for offering the mandatory documentation to show eligibility for the extra 30-day extension.
On the lookout for extra assistance on easy methods to deal with Kind 1099? We’ve received a complete sequence of free CPE webinars that cowl something you could possibly ever need to learn about all issues Kind 1099. Click on right here to enroll in programs.
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