NEW EXTENSIONS OF TIME OPTIONS FOR 1099-MISC-NEC
As most you you know the IRS has changed the filing deadline for 1099-MISC to January 31, 2017. But Wagefiling customers can get a free 30 day extension when you create your account and enter your Filer info by January 10th 2016. It will automatically extend your filing deadline to February 28th 2016. Below is more info
The IRS has a new 30 day GUARANTEED-ACCEPTED extension for 1099-Misc-NEC.
1099-Misc-NEC means some or all of the money is in Box 7 Non-Employee Compensation. For example, contractors and vendors go in Box 7. 1099-Misc-NEC is the most common type of 1099 in the USA. Without the extension, these must be filed to the IRS by JANUARY 31, 2017, whether on paper or electronically. Also, the Payee Copy-B and Copy-2 must be mailed by January 31, 2017. Otherwise there are penalties listed below.
|Days Late||2016 Penalty||Old Penalty||Older Penalty||2016 Maximum|
|30 days||$50 per form||$30 per form||$15 per form||$532,000|
|60 days||$100 per form||$60 per form||$30 per form||$1,596,500|
|After August||$260 per form||$100 per form||$50 per form||$3,193,000|
|Intentional Disregard to file||$530 per form||$250 per form||$100 per form||No Limit|
Unfortunately, there are NO Guaranteed-Accepted extension for W-2 forms. Payroll must make the W-2 deadline of January 31, 2017.
If you are already a WageFiling customer, you don’t have to do anything. We’ve automatically filed extensions for all our customers. If you are a new customer, or need to add a new business, follow these 4 steps below
- Create your account here by January 10th
- Once your account is created, click on the New Company button and enter the company info as requested
- Email us at email@example.com with your customer ID and you extension will be granted.
- Make sure all your 1099-MISC data is completed by Feb 28th and we will e-file it to the IRS.
Couple quick tips to help you prepare
- Make sure you collect your W-9 forms from your contractors ASAP, here is a link to the official W-9 if you need one
- If you have a large number of contractors it is recommended that you run a Tax Identification Number check (TIN Check) This can help avoid sending incorrect information to the IRS which also can results in penalties of the same listed above, per form
- We can help run a TIN check for your company of up to 10,000 names at once for $74, click here to learn more
Feel free to contact us with any questions