November 1, 2018
The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.
All filing deadlines are as follows:
Important changes for filing in 2018:
1099-MISC forms reporting NEC must be submitted in a single submission. This means if additional 1099-MISC forms with NEC are required after originally submitting them to the IRS and after the January 31 due date, then ALL 1099-MISC forms with NEC have to be reprocessed and filed together. If they are not filed as one submission, the IRS Section 6721 penalty will apply to all forms that were not included in the single submission.
In addition to submitting all 1099-MISC with NEC in one submission, if our firm does need to file after the January 31 due date, any 1099-MISC without NEC need to be a separate submission as well.
For us to serve you best, we strongly recommended that you aggregate all vendors requiring a 1099 prior to the January 31 deadline. Failure to submit data in a timely manner can result in penalties and processing fees that we want to help you avoid.
If you have questions, please contact us.
BOSS is the answer to your back office headaches. Our cloud-based solution enables you to hand complex accounting tasks over to us. We work the numbers while providing you 24/7 access to your data—and all at a fixed, affordable monthly fee.
You exercise your body to stay healthy, but how often do you exercise your brain? Research has shown that keeping your brain cells strong and sharp can help lower your risk of developing dementia. Here are four ways to make sure your body’s busiest organ keeps running smoothly.
Now that you’ve been working remotely for several months, how are you feeling about your shared office apps? If you’re still scrambling to put together a set of tools that meet your virtual needs, here are some applications that will go a long way toward making everyone feel like they’re working together as a team…even when you’re not in the same office.
This month, the spotlight is on Sarah Stauffer. Sarah joined Greene Finney, LLP in the summer of 2019, and is one of our Advanced Staff.