Avoid Penalties by Filing Required Tax Forms on Time
There is a new due date of January 31, 2017 for W-2s, W-3s, and Forms 1099-MISC which are being filed to report non-employee compensation in box 7. All other Forms 1099-MISC are due by February 28, 2017.
Form 1099-MISC is used by businesses to report payments to individuals or entities other than C corporations or S corporations. Payments that should be reported on Form 1099-MISC include, but are not limited to:
- Services performed by someone who is not your employee
- Prizes and awards
- Other income payments
Penalties range from $50/return to as much as $520/return, so it is important that these forms be filed as required. Please contact your Smith Leonard tax advisor with any questions.