The rush to prepare 1099s begins!

We expect January to be a very busy month for businesses that are required to file form 1099-MISC forms.   Government copies of Forms 1099-MISC (and related form 1096) containing nonemployee compensation (box 7) must be filed with the IRS by January 31, no longer February 28 (or March 31 for e-filers).

The new filing deadline for the government copy is very significant since there used to be an additional month or 2 for corrections to be made before government copies were filed.  We recommend that our clients target 1/15 as the date to issue forms to recipients.   We also recommend having your contractors confirm the information as soon as it is received, just in case a revision needs to be made.

Below are some due date and filing extensions for business entities

Due Dates for 2016 returns in parentheses

-Due Date: 2.5 Months (March 15 2017)
-Extension: 6 months (September 15, 2017)

S corporations
-Due Date: 2.5 Months (March 15, 2017)
-Extension: 6 months (September 15, 2017)

C corporations
-Due Date: 3.5 months (April 18 2017)
-Extension: Federal 5 months (September 15, 2017), CA 6 months (October 16, 2017)

C corporations (June 30 year-end)
-Due Date: Federal 2.5 months (September 15, 2017), CA 3.5 months (October 16, 2017)
-Extension: Federal 7 months (April 17, 2018), CA 6 months (April 17, 2018)

C corporations (Other than calendar or June 30 year-end)
-Due Date: 3.5 months
-Extension: 6 months