Clifton, NJ — (SBWIRE) — 01/03/2017 — The accounting and banking casework close Sax LLP has acquaint advice to its website advising administration to analysis all acquiescence procedures accompanying to filing 1099 tax forms.
The update, acquaint by Sax LLP in the Tax Updates area of their website, acknowledges that no cogent changes to the 1099 filing requirements were fabricated over the advance of 2016 alfresco of a change in their due dates. 1099s, according to the posting, charge be issued to the almsman agent by January 31, 2017. Another form, Anatomy 1096, charge be submitted forth with Anatomy 1099 to the Department of the Treasury by February 28, 2017. Anatomy 1099-MISC, which comes into comedy if an bulk is included in box 7—nonemployee compensation—of the 1099, charge be submitted to the IRS by January31, 2017.
Though these new filing dates are the alone above changes to the 1099 acquiescence procedures, Sax maintains that administration charge still be acquainted of the guidelines in adjustment to abstain advantageous abrupt penalties and actuality allowable to accommodate capacity about the 1099s on their business tax return.
Sax’s overview of the guidelines for 1099 advertisement begins by advertence about that such advertisement is appropriate on a calendar-year basis. It includes the payee’s name, address, amusing aegis or employer identification number, and additionally includes both the bulk paid to them and any accompanying federal tax withheld from them. Businesses that charge to access the amusing aegis cardinal or employer identification cardinal from a beneficiary charge use Anatomy W-9, Request for Taxpayer Identification Cardinal and Certification. Businesses charge accomplish abiding that they use the adaptation of Anatomy W-9 with a afterlight date of December, 2014, as beforehand versions of the anatomy do not accommodated IRS requirements.
Businesses charge accelerate the 1099 forms charge be beatific both to advisers and to the Internal Revenue Service. When beatific to the IRS, they charge be accompanied by Anatomy 1096. A abstracted Anatomy 1096 charge accompany anniversary 1099 acknowledgment beatific (no amount the type). For added advice on this process, Sax LLP refers individuals and businesses to the Forms & Publications folio on the IRS website.
Sax LLP concludes their overview of 1099 instructions by advertisement and anecdotic the assorted types of Anatomy 1099 that may be necessary. Anatomy 1099-MISC is filed by a business who fabricated absolute agenda year payments to any beneficiary for any account of $600 or more. 1099-R forms are acclimated for distributions (made both to individuals and to IRAs or assertive added plans) from pensions, annuities, IRAs and added plans. Anatomy 1099-DIV is acclimated to address paid dividends, while 1099-INT letters absorption payments.
Further capacity apropos anniversary of these forms can be begin at https://www.saxllp.com/category/news-events/tax-updates/ and on the IRS website.
About Sax LLPSax LLP is a multi-disciplinary accounting, tax and banking close alms a array of casework to businesses, non-profit organizations and aerial net-worth individuals.
Contact:Sax LLPAddress: 855 Valley Road, Clifton, NJ 07013Phone: 973-472-6250Email: [email protected]: http://www.saxllp.com
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