IRS Information Returns- Form 1099

The Form 1099 series is used when the taxpayer has received income from sources other than a wage-paying job. There are eleven different variations to the 1099 forms, the type of income being reported will determine what form will need to be used. The IRS encourages taxpayers to file electronically, with IRS Authorized E-File Provider. ExpressTaxFilings is an IRS E-File Provider you will be able to E-File your 1099 forms and send them to your payees all in one place.

When e-filing with ExpressTaxFilings, it will only take 4-6 business days for the IRS to process Form 1099, once accepted the returns with be sent to the provided e-mail address. The IRS requires you to keep copies of returns, or be able to reconstruct the data, for at least 3 years, 4 years for the Form 1099, starting from the due date of the return.

At ExpressTaxFilings.com you will be able to E-File your 1099 forms (MISC, INT, DIV) directly with the IRS, and send them to your payees directly all from one place.

Form 1099 Flow

Use the following Flow diagram to learn more about the Filing Process & the various due dates for each filing requirement.



icon
Payer
Choose Form
choose 1099 Form

Form 1099-MISC

Subcontractors

Subcontractors, Rental payments or prize

1099-INT

Form 1099-INT

Banking

Banking or other Financial Institutions

Form 1099-DIV

Form 1099-DIV

Trade Business

Dividents and Distributions

Payee
Recipient Delivery

Recipient Delivery(Payee)

March
2

Due Date

Federal Filing

Federal Filing (Send to IRS)

State E-file
state filing

State E-File

Due Date

Depends on each state

Paper Filing

Paper Filing

if
>250 files

E-Filing

March
2

Due Date

March
31

Due Date

What to report when filing Form 1099?

The Form 1099 series consists of various returns used to report various types of income outside of wages, salaries and tips it can be easily e-filed through ExpressTaxFilings. The specific type of 1099 form you need to file is determined by the exact type of payments made. Generally a 1099 is only required if the payment amount is greater than $600 during the calendar year.

E-filing & Transmittal Requirements

You are required to E-file form 1099 if you have 250 or more returns to file. The 250-or-more requirement applies separately for each type of form. If you meet the requirements to E-file and fail to do so, you will receive a penalty from the IRS. You will need to obtain a Taxpayer Identification Number (TIN) to file a 1099 form. You can apply for the TIN electronically through the www.irs.gov website.

When paper filing a Form 1099, it is also required to send a Form 1096 which serves as an annual summary & transmittal for information returns. However, when you E-File any form 1099 through ExpressTaxFilings, a 1096 form is not required by the IRS.

Due Dates for Tax Year 2014

FEB

2

Monday

Recipient Delivery

Provide 2014 Form 1099 to all Recipients

Mar

2

Monday

Paper Filing Deadline

Paper Filing Deadline to send the 2014 Form 1099

Mar

31

Tuesday

E-File Deadline

E-File Deadline for 2014 IRS
Form 1099

How to E-file a Form 1099

Form 1099 Correction

The 1099 Corrections Form is used to report a correction found on your originally filed Form 1099. You can easily correct your various errors electronically through ExpressTaxFilings.com by following the prompted steps to do so.

If filed electronically, the Form 1099 is due by March 31, 2015. Corrections can be filed after the due date, however you will need to notify the IRS of the correction before submitting the correction.

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Form 1099 Extension

You can get an automatic 30-day extension to file by completing Form “8809-Application for Extension of Time To File Information Returns.” No signature or explanation is required for the extension. However, you must file Form 8809 by the due date in order to get the 30-day extension. Under certain circumstances, a request for an extension of time may be denied. When a denial letter is received, any additional or necessary information must be resubmitted within twenty days of the date of the letter. You may request for an additional 30-day extension by submitting a second Form 8809.

The IRS will send you a letter of explanation approving or denying your request for an additional extension.

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Form 1099 Penalties

If you are required to file electronically but fail to do so, and you do not have an approved extension with Form 8809, you may be subject to a penalty of up to $100 per return for failure to file electronically unless you have previously established reasonable cause with the IRS.

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