Form 1099

The Form 1099 series is used when the taxpayer has received income from sources other than a wage-paying job. There are 11 different variations of the 1099 forms it is the type of income being reported that will determine what form will need to be filed. The IRS encourages taxpayers to file electronically with an IRS-authorized e-file provider like ExpressTaxFilings. With our simple and secure e-filing system you can e-file your 1099 forms and send them to your payees.

When you e-file Form 1099 with ExpressTaxFilings, it typically takes 4-6 business days for the IRS to process your return. Once the form is accepted, notification will be sent to the email address associated with your account. The IRS requires you to keep copies of 1099 returns or be able to reconstruct the data for 4 years after the due date of the return.

At ExpressTaxFilings, you can e-file your 1099 Forms B, DIV, INT, MISC, R, and S directly with the IRS, as well as send copies to your payees all from your account!

WHAT IS REPORTED 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. 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 a TIN electronically at www.irs.gov.

When paper filing 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.

Important Deadlines

Jan

31

Tuesday

Recipient Delivery

Provide Form 1099 to All Recipients

Feb

28

Tuesday

Paper Filing Deadline

Deadline to paper file Form 1099 for 2016

Mar

31

Friday

e-file Deadline

Deadline to e-file Form 1099 for 2016

How to e-file Form 1099

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Form 1099 Correction

The 1099 Correction Form is used to make a correction on a Form 1099 you've already filed. You can easily correct various errors electronically through ExpressTaxFilings.com by following our step-by-step program.

If you e-file, Form 1099 is due by March 31. Corrections can be filed after the due date, however you will need to notify the IRS of any corrections before submitting them.

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Form 1099 Extension

You can get an automatic 30-day extension to file Form 1099 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 be approved. Under certain circumstances, a request for an extension of time may be denied. If denied, any additional or necessary information must be resubmitted within twenty days of the date of notification. If approved, you may request an additional 30-day extension by submitting a second Form 8809.

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Form 1099 Penalties

If you're required to e-file your 1099 return 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 unless you have previously established a reasonable cause with the IRS.

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