IRS Form 1099 Due Dates Approaching
Topic: Taxes | Comments Off
About IRS Form 1099
The IRS requires businesses to file information returns to qualified companies and individuals by reporting the money you have paid them for qualifying events during a calendar year (January through December) using IRS Forms 1099 and 1096. The IRS uses these information returns to cross-check the payments you made to the companies and individuals with the income they reported.
The WorkingPoint 1099 report helps take the work out of tracking payments made to 1099 eligible companies and individuals. We’ve made it super easy to flag companies and individuals and with one-click, run a 1099 report showing how much you’ve paid them so you know who to send a 1099 to. Watch this 2 minute video on how to select a contact to be included on the 1099 report.
File Your Forms Electronically
Using the IRS FIRE system, you can electronically transmit your 1099 forms to the IRS. The benefits of using the FIRE system, is:
- You extend your due date
- You get a quick filing verification of your forms
- You get time to make corrections
- You don’t have to file form 1096
Everyone can use the FIRE system to file their 1099 forms, in fact, if you have over 250 employees, you must use the FIRE system to file. To file electronically, you need to submit a form 4419 30 days in advance of the due date. After you’re approved, you’ll get a transmitter control code, which you can use to sign up for an account.
For your convenience, the IRS has assembled a list of vendors that can aide you in the transmission of your forms.
For more information on the FIRE system, check out IRS Publication 1220.