As we approach 2017, a new tax filing deadline looms for some taxpayers.
Certain payments of $600 or more made in the course of a trade or business must be reported on Form 1099-MISC. For payments reported on Form 1099-MISC, Box 7 (non-employee compensation), the new deadline for filing with IRS is January 31, 2017. In previous years, the deadline for providing Form 1099-MISC to the payee was Jan. 31, with a filing deadline of Feb. 28 for paper returns, and March 31 for electronic filers.
The following types of payments are reported on Form 1099-MISC, Box 7:
• Payments for services performed by someone who is not your employee.
• Payments to attorneys (of any amount).
• Cash payments for fish you purchase from someone engaged in the business of catching fish.
• Certain prizes or awards.
• Payments for professional fees to accountants, engineers, contractors, etc.
• This list is not inclusive, for more information visit www.irs.gov.
For other types of payments reported on Form 1099-MISC, the filing deadline remains the same as previous years – Jan. 31 to furnish the Form 1099-MISC to the payee, Feb. 28 to file paper returns with IRS, and Mar. 31 for electronic filing.
For more information about upcoming tax deadlines, questions regarding non-employee compensation, or Form 1099-MISC, please contact a LaPorte Accounting Services professional.