• Income Taxes

    New 1099 deadline change to impact businesses

    Every year, tax season brings a variety of changes, from forms to regulations—and this year is no exception. Beginning in 2017 (for the 2016 reporting year), many important deadlines will change. Filers will be required to send 1099-MISC recipient copies and submit the forms to the IRS by January 31, 2017, regardless of method (paper or e-file). This significant change to the deadline, which was previously February 28 for paper and March 31 for e-file, will undoubtedly dial up workloads and stress levels for companies. To further complicate matters, the new filing deadline, as it relates to Form 1099-MISC, only impacts filers reporting non-employee compensation payments in Box 7. Although…