Hello, my name is Tiffany Searight, and I am the resourceful CEO here. Today, I am here to talk to you about the penalties that your company will incur for not filing 1099s or for late filing 1099s. This is part of our 1099 video series. Most businesses understand that they need to issue form 1099 to independent contractors and file 1099s with the Internal Revenue Service by the deadline. However, few are aware of how harsh the penalties can be for deliberately not complying with filing regulations. Fortunately, the IRS does make significant allowances for simple mistakes. I'm sure this is a relief for those companies that have unintentionally omitted a 1099 from their filings. Of course, the best way to avoid penalties is to file the correct form 1099 by the applicable dates. Here is a sample form 1099 miscellaneous. This is a primary form that applies to your business because this is the form that you must send to all independent contractors to whom your business paid $600 or more in the prior calendar year. For more details, see our first video "What entities get 1099?" To ensure compliance, your company must mail out all 1099s, including the 1099 miscellaneous, by January 31st following the end of the calendar tax year. So for the 2013 calendar tax year, you must mail these out by January 31st, 2014. For the 2014 tax year, you will have until January 31st, 2015. The lone exception is form 1099-C, which, if this applies to you, your firm must mail by February 15th. Your company must then file 1099s with the IRS by February 28th if you're filing by paper. If filing electronically, which I highly recommend so much easier, then you must e-file the 1099 with the IRS by March 31st....
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Irs 1099-s certification exemption Form: What You Should Know
If the seller and buyer of a residential property are married and The IRS wants the seller and buyer of a residential property are exempt. If the applicant for an exemption is a corporation, or What are the Exemptions? Form 1099-S is an exemption for income received after December 31, 2014.
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