Did you miss the 1099 Fillable Form deadline: Are you in a state of confusion? Did you miss the 1099 deadline? If “Yes”, then what happens next? When you miss the 1099 deadline, you may have a chance to get a notice from the IRS about heavy and hefty penalties. To get rid of these unwanted penalties the most important thing you need to do is file your 1099 tax forms on time.
Getting confusion? Don’t worry! Even though you have a chance to miss the deadline, you may file an extension for filing 1099 Forms by requesting the Internal Revenue Service. The IRS grants an automatic extension of filing 1099 Forms when the filer provides a valid reason. We’ve provided you detailed information about if you miss a 1099 due date for the 2021 tax year.
Table of Contents
- When are 1099 tax forms due for 2021?
- Fillable 1099 Form late filing penalties
- Need more time to file 1099 Forms?
- Filing automatic 30 days extension to file 1099
- Reasons for filing a 1099 tax form extension
- What if IRS grants a 1099 extension?
When are 1099 tax forms due for 2021?
Form 1099s are used to report payments for services performed for a business by individuals not treated as its employees. Independent contractor income includes payments received as subcontractor wages, rents, dividends, and distributions, etc. As an employer, you must file Form 1099 to contractors that you compensated $600 or more for the year services were rendered.
A 1099 Form reporting contractor income must be provided to the recipient and a copy e-filed to the IRS. As you can see, there are few deadlines when it comes to 1099 Forms. Issue 1099 Forms to the IRS by March 31st, 2021. Furnish recipient copy of the Forms by February 1st, 2021. The deadline to furnish 1099 NEC to the recipient and the IRS on the same day i.e. on February 1st, 2021.
Fillable 1099 Form late filing penalties
A penalty will be charged if you fail to issue Form 1099 to the payee. The amount of penalty is based on when you file the correct information return or furnish the correct payee statement.
If you don’t file a correct Form 1099, with the IRS and don’t provide a correct Form 1099 statement to the payee. You may be subject to two separate penalties. May also face penalties for providing inaccurate statements. Penalties may be avoided if you can show reasonable cause, which is either accepted or rejected by the IRS.
Need more time to file 1099 Forms?
When you’re unable to file 1099 Forms on time, you can apply for an automatic 30-day extension of time to file by completing Form 8809. Simply e-file your 1099 Forms and receive approval within an hour.
To file Form 8809 electronically, you need to log in or signup at an IRS authorized site like Form 1099 online. Then select the tax form that you wish to receive an extension. Add employer details and review the form summary. Then submit the form to the IRS by paying the processing fee. No automatic 30-days extension for 1099 NEC tax forms.
Filing automatic 30 days extension to file 1099
If you need more time to file 1099 Forms, you can file Form 8809 an application for an extension of time to file information returns. For 1099 Forms, you may request an automatic extension of 30 from the original due date. You may also request an additional 30 days extension by filling out Form 8809 for a second time. Any approved extension of time to file only extends the due date for filing 1099 Forms with the IRS. It doesn’t exclude the due date for furnishing statements to the recipients.
Reasons for filing a 1099 tax form extension
In the following circumstances you may request an extension for filing 1099:
- You’re in a Perennially declared disaster area and suffered a catastrophic event.
- Serious illness, or absence of individual responsible for filing the information returns.
- Fire or natural disasters affected the business to run its operations.
- This is the first year for the business individual to operate the business.
- The business doesn’t receive the required information on Schedule K-1 in time.
What if IRS grants a 1099 extension?
After requesting an extension to file the 1099 Form by the due date, IRS may grant an extension of nearly 30 days. When you receive the extension, the first thing you need to do to gather the required information to file your 1099 Forms. Use W-9 Form to fill out the 1099 Forms easily without any errors. Recheck the TIN of the payee entered matches with the TIN entered in the W-9 Form of the recipient. Then submit the Forms to the IRS before the extension time ends.
Have you got the clear information about Did you miss the 1099 Fillable Form deadline? Then why waste your time? Immediately request an extension if you need more time to file your 1099 Forms. Form 1099 online allows you to file your 1099 Forms electronically by providing step-by-step guidance to complete 1099 Forms. That’s the info about the 1099 Fillable Form deadline.