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  • 1.  1099s - Refresher Tips

    GPUG ALL STAR
    Posted Jan 09, 2020 12:26 PM
      |   view attached

    I dusted off and updated Molly, Mike, and My presentation on 1099s, TIN Matching, and Printing and Filing Services,
    (see the linked presentation below)

    Key Updates:

    Deadlines:
    January 31, 2020 – 1099 recipient copies must be distributed
    February 28, 2020– 1096 and 1099 paper copies due to the IRS
    March 31, 2020 – 1096 and 1099 electronic file(s) due to the IRS
    March 15, 2020 – 1042 recipient copies and IRS copies/files due

    Penalties:
    $550 per 1099 - for not providing a correct statement (intentional disregard) with no maximum for the year.

    Penalties for late or Incorrect filings have increased:

    $50 per return filed within 30 days of due date  (max penalty $556,500)
    $110 per return if filed by August 1  (max penalty $1,669,500)
    $270 per return filed after August 1  (max penalty $3,339,000)
    $550 per return for Intentional Disregard  (max penalty – no limit)

    Source: https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties

    If you are looking for more details on editing  and printing 1099s from within GP

    Cecile Dinh also has a recorded webinar you can review


    Hope this helps!

    Zubin



    ------------------------------
    Zubin Gidwani
    Dynamic Budgets
    San Francisco-Bay Area CA
    ------------------------------
    Academy - Online Interactive Learning from Experts


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