Change to the Form 1099-MISC Filing Requirements in Effect for Tax Year 2018

People calculating financials

Starting with forms filed in 2019 for tax year 2018, taxpayers are required to file separate Forms 1099-MISC reporting non-employee compensation (in box 7), and separate Forms 1099-MISC reporting amounts in all other boxes on the form. Due date for Forms 1099-MISC with box 7 completed is January 31 of the following year, for both electronically and paper-filed forms. Forms 1099-MISC reporting amounts in all other boxes have different due dates. The due date for Forms 1099-MISC reporting amounts in all other boxes (not box 7)  is February 28, if paper-filed, and March 31, if electronically filed. This change also affects submissions of summary Forms 1096. If filing separate 1099-MISC submissions, each requires its own Form 1096.

The extension for filing forms 1099-MISC is still available. Taxpayers may file Form 8809, Application for Extension of Time to File Informational Returns, by the due date of the corresponding Form 1099-MISC, in order to receive an automatic 30-day extension from the original due date. Additional 30-day extension of not more than 30 days can be applied for by submitting a second Form 8809, in certain situations, which are listed on the extension form. The extension forms may not be mailed before January 1, 2019.

If you have any questions about these new QuickBooks features, please call Margaret Borla or Kevin Coppin, CPA at 847-956-1040.

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