This week I want to remind you of some changes to due dates for W-2 and 1099-MISC forms that were first effective for 2016 and continue for the 2017 tax year. We will also discuss the current status of Iowa W-2 reporting requirements. The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires forms W-2, W-3, and 1099-MISC returns to report non-employee compensation, to be filed on or before January 31st of the year following the calendar year to which such returns r

In order to give small businesses additional time to comply with W-2/1099 filing requirements, the Iowa Department of Revenue (IDR) proposed the following changes to tax year 2017 filing requirements: Businesses with fewer than 50 W-2s will not be required to file W-2s for tax year 2017. No entities will be required to file 1099s for tax year 2017. These are the same requirements in place for tax year 2016. The proposed change delays the filing requirement for businesses wit

This week I want to remind you of some changes to due dates for W-2 and 1099-MISC forms that are effective for 2016. Also, we will discuss some new Iowa W-2 reporting requirements and penalties for not timely filing or providing 1099 forms. The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires forms W-2, W-3, and 1099-MISC returns to report non-employee compensation, to be filed on or before January 31st of the year following the calendar year to which such ret

This week I want to remind you about the new accelerated due dates for W-2 and 1099 forms that are effective for this calendar year. The Protecting Americans from Tax Hikes (PATH) Act of 2015, which was passed in December, 2015, requires forms W-2, W-3, and returns to report non-employee compensation (e.g., Form 1099-MISC) to be filed on or before January 31st of the year following the calendar year to which such returns relate. Those returns are no longer eligible for the ex

A recent law change will affect the penalties that can be assessed for not filing IRS 1099 forms. The Internal Revenue Code imposes a penalty on taxpayers that fail to file correct information returns (e.g., IRS Form 1099) with IRS, as well as a separate, but parallel, penalty on taxpayers that fail to provide the payee with a correct copy of the information return filed with IRS. The penalties are based on the duration of the delinquency, whether the delinquency was intentio

Every year I get a lot of questions about Forms 1099. It is a very important topic that I would like to address again. If you operate as a business, regardless if you file as a corporation, S corporation, partnership, LLC or Schedule C on an Individual return, you must answer a two part question on the tax return. The first question is “did you make any payments that would require you to file Form(s) 1099” and the second is, “if “YES”, did you or will you file required Forms

If you operate as a business, regardless if you file as a corporation, S corporation, partnership, LLC, or Schedule C on an Individual return, you must answer a two part question on the tax return. The first question is, “did you make any payments that would require you to file Form(s) 1099?” and the second is, “if YES, did you or will you file required Forms 1099?” The Form 1099 series is used to report various types of income other than wages, salaries, and tips. It encompa