FAYETTEVILLE, AR and DALLAS, TX / ACCESSWIRE / January 30, 2024 / With just one day left to eFile your 1099, 1098, 1042, 94x, W2, and other state forms, it’s time for the annual rush to submit those crucial 1099 forms. Missing the deadline can mean costly penalties and a major administrative headache. But fear not; there’s a smarter way to tackle your 1099 filing this year. Presenting you Tax1099, an IRS-authorized eFiling service provider trusted by 500k+ businesses. But before understanding how Tax1099 can help you, let’s look at the deadlines and penalties.
Deadlines and Penalties for 1099 Forms (2023 Tax Year)
Here’s a table summarizing the deadlines and penalties for various 1099 forms based on information from the IRS website:
|
Form type |
Filing deadline (IRS) |
Filing deadline (recipient copy) |
Late filing penalty per form |
Minimum penalty for intentional disregard |
|
1099-NEC (Nonemployee Compensation) |
January 31, 2024 |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-MISC (Miscellaneous Income) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 (if boxes 8 or 10 have data); February 15, 2024 (otherwise) |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-R (Distributions from Pensions, Annuities, Retirement Plans, IRAs) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-K (Payment Card and Third-Party Network Transactions) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-INT (Interest Income) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-DIV (Dividends and Distributions) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-OID (Original Issue Discount) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
January 31, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
|
1099-B (Proceeds from Broker and Barter Exchange Transactions) |
February 28, 2024 (paper); April 1, 2024 (electronic) |
February 15, 2024 |
$60 to $310 (depends on delay) |
$630 or 10% of income reported (whichever is higher) |
Please note that as March 31, 2024, falls on a Sunday, therefore, the deadline is extended to April 1, 2024.
Additional notes:
The late filing penalty per form increases the longer you wait to file.
The minimum penalty for intentional disregard applies regardless of the number of forms filed incorrectly.
Electronic filing is encouraged and often comes with extended deadlines.
The maximum penalty varies based on number of recipients and incorrect data.
Worried about the fast-approaching deadlines? Well, here’s how Tax1099 can help you.
How Tax1099 can help you?
Here are some of the benefits of using Tax1099 to file your 1099 forms:
1. Tax1099’s " Zenwork AI Tax Assist " at your help 24/7:
Zenwork AI Tax Assist is a new AI-powered program that can help you file your 1099, W2, 94X, and 1095 forms. It can also answer your questions about taxes and provide you with relevant information from the IRS. Zenwork AI Tax Assist is a safe and secure program that uses the latest technology to protect your data.
2. Unparalleled Accuracy:
Tax1099’s software is meticulously crafted to ensure precise and error-free filing of your 1099 forms. By leveraging advanced technology, it minimizes the risk of costly mistakes, saving you time and reducing the likelihood of IRS penalties.
3. Effortless Convenience:
Tax1099 simplifies the filing process by offering an intuitive e-filing platform accessible directly from their website. Gone are the days of cumbersome paperwork and manual submissions. With Tax1099, you can seamlessly import data from your accounting software, streamlining the entire filing process. This unparalleled convenience empowers you to focus on what truly matters for your business.
4. Robust Security:
Your data’s protection is a paramount concern. Tax1099 holds SSAE-16 Type II certifications, a testament to its data security. These rigorous audit processes ensure that your sensitive information is handled within a framework of the highest standards of security and reliability. Your peace of mind is our top priority.
5. Exceptional Support:
We understand that filing tax forms can be a complex and daunting task. That’s why Tax1099 offers an array of support resources to assist you at every step along the way. Our dedicated customer support team is just a phone call, email, or chat away. Rest easy knowing that expert guidance and assistance are always within reach to resolve any questions or concerns.
About Tax1099: Tax1099, an IRS-authorized digital tax compliance service, simplifies tax filing for over 50,000 businesses nationwide. Offering 40+ federal and state-compliant electronic returns, 12+ data management integrations, API integration, secure document management, Bulk filing, and 24/7 customer support, Tax1099 is a leading tax filing solution provider.
About Zenwork Inc: Zenwork Inc., the parent company of Tax1099 and backed by Spectrum Equity, is a key player in digital tax compliance and regulatory reporting technology. With a decade of experience, Zenwork Inc. has assisted over 150,000 businesses and 30,000 CPA firms in simplifying compliance. Learn more about Zenwork and its products at www.zenwork.com, www.tax1099.com, and www.compliancely.com.
Contact:
Ed Pratt
Zenwork, Inc.
ed@zenwork.com
SOURCE: ZENWORK INC
View the original press release on accesswire.com