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WARNING - NEW SURPRISE IRS DEADLINE fOR TAX YEAR 2018

THE IRS HAS REMOVED THE 30 DAY AUTOMATIC EXTENSION FOR 1099-MISC-NEC. This 30 DAY saving grace is gone.

1099 Express can NOT HELP YOU get the extra 30 day extension, as we have for the last 2 years.

The official notice of this new deadline was in the Federal Register in mid August 2018.

Thousands of business will be hit with surprise late filing penalties, because they will try for an extension in late January 2019, and find it is unavailable, and not have enough time to complete the 1099 process on time.

ALL 1099-Misc with money in Box 7 (Non Employee Compensation or NEC) MUST BE FILED TO THE IRS BY JANUARY 31, 2019, NO EXCEPTIONS.

YOU MAY BE ABLE AVOID THESE SURPRISE PENALTIES, but it will be difficult. Please see SOLUTIONS below.

DETAILS
PENALTIES

Filing late in February is a penalty of $50 per form.
Filing late in March through July is a penalty of $100 per form.
Filing late after August 1st is $270 per form.

As you probably know, 1099-Misc with money in Box 7 IS THE MOST COMMON TYPE of 1099-Misc. It is for Contractors, Vendors, and more. And YOU are probably subject to this penalty.

SOLUTIONS REFERENCE

https://www.federalregister.gov/documents/2018/08/03/2018-16717/extension-of-time-to-file-certain-information-returns




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