The New Rule
Filers will be required to send 1099-MISC recipient copies and submit the forms whether paper or e-file to the IRS by January 31st, 2017.
Complications with the New Rule
To make it even more complicated this new filing deadline as it relates to form 1099-MISC only impacts filers reporting nonemployee compensation payments in Box 7. Although the majority of us will be filing 1099-MISC with information Box 7, I am sure this will be creating confusion. (Imagine that?)
How has this changed
In the prior years you would provide recipient copies prior to filing so they had time to review them and you could make correction versus filing amendments. It sounds like we will no longer have that time to allow your employees, vendors or owners to review forms and more corrected 1099's will be sent in this year.
Suggest reviewing your data now to get ready for the end of the year reporting. By planning ahead for these new deadline, form changes and updates you are less likely to file late and incur penatlies associated with noncompliance and untimely filings.
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