Let’s Get Back To Basics
I was just thinking yesterday about back when I was new to the corporate world. I didn’t know anything! Heavens, I didn’t even know that TIN matching was a thing.
So I was wondering just how many small businesses and new accountants are aware of how strict the IRS is when it comes to 1099s. I was talking to a friend today about it, and he told me, when he first started his own business, he had no clue when 1099 filing deadline was. So he didn’t even file them! Can you believe that?
Of course, the IRS was kind enough to give him a one time wave of the fine since it was his first year in business but you can bet he learn his lesson once he once he was going to have to pay over $7500 in fines for being uninformed.
So here’s some pretty basic info you need to know about the 1099 filing deadline.
- The deadline for 1099 filings is Jan 31st, 2018. That's a full month earlier than it was last year!
- Any error in your 1099 filings will result in an increased fine this year (up to $280 per error from $250 that last year).
- And, lastly, you can remove all the stress and pain of doing your TIN matching by using RealSearch and FEINSearch
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