2018 Master Guide to Form 1099 Compliance
The 2018 Master Guide to Form 1099 provides detailed instruction surrounding the reporting rules, regulation updates and changes, and provides indexed information for the very wide range of reporting scenarios that you could encounter in Accounts Payable. The wealth of supporting documentation will help ensure that you are reporting accurately, on-time, and stay in compliance.
As closing the tax gap continues to occupy both Congress and the IRS, there are continued IRS enforcement efforts designed to increase reporting by payers, increase the withholding of federal tax where required, and produce more accurate reporting of income by taxpayers.
Highlight and important updates from the 2018 edition include:
- New tax rate for backup withholding
- January 31 IRS filing due date without automatic filing extensions for some 1099s
- New edition of Form W-9
- Regulatory changes in the threshold for mandatory electronic filing of 1099s
- Penalties increased for incorrect and late-filed 1099