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The IRS has issued a press release, reminding employers who report compensation to “contract employees” or otherwise need to report Non-Employee Compensation (NEC) on Form 1099-MISC that there have been changes made regarding the due date for filing such form for 2018.

According to the release, “The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting NEC in box 7 to be filed by January 31. Therefore, a Form 1099-MISC is due as follows:

  • Reporting NEC, whether filed on paper or electronically: January 31
  • Not reporting NEC and filed on paper: February 28
  • Not reporting NEC and filed electronically: March 31

This form cannot be extended with the IRS unless you meet a very specific criteria. Please follow this link to Form 8809 see the highlighted lines to see if your clients meet the necessary criteria for an extension.

How MBAF Can Help

We remind you to pay attention to these new deadlines and filing criteria for reporting non-employee compensation, Forms 1099-MISC, and if you haven’t done so already, please provide us with all necessary information to prepare Form 1099-MISC for you as soon as possible.

If you are not sure which of your employees are those subject to NEC, or if you feel you cannot met the deadlines and need to file for an extension, or you have any other question regarding compliance with 1099-MISC requirements, feel free to contact us.

Compliance with and understanding the implications of changes to IRS filing requirements can be very complex. If you would like to benefit from our expertise in these areas, or if you have further questions on this Advisory, do not hesitate to contact our Tax and Accounting Specialists, or call us at 1-800-239-1474.