This year, the IRS has granted an extended deadline: recipient copies can be distributed electronically up to March 2nd. The typical deadline for receiving tax forms is typically January 31st, but that doesn’t mean you should sit back and relax.
Understanding the new deadlines and how you should submit those forms can reduce the chances for penalties, delays in submission, and prevent you and your business from experiencing an expensive and time-consuming world of hurt.
ALEs and e-filing
If you are an ALE (applicable large employer) or employ 20 employees or more, you must file electronically. However, e-filing will not only help to open up time for other important endeavors and ease your mind about the potential for penalties, but will also ease the hectic environment of tax season. You won’t have to worry about paper, either.
1099 form deadlines:
1099 MISC
- Recipient copy: January 31st, 2020
- IRS Paper Filing and eFiling (Box 7): January 31st, 2020
- IRS Paper Filing (Non-Box 7): February 28th, 2020
- IRS eFiling (Non-Box 7): March 31st, 2020
Other 1099 form deadlines:
Recipient copy: February 15th, 2020
- 1099‑B
- 1099‑S
Recipient copy: January 31st, 2020
- 1099-DIV
- 1099‑INT
- 1099‑R
IRS Paper Filing: February 28th, 2020
- 1099‑B
- 1099-DIV
- 1099‑INT
- 1099‑S
- 1099‑R
IRS eFile: March 31st, 2020
- 1099‑B
- 1099-DIV
- 1099‑INT
- 1099‑S
- 1099‑R
1098 form deadlines
Recipient copy: January 31st, 2020
- 1098
- 1098-T
IRS Paper Filing: February 28th, 2020
- 1098
- 1098-T
IRS eFile: March 31st, 2020
- 1098
- 1098‑T
ACA form deadlines
Recipient copy: March 2nd
- 1095-B
- 1095-C
IRS Paper Filing: February 28th
- 1095/1094-B
- 1095/1094-C
IRS eFile: March 31st
- 1095/1094-B
- 1095/1094-C
Paper filers need to remember different dates
Paper forms are acceptable for businesses that employ between 50 and 249 individuals. Still, the IRS strongly recommends electronic submissions.
For businesses that file both electronically and by paper, eFile360 provides e-delivery services that will automate the recipient copy process. If an employee does not access their forms electronically, eFile360 will automatically mail those recipients a paper copy.
Other services can help your business to meet the new deadlines for this year’s tax season:
- TIN (Tax Identification Number) Checking: Having the incorrect or missing TIN numbers can cause significant delays in the tax season and missed deadlines. With the TIN Checking service, you’ll simply check a box when submitting your tax forms. We’ll do the rest. If any TINs are believed to be made in error or are missing, you’ll be notified in order to provide the correct forms. Learn more here.
- Handle a number of forms: Whether you’re needing ACA forms, 1099-MISC and other 1099 forms, we’re here to support your needs.
If you’d like to speak with one of our customer service representatives about your next tax solution, get in touch.