Important Dates

15 Dec
4th Estimated Tax Pmt for BUSN
Date 12.15.2020 8:00 am - 9:00 am
24 Dec
Company Closed - Merry Christmas & Happy New Years!
12.24.2020 1:00 am - 01.01.2021 2:00 am
15 Jan
4th Estimated Tax Pmt for Individuals
01.15.2021 8:00 am - 9:00 am
1 Feb

Get Ready for the New Form 1099-NEC & Filing Requirements!

The IRS has accelerated the due date for filing Form 1099, that includes nonemployee compensation (NEC), from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Beginning with tax year 2020, use Form 1099-NEC to report nonemployee compensation.

If you need an extension, be sure to file Form 8809 for a 30-Day extension.

 

1 Mar
1099-MISC
03.01.2021

What Should You File on the "NEW" Form 1099-MISC

For each person in the course of your business to whom you have paid the following during the year:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in:
    1. Rents (box 1);
    2. Prizes and awards (box 3);
    3. Other income payments (box 3);
    4. Generally, the cash paid from a notional principal contract to an individual, partnership, or estate (box 3);
    5. Any fishing boat proceeds (box 5);
    6. Medical and health care payments (box 6);
    7. Crop insurance proceeds (box 9);
    8. Payments to an attorney (box 10) (see Payments to attorneys, later);
    9. Section 409A deferrals (box 12); or
    10. Nonqualified deferred compensation (box 14).
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