When to File Your 1099-NEC Forms?

IRS Form 1099-NEC is a new form that payers should complete if they have paid at least $600 of nonemployee compensation to an independent contractor/vendor.

1099-NEC 2023 Tax Year Filing Deadlines:

  • Recipient Copy Deadline: January 31, 2024
  • Paper Filing Deadline: February 28, 2024
  • E-filing Deadline: April 01, 2024

Visit https://www.taxbandits.com/1099-forms/form-1099-nec-due-date/ to know more about Form 1099-NEC due date.

How to E-file 1099-NEC Form with ExpressIRSForms?

When you File 1099 NEC online, the entire process is complete in just a few minutes. E-filing 1099-NEC can be done securely with an authorized IRS agent like ExpressIRSForms. We e-file your forms directly with the IRS while providing you with PDF copies to print and mail to your recipients with ease.

Steps to E-file 1099-NEC Forms with ExpressIRSForms

  • Create your Free ExpressIRSForms account
  • Select “Form 1099 NEC”
  • Enter the Details for Form 1099-NEC
  • Review form summary, pay, and transmit your form to the IRS

What Information is Required When Filing IRS Form 1099-NEC?

The following informations are required to e-file Form 1099-NEC:

  • Payer Details: Name, TIN, and Address
  • Recipient Details: Name, TIN, and Address
  • Nonemployee compensation
  • Federal income tax withheld
  • State Filing Details: State Income, Payer State Number, and State Tax Withheld

Know more about Form 1099-NEC Instructions.

Are There Extensions for Form 1099-NEC Filing?

If you believe you won’t meet the Form 1099-NEC deadlines, you can apply for an extension by completing Form 8809. Form 8809 provides an automatic 30-day extension to submit your 1099-NEC Forms and can be easily e-filed with ExpressIRSForms!

Form 1099-NEC Filing Penalties

The IRS maintains the same penalty and interest rate for all 1099 forms, including 1099-NEC. You can also receive a penalty if you:

  • Fail to file machine-readable paper forms
  • File on paper if you’re required to e-file
  • Fail to include all required information
  • File incorrect information on a return
  • Fail to report a Taxpayer Identification Number (TIN) or report an incorrect one

Your penalty amount is based on when the complete and correct Form 1099-NEC is filed.

Learn more about Form 1099-NEC Penalties.

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Form 1099-NEC Frequently Asked Questions

1. What is IRS Form 1099-NEC?

The Form 1099-NEC is used to report nonemployee compensation. Until 2020, payers used Form 1099-MISC to report miscellaneous payments made to contractors, including non employee compensations in Box 7. At the beginning of 2021, the IRS announced that the Nonemployee Compensation would be reported in a new separate Form 1099-NEC.

Note: The IRS has made some changes to Form 1099-NEC for the 2022 tax year.

2. What are the different copies available for Form 1099-NEC?

Different copies of the Form 1099-NEC are created depending on who the recipient of the copy is:

  • Copy A of Form 1099-NEC is filed with the IRS.
  • Copy B of Form 1099-NEC is mailed to the recipient.
  • Copy C of Form 1099-NEC is for the payer’s records.
  • Copy 1 of Form 1099-NEC is filed with the State Tax Department.
  • Copy 2 of Form 1099-NEC is mailed to the recipient to be filed with their state income tax return (if required).

3. What are the payment exceptions for Form 1099-NEC?

If the following payments are made, you are exempt from filing Form 1099-NEC:

  • You made payments to C or S corporation.
  • You paid for the merchandise, telegrams, telephone, freight, storage, and similar items.
  • You paid tax-exempt organizations.

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