You need to begin preparing for 1099 form delivery and filing as early as possible — ideally the fall beforehand. Many companies underestimate the time required for collecting and confirming all of the needed information. It’s a best practice to receive a W-9 form from a contractor or vendor before the first payment is made. Having this documentation will help immensely come time to prepare 1099 taxes.
As for strict deadlines, you must first send a copy of the Form 1099-MISC or Form 1099-K to the recipient, vendor, or contractor whom you’ve paid by January 31st of the following calendar year (or the next business day if the 31st falls on a Saturday or Sunday). They should reach out to you as soon as possible if any corrections are required. Next, you’ll file the 1099 forms with the IRS. If you plan on filing via paper mail, the deadline is January 31, 2017.
If you plan on filing electronically you also have until January 31, 2017. In order to file electronically, you need to go through IRS’ FIRE system. If you submit electronically via FIRE you must make sure the forms match the IRS’ particular requirements. You will also need to establish an account and receive authorization from the IRS in order to use FIRE (IRS Pub 1220 provides information on how to receive that authorization).
Or, you can use Payable.
Here’s a handy rundown of important deadlines including the deadline for filing for an extension.
If your company needs more time to file your 1099s, then you’ll need to send the IRS form 8809 to apply for an extension. See the How To Request An Extension For Filing 1099 Forms With The IRS guide.
If your company needs more time to deliver your 1099s see the How To Request An Extension For Delivering 1099 Forms To Recipients guide.
$0.99 per payment