Q: I heard the IRS changed the due dates of the 1099’s. I thought they were always due on January 31st, so what changed?
A: W-2’s and 1099’s were always due to the recipients by January 31st, but, this year, they are also due to the IRS and SSA. This means that they have to be submitted or e-filed on or before January 31st–or you will be subject to new and larger penalties ranging from $50 to $260 per form; plus you could be subject to an additional intentional disregard penalty.
Taxes, Investments, Business and maybe a little more. Sandy Flom Faribault CPA.