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Form 990 Series - December 16, 2024
- December 16th is the filing deadline for organizations whose fiscal tax year ended on July 31, 2024.
- December 16th is the extended deadline for users who filed an 8868 extension on June 15, 2024.
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Frequently Asked Questions
Is There an Updated Deadline for the 2024 Tax Year?
Yes, the IRS has revised the deadline for delivering recipient copies of certain forms. For the 2024 tax year, the new due date for providing Forms 1099-B, 1099-S, and 1099-MISC (specifically when amounts are reported in boxes 8 or 10) is now February 18, 2025. Make sure to update your filing schedule to stay compliant.
What are the changes to Form 941 for the 2024 tax year?
There are some major changes to Form 941 for 2024. The following changes are made for the 2024 tax year:
- The Social Security wage base limit has now been increased from $160,200 to $168,600.
- Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more in 2024.
- Election workers who receive $2,300 or more in cash or its equivalent form of compensation are subject to Social Security and Medicare taxes in 2024.
- Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
- Form 941-SS and 941-PR are discontinued after 2023. Instead, employers in those U.S territories have the option to file using Form 941 or if they prefer a Form in Spanish, they can file using the new Form 941(sp). Publications- 51, 80, and 179 are no longer required after 2023. Instead, information necessary for agricultural employers and employers in U.S Territories will be included in Publication 15 (Employer's Tax Guide). Also, a Spanish version of Publication 15 has been introduced starting from 2024.
Certain lines have been removed from Form 941 for 2024:
In Part 1, Lines 11a to 11g have been removed. Instead, Line 11 will have the information regarding Form 8974 (Payroll tax credit for Qualified small business for increasing research activities).
Lines 13a - 13i have also been removed. Instead, line 13 will contain information regarding the sum of deposits for the particular quarter which includes overpayment applied from a prior quarter and overpayments applied from Form 941-X, Form 941-X (PR), Form 944-X, or Form 944-X (SP) filed in the
current quarter.
In Part 3, Lines 19 - 28 have been removed.
What are the new changes on Form 1099 for 2023 tax year?
Several noteworthy changes have been implemented on Form 1099 for 2023 tax year, affecting various types of transactions and filing thresholds:
E-filing Threshold
The IRS has lowered the e-filing threshold from 250 returns to 10 or more 1099 aggregate returns. This change is effective for returns filed on or after January 1, 2024, promoting more electronic filing for increased efficiency.
1099-K (Payment Card & Third Party Network Transactions)
A significant change was anticipated to take effect from January 2023, requiring third-party network transactions such as those through PayPal, Venmo, and Cash App to file Form 1099-K if the total transactions exceeded $600. However, the IRS has delayed this reporting threshold. As a result, there will be no changes in the previous year's threshold, and the third-party networks will continue to report the Form 1099-K if the gross transactions exceed $20,000 with 200 or more transactions.
Form 1099-NEC and 1099-MISC
There have been no significant changes to Form 1099-NEC and Form 1099-MISC for the 2023 tax year. These forms remain the same as the previous
tax year.
1099-PATR (Patronage Dividends)
Updates have been made to Form 1099-PATR, with a change to Continuous Use and instructions that remove references to specific years. Additionally, Box 12 has been updated to include information on the sustainable aviation fuel mixture credit.
New Extension Form to Request More Time for Recipient Copy Distribution in 2024
The IRS recently published a new Form 15397 in November 2023 which should now be used to request an extension of time to furnish recipient copies of information returns including forms 1099, W2, ACA, 5498, and other information returns. If you need an extension for filing 1099, W-2, and other information returns, you should file Form 8809.
When is the 1099 Filing Deadline for 2024?
Generally, most of the 1099 forms have the same deadline. Here is the 1099 deadline for the 2024 tax year. The recipient copy of the Form 1099 should be distributed to the respective recipients no later than January 31, 2025, and the copy of the Form 1099 should be filed with the IRS before February 28, 2025. If you opt for electronic filing, the deadline is extended to March 31, 2025.
Exceptions
- Both the recipient and IRS copy of the Form 1099-NEC should be before January 31, regardless of the filing methods.
- Recipient copy of Form 1099-MISC should be filed before February 15 If the payment is reported in Boxes 8 or 10 of Form 1099-MISC.
- TThe Recipient copies of Form 1099-R and Form 1099-B should be furnished on or before February 15.
Note: In case the deadline falls on a weekend or any public holiday. The deadline automatically moves to the next business day.
What are the late filing penalties for 1099 forms?
In case you fail to report Form 1099 before the deadline might result in IRS penalties. The 1099 penalties might vary based on how late you file your return. Here are the possible penalties for not filing Form 1099.
Condition | Minimum penalty | Maximum Penalty |
---|---|---|
Less than 30 days late | $60 per return |
$664,500 per year ($232,500 for small businesses) |
31 days late but before Aug 1 |
$130 per return |
$1,993,500 per year ($664,500 for small businesses). |
After August 1 or Not at All | $330 per return |
$3,987,000 per year ($1,329,000 for small businesses). |
Intentional Disregard | $660 per return | No limit |
What are the key Form 1099 deadlines an independent contractor should know?
1099 Forms are used for reporting income earned from various sources, and failure to meet the deadlines can result in penalties. Here are the deadlines for the most common 1099 forms:
Form 1099-NEC (Nonemployee Compensation):
- Deadline for payers to provide to contractors: January 31st of the following tax year.
- Deadline for payers to file with the IRS: February 28th (paper filing) or March 31st (e-filing) of the following tax year.
It's important for 1099 contractors to receive this form by January 31st, as it reports their earnings and is used for tax reporting purposes.
Form 1099-MISC (Miscellaneous Income):
- Deadline for payers to provide to contractors: January 31st of the following tax year (if it includes nonemployee compensation).
- Deadline for payers to file with the IRS: February 28th (paper filing) or March 31st (e-filing) of the following tax year.
Form 1099-MISC was traditionally used to report various types of miscellaneous income received during the year, such as rental income, prices, rewards, health care payments, and more.
Form 1099-K (Payment Card and Third-Party Network Transactions):
- Deadline for payers to provide to contractors: January 31st of the following tax year.
- Deadline for payers to file with the IRS: February 28th (paper filing) or March 31st (e-filing) of the following tax year
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