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2025
| Tax Forms | Description | Deadline for 2024 Tax Year |
|---|---|---|
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Deadline to request an extension for IRS Form 1040. |
April 15, 2025 E-file Now |
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Deadline for nonprofits if:
|
April 15, 2025 E-file Now |
|
|
Form 941 PR, SS, SP |
Deadline to file Form 941, PR, & SS for the 1st Quarter of 2025 tax year. |
April 30, 2025 E-file Now |
|
Deadline to file Form 941 Schedule R for the 1st Quarter of 2025 tax year. |
April 30, 2025 E-file Now |
|
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Deadline to file ACA 1094/1095 form with the District of Columbia. |
April 30, 2025 E-file Now |
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Deadline to distribute Recipient Copy for Form 5498-ESA |
April 30, 2025 E-file Now |
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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 new changes on Form 1099 for the 2024 tax year?
Several noteworthy changes have been implemented on Form 1099 for the 2024 tax year, affecting various types of transactions and filing thresholds:
E-filing Threshold
The IRS lowered the e-filing threshold from 250 to 10 forms starting with the 2023 tax year. Any business or individual filing 10 or more information returns must file them electronically instead of on paper. This reduced threshold remains in effect for the 2024 tax year, emphasizing the importance of electronic filing.
1099-K (Payment Card & Third Party Network Transactions)
The IRS has introduced a new reporting threshold for Form 1099-K for the 2024 tax year, requiring third-party settlement organizations (TPSOs) to report transactions when total payments to a payee exceed $5,000, regardless of the number of transactions. In 2025, this threshold will decrease to $2,500, and by 2026, it will drop further to $600 in total payments, meaning any payee receiving more than $600 will receive a Form 1099-K, irrespective of transaction count.
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.
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.
- The Recipient copies of Form 1099-R and Form 1099-B should be furnished on or before February 15.
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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