IRS eliminates automatic 1099-MISC & W-2 extensions for 2018
Not great news from the IRS for any business that has contractors or employees!
IRS UPDATE AS OF 08/02/2018
The IRS has issued their final regulations regarding automatic and non-automatic extensions for time to file 1099-MISC and W-2 forms. A link to the official IRS publication is below, but here’s what it means for you:
As a preventative measure, in previous years, services like WageFiling have always automatically filed extensions on users behalf. However, with this new IRS regulation, no automatic extensions will be granted. Moving forward, any extension request must be made by the business owner directly to the IRS and even with good cause, that extension may not be granted. Failure to report on time can result in fines of $100-$260 per form.
The solution? Stay ahead of the game and start entering your 1099-MISC information leading up to year end. Then, once January 1, 2019 hits, you’ll enter your dollar amounts paid and we'll handle filing to the IRS/SSA.
Here are a couple new services to help with this new IRS roll-out:
- All of our 2018 version forms will be live on 8/11/18. Sign up for an account for Free.
- Sign up for our filing reminder service, no junk emails, just updates on the deadline and any filing changes
- Instantly issue a W-9 electronically to make sure you have your contractor data on file
- We're around all summer to help answer any questions
To view the official IRS publication, Click Here. Read the full article at wagefiling.com.
Pay close attention to this deadline if the following occurred for you in 2018:
- Services performed by someone who is not your employee (including parts and materials)
- Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish
WageFiling, LLC has been a Quality Supplier to the IRS since 1996 and has worked directly with the IRS to help with software revisions and updates. The information above was collected on 8/2/18 directly from the IRS and WageFiling staff. Follow us to stay up to date on tax changes that affect your business and hear about it as it happens.