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Efile IRS Tax Form 1099 Online | Electronic filing of form 1099 Made Easy

Etax1099.com is the IRS authorized efile provider for 1099 tax forms. It comes from a series of tax e-file services provided by yakshna solutions inc, which is a leading provider in the tax industry. There are customized packages available for tax professionals as well as individual filers to report their form 1099's with ease. It provides bulk filing features and customer support over phone, chat and email.

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How to File a 1099-Misc Form Online?

Posted by Admin on 27. November 2014 23:50

If you are a small business that has hired contractors to perform work for you, then most likely you will have to create a 1099-Misc form for each contractor that you have paid $600 or more to over the course of that taxable year. In order to follow the IRS 1099-MISC deadlines you need to provide these forms to your contractors before January 31st so that they can file their forms. The deadline for small businesses to file their forms with the IRS is before February 28th or March 31st if you file electronically. There are many options to filing your 1099-Misc but it is very important to first understand what a 1099-Misc form is as well as who is required to file one.

What is a 1099-Misc form and who has to file one?

A 1099-Misc form is a form used to report certain payments made during business. If you are a small business owner who has hired an independent contractor or freelancer then you will need to submit your 1099-Misc form to both the Internal Revenue Service, IRS, as well as the independent contractor you pay to work for you. If your contractor makes at least $600 you have to report them on your form but if they make less than $600 it is not always required. 

Exceptions to filing 1099-MISC form

There are some payments made to independent contractor’s or freelancer’s that do not have to be reported on the form 1099-MISC, although the recipient may be required to file them. Payments that are not required to be included on the form are: 

Rent payments made to real estate agents

Wages paid to employees (required to be reported on W-2 form)

Payments to a corporation

Payments for merchandise

Military wage payments while still on active duty

Travel allowances for business employees

Life insurance costs

Any payments to tax-exempt organizations

How to e-file a 1099-Misc form?

Many people think filing a 1099-Misc form is very complicated and time consuming when honestly it just takes 3 easy steps to file your form. If you plan on filing electronically you will need to find a website that does all the work for you. You sign up with a site that reports 1099 forms and fill in the payer and payee information. Once you’ve completed the 1099-Misc form and provided all the information you could then you will submit it to the IRS and that’s it. It’s simple and fast and you will receive confirmation that the IRS has received your return within 24 hours. You can check the status of your return at any time online and any updates that are made will be visible and if any corrections are necessary you can do that online as well. 

So if you have determined that you have some independent contractors or freelancers that you need to file for then you can relax knowing it’s not a long or hard process. In fact, the biggest decision you will have to make is deciding whether you want to file 1099-misc online or by mail?

Register HERE and File your 1099 Form easily and securely.

The Future of Form 1099 - Simple Guidelines!

Posted by Admin on 7. March 2014 04:53

IRS is determined to bring in accuracy by their federal works and rule structured for the businesses and contractors to be complete in tax paying and transparency. The accounting method involves the times immemorial way about payments and receipts through paper trail for which forms 1099 were created for tax income from non-corporates.

Any business house in USA should send a form 1099 to recipient’s viz. non-corporate US vendor, individual or contractor including law firm -paying $600 or more towards any of the services that may apply in a calendar year. This is not withstanding interest, dividends royalties and brokers payable less than $600. The businesses have to send one for the mentioned. Be it stationaries, mailing lists, or paper cups. The company needs to send the 1099 forms to all these suppliers/vendors.

When business houses file their income tax returns, the questions that arise because of form 1099 is whether they may have something to pay or they may have filed form 1099. This becomes evident for IRS to keep track of the importance of form 1099 on businesses on their following up of tax rules.

One of the big concerns with form 1099 for companies is IRS penalties.  If the companies fail to issue the 1099 forms to whom-ever concerned from where they get the services done and  paid for it say an electrical work or repairs done at office for $100 per visit and for such 4 visits, the IRS can assess penalties failing to file the forms 1099. 

Likewise if there were other services availed and also the company paid for such visits at different intervals be it plumbing, Air-conditioning repairs IRS demands you to file separate 1099 forms for all services availed individually, But if company fail to issue 1099 forms, penalties can add up.  Plus, the IRS can even assess an “intentional disregard” penalty of 10% of the amount that should have been reported on a Form 1099. 

It’s inevitable; since the companies are dealing with many vendors and therefore the payments are made at different points need to be accounted as the form 1099 applies in aggregate rule in the name of gross proceeds. 

Even Corporations are target for form 1099 starting from 2011 payments that they are making, which they were not doing before.

Further when the form 1099 is not filed by the company with payee receiving a copy by January 31st  The reminder follows from IRS post-marked Feb 28 with the company facing huge fines for late-filed and in cases $100 per form 1099. The company neglects form 1099 filing then it may have to pay upto $250 per 1099 form.

Therefore the following disciplines would help the success and in contributing towards form 1099 -

1) Record of all payments to vendors before January 31.

2) Name the non-corporates including partnerships and LLC’s,individuals,contractors 

3) Those receive royalties, broker payments.

4) W-9 form should be ready for all assesses under form 1099.

5) For sole proprietorship company, taxpayer ID may be enough to file W-9 along-with 1099 for their assesses.

6) LLC’s and partnership companies should report their Federal Employer Identification Number towards this.

7) Before deadline, collect all W-9 or get it updated with the tax-payer.

8) Make sure the number of form 1099 to file and keep it ready

9) Be ready with your computer systems that are well configured and equipped software to have the file returns and to have it printed electronically.

This article attempts and is meant as a guideline to tax-payers towards form 1099. From time to time please have a tax professional like Etax1099 to guide you through the processes of IRS in tax-filing.

Register now to file your 1099.