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[Zubin Gidwani]

I dusted off and updated Molly, Mike, and My presentation on 1099s, TIN Matching, and Printing and Filing Services,
(see the linked presentation below)

Key Updates:

Deadlines:
January 31, 2020 – 1099 recipient copies must be distributed
February 28, 2020– 1096 and 1099 paper copies due to the IRS
March 31, 2020 – 1096 and 1099 electronic file(s) due to the IRS
March 15, 2020 – 1042 recipient copies and IRS copies/files due

Penalties:
$550 per 1099 – for not providing a correct statement (intentional disregard) with no maximum for the year.

Penalties for late or Incorrect filings have increased:

$50 per return filed within 30 days of due date  (max penalty $556,500)
$110 per return if filed by August 1  (max penalty $1,669,500)
$270 per return filed after August 1  (max penalty $3,339,000)
$550 per return for Intentional Disregard  (max penalty – no limit)

Source: https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties

If you are looking for more details on editing  and printing 1099s from within GP

Cecile Dinh also has a recorded webinar you can review

Hope this helps!

Zubin

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Zubin Gidwani
Dynamic Budgets
San Francisco-Bay Area CA
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