1099 deadline changed
| HelpRegister |
1099 deadline changed Heads up for all treasurers. The deadline for issuing 1099s is now February 15 and not January 31. This was part of the TARP legislation and is a permanent change to the tax code. Be prepared for irate club members when you delay issuing their K-1s until late February.
Ira Smilovitz I just went to the IRS page that lists the due date for all documents (http://www.irs.gov/efile/article/0,,id=98114,00.html which was last updated on 1/9/2009) and it still shows the date as 1/31 for 1099s. Can you provide a link to the TARP legislation you are referring to? Thanks, Jay Vaccarelli It's HR1424, DIVISION B - Energy Improvement and Extension Act of 2008, Section 403 - Broker reporting of customer's basis in securities transactions. This applies only to Section 6045 transactions (sales of securities and certain other transactions), but allows providers of consolidated 1099 statements (almost all brokers) to use the later date.
Separately, issuers of Forms 1099 can request an extension of up to 30 days to issue the forms to taxpayers. (See the General Instructions for Forms 1099, 1098, 5498 and W-2G, www.irs.gov/pub/irs-pdf/i1099gi.pdf, page 11.
Ira Smilovitz
In a message dated 01/12/09 08:34:22 Eastern Standard Time, jayvacc@bivio.com writes:
|
|
||||||