Big changes are coming to the year-end independent contractor reporting process. If you are filing Forms 1099-MISC on which you’re reporting payments to independent contractors in Box 7, you must provide payees with their copies, and file those forms with the IRS, by Jan. 31, 2017.
This new accelerated due date applies regardless of whether you file on paper or electronically.
Upshot: You must step up your year-end process to meet this earlier filing deadline.
Confusion with filing dates. The new accelerated, consolidated filing deadline of Jan. 31, 2017, applies only if you’re reporting payments in Box 7. If you’re filing 1099-MISC forms to report payments in any other box, the traditional due dates apply—provide payees with their copies by Jan. 31, 2017 (Feb. 15, 2017, if you’re reporting gross proceeds to any attorney); file paper forms with the IRS by Feb. 28; or e-file by March 31.
Who gets Form 1099-MISC. Independent con...(register to read more)