Form 1099s and Form 1096 due Tuesday 1/31/17!!

The IRS has been lax on these penalties until very recently.  They are cracking down now - here are the new guidelines and penalty amounts:

-Up to 30-days late                             $50 per return

-Over 30-days but before August 1  $100 per return

-After August 1                                    $250 per return

-Intentional disregard                        $500 per return

These penalties apply to BOTH the form given to the contractor as well as the form that must be submitted to the IRS.

If you paid an individual, LLC, or any other company that is not a corporation, more than $600 over the course of the calendar year, you need to issue them a 1099 form.  Give LCI Taxes a call to get this taken care of for you!

Don't worry - if you don't have a plan for getting these out on time give us a call (386-586-3976) - we can get it taken care of for you!

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