Posted in: 1099s, Best practices, Communication, In this week's e-newsletter, IRS regs, Latest news & views, Tax compliance
The good news: The form itself is mostly unchanged. But there are a few administrative changes you need to be aware of. File this tipsheet away so you have it handy when you start the next year-end process. You’ll need to be on top of these changes:
- There’s a new due date for sending 1099s to payees. If you’re reporting gross proceeds paid to an attorney (Box 14) or substitute payments (Box 8 ) the deadline is now Feb. 15 for statements due after 2008.
- Death benefits paid to the estate of a deceased employee are now reported on 1099-MISC, not the 1099-R. That’s true whether the payment comes from a qualified or nonqualified compensation plan.
- You are not required to complete Box 15a in relation to deferrals paid under nonqualified plans subject to Sec. 409A.
- If you make military differential payments after 2008 those payments should be reported on the W-2, not the 1099. This applies to payments made to former employees on active duty for more than 30 days.