Monday, January 16, 2012

Happy New Year and. . .

Happy Tax Filing Season as well. The annual tax seminar I attend each January began a little later this year, and I wanted to have the most recent information to pass on some of the changes which will effect many of us. For the next few days I will highlight some of these changes.

If you look in the archive, you can find where I address the 1099 filing requirements. The copy to the recipient is due on January 31, and the copy for the IRS is due February 29.

Here's the change: Schedules C, E, and F now have two additional line items. The first line specifically asks if you made any payments during the year which require you to file form(s) 1099, and the second line asks if you filed the required forms.

It is important to remember you sign your tax returns under penalty of perjury, and misrepresenting information on a tax return is a felony, not a misdemeanor. Oh yes, did I mention failure to furnish the required information is subject to a $200 fine (per required form), up from $50?

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