1099 Misc Form Extension: Are you ready to report all the miscellaneous income paid during the tax year with the IRS? Have you gathered all the required information to file 1099 MISC Form? If your answer is “No”, then better to request an extension to file 1099 MISC Form with the IRS.
Every taxpayer can file 1099 MISC form extension when they feel they require the extension. IRS grants automatic extensions for few 1099 Forms. Are you confused about whether IRS grants extension for 1099 MISC form? we are here to provide you information about 1099 MISC form extension and how to file an extension to the IRS.
What do you mean by 1099 MISC Form extension?
Extension is the situation where the taxpayers find an alternate way to avoid the IRS 1099 MISC Form penalties. Filers of 1099 MISC Form face to pay penalties to the IRS for late filing the information returns. As we know that, IRS imposes heavy and hefty penalties for late filing, fraudulent filing or fraudulent claiming returns.
To avoid the penalties imposed by the IRS, the taxpayer’s request an extension to file 1099 information return forms. IRS accepts the extension request for 1099 Forms, when filed before or within the due date. Filer’s can request the extension of 1099 MISC Form through mail or through e-filing within the due date of the return.
When to issue a 1099 MISC Form?
All the 1099 MISC Forms that report miscellaneous income paid to the individuals must be sent to the IRS by March 31st every tax year if filed electronically and to the recipient by January 31st for every tax year. 1099 MISC Form is due by February 28th of every tax year to the IRS.
Due to change in the due date to file 1099 MISC Form to the recipients from February 28th to January 31stmade the taxpayers to face penalty risks. There will be a relief to the taxpayers by filing a 1099 Form extension.
1099 MISC Form automatic extension
The IRS has provided an easy way for the beginners and business owners to request an automatic 30 days extension for 1099 Forms. Automatic extension means, the IRS grants automatic extension to the taxpayers when requested by the original due date.
If you submit Form 8809 before the original due date of the Form 1099 Online MISC, then the IRS automatically grants 30 days extension. Please not that this automatic extension is not available for 1099 NEC tax form.
1099 MISC Form reasons for extension
In some cases, along with the automatic extension the tax filers require an additional 30 days extension for filing 1099 MISC Form. The following are few of the reasons for filing 1099 MISC Form:
- If the individual’s office is destroyed by a fire accident which affected the operations of the business.
- The individual person who is responsible to file information return Form died or unavoidable absence etc. which affected the operations of the business.
- If the taxpayer did not receive the third-party payee statement on time to prepare an accurate information return.
- When the businesses suffered with a catastrophic event in a Presidentially Declared Disaster Area, which made the business unable to resume operations.
- The IRS checks the submitted reasons are correct or not. If the taxpayer provided a reasonable cause for late filing 1099 MISC form, but the IRS doesn’t assume it as reasonable and may impose penalty.
When to request a 1099 MISC Form extension?
The deadline to submit 1099 MISC to the recipient is February 1st, 2021 and to the IRS by March 31, 2021. If the taxpayer doesn’t have a sufficient time to file 1099 MISC Form, then you can submit request to the IRS for an extension.
If you’re requesting an extension of time to file 1099 MISC Form, you may use Form 8809. File Form 8809 by the earliest due date of the 1099 MISC Form.
For example: If you’re requesting an extension to file 1099 MISC Form,1099 NEC Form. File Form 8809 by February 1st, 2021 for 1099 NEC and file Form 8809 by March 31st, 2021 for 1099 MISC Form.
Note: The IRS cannot grant an extension request for Form 1099 MISC, if the request is filed after the due date of information return Form.
How to submit 1099 MISC Form extension?
An extension can be submitted to the IRS through Form 8809 respectively. File Form 8809 as soon as you know about the business requires extension to file 1099 MISC Form. But don’t file Form 8809 before January 1st of the year in which the return is due. Form 8809 must be filed to the IRS within the due date of the information returns
The taxpayer who files 1099 Misc Form Extension must include:
- Filer’s name, address, telephone number.
- Taxpayer identification number of the payer.
- Check your method.
- Check the type of the Form you’re filing an extension i.e. 1099 MISC.
- Then submit the Form 8809 to the IRS within the due date of filing 1099 MISC.
Have you got a detailed information about 1099 MISC Form extension? Then why are still waiting for? Hurry up! The due date to file 1099 MISC Form is nearby. We provide you service to e-file 1099 MISC form with us safe and securely.