Deadlines for sending and receiving 1099 forms

Both payers and recipients of 1099 forms need to be aware of the deadlines for sending and receiving these documents. 1099 forms must be sent to recipients by January 31st of the year following the tax year in which the income was earned. This is to ensure that recipients have the necessary information to accurately report their income on their tax returns.

The due date for filing 1099 forms with the IRS is typically April 15th, or the next business day if the 15th falls on a weekend or holiday. Payers who fail to file their 1099 forms on time may face penalties from the IRS. Therefore, it is important to meet these deadlines and ensure that all necessary forms are filed correctly and on time.