1099 Form 2023
In June 2022, the IRS announced that it would launch a new 1099 Form filing portal at the beginning of the new year to track the forms and applications easily. This new internet portal will be offered to taxpayers until January 1, 2023, and it will let them file their 1099 forms electronically.
Although no details are shared about the interface or functions of the portal, we believe it will be very similar to the SSA Business Services Online system, which lets employers file their W-2 forms electronically. This new website will also include all the information taxpayers need to know about the system and procedures.
You will also find plenty of resources and guides on how to fill out your forms and file them. You will also be able to learn how to create and maintain your tax records through the system.
It is also believed that this new system will also accept all 1099 Forms. This means that it will include Form 1099-NEC (NomEmployee Compensation), the most common Form 1099 type. Below, you can find more information about some of the most widely filed 1099 Forms.
What Is The IRS 1099 Form Series?
The 1099 Form series are IRS forms to report the taxpayer’s income which is not obtained directly from an employer in the form of salaries, wages, tips, or other similar ways. As we noted before, the most popular form in the series is Form 1099-NEC, and it is often used by small business owners.
In case any small business has to pay more than $600 to its freelancers, contractors, or any other non-employees, then that business must send copies of Form 1099-NEC to the IRS and those to whom the business makes payments.
Form 1099-NEC is mostly issued to individuals but can also be issued to partnerships, sole proprietors, and sole proprietorships. The due date of this form is January 31, 2023, for the previous calendar year. In other words, you need to file your form until January 31, 2023, for the payments you have made in 2022.
You can get services from tax professionals for filling out and filing these forms. In addition to this, you can use different software solutions to complete these operations. However, starting from January 1, 2023, you will be able to complete all these operations online on IRS services and file them electronically.