The Deadline for Employers and Other Payors for Sending Forms W-2, 1099-NEC and 1099 MISC is Approaching Fast! Penalties for Failure to Meet the January 31, 2022 Deadline Without Reasonable Cause Are Drastic!
By: Coleman Jackson, Attorney & Certified Public Accountant January 7, 2022 The Law: Treasury Regulation Section 1.6041(a): The federal income tax regulations require that anyone engaged in a trade or business must report compensation paid on Form 1096, Annual Summary and Transmittal of U.S. Information Returns and Form 1099 for non-employee compensation over $ 600…
