{"id":420,"date":"2019-01-30T09:30:44","date_gmt":"2019-01-30T09:30:44","guid":{"rendered":"https:\/\/www.etax1099.com\/blog\/?p=420"},"modified":"2024-11-07T07:21:31","modified_gmt":"2024-11-07T07:21:31","slug":"new-rules-for-filing-1099-forms-for-tax-year-2019","status":"publish","type":"post","link":"https:\/\/www.tax2efile.com\/blog\/new-rules-for-filing-1099-forms-for-tax-year-2019\/","title":{"rendered":"What\u2019s New for E-Filing of 1099 Forms for Tax Year 2019?"},"content":{"rendered":"<p><span style=\"font-family: verdana, geneva, sans-serif;\">Rules and regulations for <a href=\"https:\/\/www.tax2efile.com\/efile-1099-form\/file-1099-forms-online\/\">filing 1099<\/a> returns get revised every new year and it\u2019s quite important for every individual, corporate, organization, and institution who is liable to pay the taxes to be aware of these changes. Below listed are a few changes that are going to be implemented in this new year i.e. 2019 onwards that involve <a href=\"https:\/\/www.tax2efile.com\/efile-1099-form\/efile-form-1099-misc\/\">1099-MISC<\/a> and <a href=\"https:\/\/www.tax2efile.com\/efile-1099-form\/form-1099-k\/\">1099-K<\/a>.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www.tax2efile.com\/blog\/new-rules-for-filing-1099-forms-for-tax-year-2019\/#New_Rules_for_Filing_1099-MISC_and_1099-K_Forms\" >New Rules for Filing 1099-MISC and 1099-K Forms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www.tax2efile.com\/blog\/new-rules-for-filing-1099-forms-for-tax-year-2019\/#Changes_in_the_Requirement_for_Submitting_1099-K_State\" >Changes in the Requirement for Submitting 1099-K State<\/a><\/li><\/ul><\/nav><\/div>\r\n<h2><span class=\"ez-toc-section\" id=\"New_Rules_for_Filing_1099-MISC_and_1099-K_Forms\"><\/span><span style=\"font-family: verdana, geneva, sans-serif;\">New Rules for Filing 1099-MISC and 1099-K Forms<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Beginning in January 2019, the IRS will implement its new rules and regulations relating to the submission of 1099-MISC with Box 7 as well as those without having any Box 7 after the <a href=\"https:\/\/www.tax2efile.com\/efile-1099-form\/1099-filing-deadline\/\">deadline of January 31, 2019<\/a>. While submitting, you will need to be careful and should keep in mind the changes that they have made recently. If not submitted properly, companies will start receiving penalty notices for not submitting the non-Box 7 1099-MISC forms. These new regulations and rules will apply to paper and electronic filing services.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">What this basically means is after the 31<sup>st<\/sup> of January 2019, the 1099-MISC with Box 7 completed should be filed along with the 1099-MISC with another Box separately. For example, on 5<sup>th<\/sup> February, if you have a 1099-MISC with Box 7 and 1099-MISC with only one Box 1 completed should be filed separately.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">It is very important for everyone to know that your e-file provider should follow the appropriate IRS transmitting rules that actually separate the 1099-MISC post 31<sup>st<\/sup> December 2018 in order to protect the companies from getting the erroneous section 6721 penalties who did not file with Box 7. If companies submit the non-Box 7 1099-MISC with the late Box 7 forms by mistake and get a notice 972CG, definitely a penalty will be issued for your information returns, as per the IRS they may respond and then clarify what exactly happened during the content of the submission, proposing the number of Forms 1099-MISC which was not reported.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Changes_in_the_Requirement_for_Submitting_1099-K_State\"><\/span><span style=\"font-family: verdana, geneva, sans-serif;\">Changes in the Requirement for Submitting 1099-K State<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">Certain states are required to submit 1099-Ks that have an amount of more than $600 in Box1a Gross, which is quite less than the $20,000 minimum eligibility for federal reporting. The IRS doesn\u2019t presently require organizations to submit the 1099-Ks unless the amount for the entire year to file the Box1a is a minimum $20,000. However, the individual states are aware now too the income reporting possibilities and have started mandating to submission of 1099-K forms for any gross payments that are more than $600. It is the same threshold for reporting the 1099-MISC Box 7 too.<\/span><\/p>\n<p><span style=\"font-family: verdana, geneva, sans-serif;\">For numerous reasons, most of the companies prefer not to submit to the IRS the 1099-Ks which don\u2019t meet the requirement i.e. $20,000. This doesn\u2019t remove their need to submit to their respective state with the 1099-Ks which are more than the threshold i.e. $600, but less than the $20,000. For any further information, you can go through the IRS official and get updated with the recent changes that are going to take place starting January.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\"><a href=\"https:\/\/account.tax2efile.com\/Account\/Registration\/?form=Tax2efile#!\"><span style=\"font-family: verdana, geneva, sans-serif;\">REGISTER AND E-FILE YOUR 1099 FORMS TODAY<\/span><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rules and regulations for filing 1099 returns get revised every new year and it\u2019s quite important for every individual, corporate, organization, and institution who is liable to pay the taxes to be aware of these changes. Below listed are a few changes that are going to be implemented in this new year i.e. 2019 onwards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[],"class_list":["post-420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-file-1099"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/posts\/420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/comments?post=420"}],"version-history":[{"count":2,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/posts\/420\/revisions"}],"predecessor-version":[{"id":4257,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/posts\/420\/revisions\/4257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/media\/84"}],"wp:attachment":[{"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/media?parent=420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/categories?post=420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tax2efile.com\/blog\/wp-json\/wp\/v2\/tags?post=420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}