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1099 Filing Requirements

For 1099 instructions regarding Forms 1097, 1098, 1099, refer to the general instructions here. These instructions include additional information about 1099 requirements, paper filing and line instructions. Filers of Forms 1097, 1098, 1099, may be required to file electronically. Section 6011(e)(2)(A) of the Internal Revenue Code provides that any person, including a corporation, partnership, individual, estate or trust, who is required to file 250 or more information returns, must file such returns electronically. The 250 or more requirement applies separately for each type of return. If 250 or more corrected returns are filed, they should also be filed electronically.

If you are required to file 1099 Forms electronically and this requirement causes an undue hardship, you can submit a Request for Waiver from Filing (Tax Form 8508) at least 45 days before the due date of the returns. Any corrections for the same types of returns will be covered under the waiver if approved.

Note: All filers are encouraged to file information returns electronically even if they are not required to do so.

All 1099 filing requirements apply individually to each reporting entity as defined by its separate TIN. For example, if a corporation with several branches or locations uses the same Employer Identification Number(EIN), the corporation must aggregate the total number of returns to be filed for that EIN and apply the filing requirements to each type of return accordingly.

1099 Retention Requirements

Payers should retain a copy of information returns(or have the ability to reconstruct the data) for at least three years from the reporting due date with the following exceptions : Returns reporting federal withholding should be retained for four years.

Period of Limitations that apply to Income Tax Returns :

  • Keep records for 3 years if situations (4), (5) and (6) below do not apply to you.
  • Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
  • Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
  • Keep records for 6 years if you do not report income that you should report and it is more than 25% of the gross income shown on your return.
  • Keep records indefinitely if you do not file a return.
  • Keep records indefinitely if you file a fraudulent return.
  • Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
  • Retain a copy of Form 1099-C, Cancellation of Debt, for at least four years from the due date of the return.

When submitting documents to the IRS, it's important to keep copies of the information for at least three years. Tax2efile keeps your documents online available for downloading from your desktop or mobile device. Tax2efile also emails a copy of your return to you, so you're able to print it any time.

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