Form 1099 Types of Extensions: Are you still gathering all the payments made in the 2021 tax year? Did you have enough time to report all the payments of the 2021 tax year? If your answer is “No”, then you can request the IRS to grant an extension for late filing and submitting the Form to the recipient and to the IRS.
Doesn’t know about how to request an extension of 1099 Form? We’ll guide you in requesting an extension for 1099 Form with the IRS. We’ll provide you information about types of extension, when to apply extension for 1099 Forms and penalty for late filing Form 1099.
What are the types of extensions to file 1099 Forms?
There are two types of extensions to file 1099 Forms:
Extension for filing 1099 Tax Forms with the IRS
Business individual request an extension for filing 1099 Tax Form when they are unable to submit the information returns on time to the IRS. IRS grants initial and additional extension for filing 1099 Form when the request provided is for reasonable cause like death of the person or any natural disaster.
Extension for delivering Form 1099 to the recipient
Individual persons who carry out the business activities with independent contractors request an extension for delivering Form 1099 to the recipient. In most of the situations, if the business is unable to provide a payee statement on time file an extension request to the IRS. The extension request must be mailed or file electronically to the IRS specifying the reason for the extension.
Federal 1099 Form filing extension
Business that needs more time to file IRS 1099 Forms, needs to request 1099 Form extension. The extension for late filing Federal 1099 Forms is granted by the IRS by requesting through filing Form 8809. When filing an extension through Form 8809, the payer needs to specify the reason for the extension. IRS grants filing extension for 1099 Form if the taxpayer provides a reasonable cause. The reasonable cause provided by the taxpayer must be proven to the IRS. You can mail Form 8809 for requesting an extension or e-file 8809 Form to the IRS.
Printable 1099 Form delivering extension
According to the IRS guidelines, extension for delivering 1099 Forms to the recipient is granted when the filer request for extension. To request an extension, the taxpayer needs to send a letter to the IRS by fax, electronic FIRE system or mail. The taxpayer must explain why the extension is needed through the letter mailed to the IRS. The letter must be postmarked to the IRS by the date on which statements are due to the recipients i.e. February 1st, 2021
Requesting an extension time to furnish copies to the recipients of Form 1099 with the following information:
- Details of the tax payer which include name, address and TIN.
- The type of the return you’re requesting an extension.
- Describe the extension request is to provide statements to the recipients.
- Reasons for late furnishing statements to the recipients.
- Signature of the payer.
When to apply extension for 1099 Forms?
Once the new year begins, it’s a best practice to check whether your business is ready to submit respective 1099 Form to the payee and to the IRS. The request to file an extension is submitted to IRS through Form 8809 as soon as the business needs an extension. The taxpayers need to file an extension Form within the due date of the IRS 1099 Form.
For example:
If you’re reporting the miscellaneous income paid to the independent contractor, then you need to file Form 1099 Online MISC. You’re business is unable to provide the recipient copy, then the taxpayer must request extension for delivering 1099 Form to the IRS by February 1st, 2021.
If you’re business is unable to provide 1099 MISC Form to the IRS, then the taxpayer must request extension for filing 1099 Form with the IRS by March 31st, 2021.
How to fill out Form 8809 for 1099 Forms extension?
Information return extension Form 8809 is for the business individuals who need more time to file their 1099 Forms. Form 8809 requires the following information:
Taxpayer information
This includes name of the payer, address, mobile number.
Taxpayer Identification number
Enter the unique 9-digit number of the taxpayer’s EIN or SSN or TIN.
Method of filing
The taxpayer must check the method of filing information return Forms i.e., paper forms or e-filing. Attach an individual Form 8809 for every 1099 Form. IRS 1099 Form Types of Extensions is also as easy as possible like normal 1099 filing.
Number of filers
If you’re requesting an extension for more than one filer, then enter the total number of filers.
Additional request
If the taxpayer requested already an initial extension, then check the box for additional extension request.
Type of the Form
The taxpayer must check the box for which the extension request is needed i.e. 1099 Form.
Then submit the Form 8809 within the due date of the respective 1099 Form.
1099 Tax Form late filing penalty
The taxpayer faces IRS penalty for late filing information returns or for fraudulent filing 1099 Forms. With the IRS Form 8809, you can receive an initial and additional time to file your information returns. However, it doesn’t allow you from filing the returns together. If you file information returns late, you haven’t applied for extension, you may subject to the following late penalties:
- $50 per 1099 Form filed less than 30 days late after the due date.
- $110 per 1099 Form filed between 30 to 120 days late after the due date.
- $280 per 1099 Form filed more than 120 days after the due date.
IRS 1099 Form Types of Extensions: Have you got detailed information about extension of 1099 Form? Then why you’re waiting? If you’re business needs extension, you can request an extension by providing a suitable cause to the IRS. We also provide you to e-file 1099 Forms. You can securely transfer information with our software to the IRS. 1099 NEC Form, 1099 MISC, 1099 DIV, 1099 INT Online Filing, etc. are available on form1099online.com