Form 1099-MISC Due Date for 2023 Tax Year

Employers use Form 1099-MISC to report miscellaneous payments to the IRS. Businesses need to file their returns and provide copies of Form 1099-MISC to their recipients by the due date. Payments that are commonly reported on
Form 1099-MISC are:

• Royalties or broker payments in lieu of dividends exceeding $10
• Rents
• Fishing boat proceeds
• Payments made to attorneys
• Crop insurance proceeds
• Awards and prizes
• Medical and healthcare payments

Form 1099-MISC has been revised for the 2023 tax year. Get to know the Form 1099-MISC changes here.

In order to stay IRS compliant, payers need to file Form 1099-MISC, reporting miscellaneous payments before the deadline. They also need to send out copies to their recipients before their deadline.

Here are the Form 1099-MISC due dates for 2023 tax year:

Missing the Form 1099-MISC deadline can get expensive. If you forget to file on time or file incorrectly, you could incur penalties anywhere from $60 to $310 per 1099. Fines are based on how long it takes you to file correctly with the IRS. The maximum penalty for small businesses is $1,261,000
a year.

If you file Form 1099-MISC within 30 days of your deadline, you will be penalized $60 per late return. After 30 days, the penalty goes up to $120 a form. After August 1, fines increase to $310 per 1099.

Payers can report miscellaneous payments by either paper filing or
e-filing Form 1099-MISC.

• Paper filing: Fill out your Form 1099-MISC and mail it to the IRS mailing address before the due date. If you choose to paper file, it takes longer to figure out whether your return is accepted or not. It’s also harder to catch and correct mistakes when you file manually.
• Electronic filing: You can choose to File 1099 MISC online with an IRS-authorized e-file provider like ExpressEfile. The IRS also recommends e-filing for quicker processing and increased accuracy. The forms will be validated against the IRS business rules and you will be prompted to
  correct errors