Deadline for employers and businesses to file Form 1099-NEC, 1099-MISC, and other income reports.
Businesses and individuals who pay $600 or more to independent contractors, freelancers, or service providers must file Form 1099-NEC (non-employee compensation) or 1099-MISC (miscellaneous income) and send copies to both the IRS and the recipient by January 31.
Common 1099s include: - **1099-NEC**: Payments to independent contractors and freelancers - **1099-MISC**: Miscellaneous income (rental payments, prizes, awards) - **1099-INT**: Interest income (banks, credit unions, brokerage firms) - **1099-DIV**: Dividend and capital gain distributions - **1099-B**: Stock/bond/mutual fund transactions
The deadline is January 31 of the year following the payment year. For example, payments made in 2024 must be reported to the IRS by January 31, 2025.
Recipients (like freelancers) typically receive their 1099 copies by January 31, which they use to prepare their tax returns. As a payer, filing 1099s on time is critical; failure to file results in penalties of $100–$1,000 per unfiled form (depending on how long the failure persists).
For electronic filing of 1099s to the IRS, use the FIRE (Filing Information Returns Electronically) system or a tax software service that supports bulk 1099 filing.
Failing to file Form 1099 by January 31:
- IRS penalties: $100–$1,000 per unreported form
- Recipient may be subject to audit if income isn't reported
- IRS may match 1099s to tax returns; discrepancies trigger audits
- Potential legal liability if non-payment was intentional to hide income
Add this deadline to your phone, calendar, or reminder app 2–3 weeks in advance to avoid last-minute stress.