The IRS has published the 2019 draft version of Form 1099-MISC, Miscellaneous Income. This form is used to report various non-wage sources of income.
There are two notable changes to the 2019 draft form, which are as follows:
- Under “Amounts shown may be subject to self-employment (SE) tax”, the instructions state that if you are still receiving payments on which no income, social security, and Medicare taxes are withheld, recipients should make the estimated tax payments.
- Under “Instructions for the Payer”, the filing due dates were adjusted to account for weekends and/or holidays.
- If reporting payments in Boxes 8 & 14, the due date is extended to February 18, 2020.
- If reporting forms without Box 7 filled, the due date is February 28, 2020 on paper and March 31, 2020 electronically.
To review this form in its entirety, please visit the IRS website by clicking here.