January 2019 Compliance Reminders

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Here is a short and simple list of reminders related to January 2019 filing deadlines.  Most of you are probably aware of these deadlines but it never hurts to reinforce in order to avoid penalties for non-compliance.  The examples below, especially those related to 1099-MISC are not all inclusive, but rather the most common transacts we see.  If you have follow-up questions about their specific situation or need further clarifications, we would be glad to offer our assistance and guidance.

  1. Quarter 4 2018 Estimated Payments – Due January 15, 2019

Applies to self-employed individuals including sole proprietors, partners and S-Corporation shareholders and estimated payments for Federal and State are due by January 15, 2019.  Payments to the IRS can be made by mail with a voucher, online or by phone.  Payments can be made to state by mail or online.

  1. 2018 Form 1099-MISC – Due January 31, 2019

Payments for services of at least $600 are placed on Form 1099-MISC.  The most common transactions include:

  • Rent
  • Services performed by someone who is not your employee
  • Payments to an attorney

This short list is not intended to be all inclusive so you should still consult the regulations or an advisor to make sure there are no other reportable transactions.  In addition, if any interest or dividends were paid those should be included on 1099-INT or 1099-DIV forms.

Payments to a corporation are generally excluded as well as limited liability companies IF treated as an S or C Corporation.  Payments to attorneys are not excluded.  If you are being told that they are exempt from receiving a 1099-MISC, you should request a W-9 from the vendor which will show the vendor’s name, entity classification, address and EIN or SSN.  The W-9 can be used to verify whether or not the 1099-MISC should be issued and is kept on file with the company, not sent to the IRS.

  1. 2018 Payroll Tax Returns, W-2 and W-3 – Due January 31, 2019

If you are performing payroll services in-house the 2018 payroll tax returns are due to Federal and state agencies by end of January.  In addition, W-2’s should be given to employees by this deadline as well.