Form 1099: who do I send it to?
Time to send 1099s--or not. Here's a quick refresher on who to send your form 1099s to:
If you use the IRS Combined Federal/State Filing Program you only have to file once. The IRS will forward the information provided on the following forms to FTB:1099-B, 1099-DIV, 1099-G, 1099-INT, 1099-K, 1099-MISC, 1099-OID, 1099-PATR, 1099-R, 5498.
You are still responsible to file the following IRS information returns with FTB: 1098, 1098-E, 1098-T, 1099-A, 1099-C, 1099-LTC, 1099-Q, 1099-S.
In general, the penalty for each failure to file an information return with the IRS or the FTB is $50, with an annual maximum of $250,000. If the failure is due to intentional disregard, the penalty is the greater of $ 100 or 10 percent of the total amount of the items that should have been reported with no maximum. Penalties may be waived for reasonable cause.
Learn more at www.ftb.ca.gov/professionals/ taxnews/2016/February/08.shtml.
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 1, 2016|
|Previous Article:||TPRs and Form 571-L, business property statements.|
|Next Article:||Money talk: what to do about financial literacy in America.|