It can happen to even the most diligent accountant or payroll manager. When tax filing season rolls around, you get most of your forms out to their respective recipients. But, often, something slips through the cracks. In some cases, it’s a 1099 MISC that is unaccounted for. Other times, it’s a 1099 INT 2018. Luckily, if you or your company neglected to send out 1099 INT 2018 forms on time, you still have an opportunity to do so. But we think the best way to correct a mistake is to prevent it in the first place. Software tools from Advanced Micro Solutions can do just that.
What is the 1099 INT?
If you’ve received interest in most forms, odds are that you received a 1099 INT to document the income. This document is issued for those who have received at least $10 in interest income, interest on U.S. savings bonds and treasury obligations, or tax-exempt interest from a non-employer. In other words, hundreds of thousands of these forms are issued each year, and sometimes, an accountant or business owner will forget to issue one.
If you or your business – a bank, organization, or institution that pays interest to individuals – did not file the 1099 INT 2018 on time, you still have the ability to get this form in. The statute of limitations on most 1099 forms is three years. This means the IRS will have until the end of January 2022 to levy any fines or fees due as a result of a late form. If you haven’t been hit with this penalty yet, get your form in as soon as possible.
Interestingly, the 1099 INT 2018 is more similar to current forms than 2017 versions of the document. Withholding tables changed significantly at the beginning of 2018 as a result of the Tax Cuts and Jobs Act, which passed toward the end of 2017. So, if you still need to file a 1099 INT from 2018, the process won’t be too different from the 2020 iteration of the form.
Finish Your Late 1099 INT Filings with AMS
We understand that personal and internal accountants, as well as small business owners, are often stretched thin. When this happens, it’s not surprising that some forms slip through the cracks, especially if you’re still doing manual accounting and payroll. Still, it can be a headache when it happens. We think we can help.
The accounting software tools from AMS are designed with small businesses in mind. Whether you’re switching over from a separate software or stepping out of the world of manual accounting for the first time, we’re a great choice for all your small business needs. Our tools allow users to generate, store, organize, and apply data in a variety of applications. Plus, depending on the software, users can automatically file right from the platform, distributing 1099 forms to each of their respective recipients. Whether you’re catching up on a late 1099 INT 2018 filing or trying to get a head for 2020, we can help you out.