The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes will be effect for the 2020 tax year and employers can expect a new process and set of forms to complete. This reporting change comes alongside increased penalties for failure to file and/or provide both 1099 forms - these fees can be as high as $500 per payee and $250 per copy not submitted to the IRS.
If you are a U.S. taxpayer that typically files a Foreign Bank Account Reporting (FBAR) form on FinCEN 114 and you have been affected by the recent natural disasters in the U.S., such as the California or Oregon Wildfires, the Iowa Derecho, and Hurricanes Laura or Sally, the deadline for filing your FBAR has been extended to December 31, 2020.
This extension provides an additional two months from the original extension date of October 15, 2020, and applies to those whose records are located in the disaster areas, even if the taxpayer does not reside there.
