Payroll processor PayCycle said its 1099 MISC E-File service would be open for accounting professionals serving small business clients starting Jan. 1, 2009.
The service is available every tax season, but the company said it was extending the period in which it is offered from Jan. 1 through April 25, 2009. Accountants can sign up for the service through April 25 and electronically file through April 30. The Internal Revenue Service deadline to electronically file 1099 forms is March 31, 2009. The extension of PayCycle's service does not extend the IRS filing deadline, but it will assist accountants who help small businesses that file late.
With the 1099 MISC service, accounting professionals can enter the recipient information online, print 1099 forms and electronically submit the forms to the IRS. The 1099 MISC forms filed using PayCycle's service remain archived, allowing accountants to return next tax season to find past 1099 vendor information.
The service costs $19 per client. For each client, accounting professionals can print and file 1099 forms for up to 50 contractors. For more information, visit www.paycycle.com.
Separately, PayCycle has surveyed a group of its small business customers and found that 69 percent say they have not been directly impacted by the credit squeeze because they don't need more credit, but 91 percent are still worried about the economy.
Seventy-four percent of small business owners believe the economic recovery will take 18 months or longer, 19 percent believe a recovery could happen within 12 months and 8 percent believe a recovery is six months away.
Fourteen percent indicate they are postponing investment and 8 percent are postponing hiring plans because they can't get a loan. Nine percent said they may need to close their businesses due to lack of credit.
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