Crucial Year-End Filing Deadlines for Your Business in 2023

January 31st is right around the corner, are you required to file these forms?

Stephanie Glanville | January 6, 2023 | Read time: 10 minute(s) | ACA Forms, Deadline, Form 1099 Series, Form 94x Series, W-2 Forms | No Comments

January has finally arrived. We rang in the new year and enjoyed a lovely holiday season, but now it is time to get down to business. Businesses and CPAs face many IRS/SSA deadlines ahead.

Here is an overview of the year-end forms your business may need to file for the 2022 tax year. The deadlines will be here before you know it!

Form W-2

Form W2 is a wage tax form that reports the wages you paid to your employees and the taxes that you withheld from their pay. This includes Social Security, Medicare, and income taxes.

Our team frequently receives questions about Box D of Form W-2. This field is used for the Control Number, this number differentiates a single W-2 from all the others that an employer files. However, this box is not required, and leaving it blank will not result in a rejection from the SSA.

1099 Forms

These are the most common types of 1099 Forms:

Form 1099-NEC

IRS Form 1099-NEC is used to report payments ($600 or more) made to nonemployees. Previously, this was reported on box 7 of Form 1099-MISC. Now, the IRS has separated the reporting for nonemployee compensation by reintroducing the 1099-NEC Form for the 2020 tax year.

Forms 1099-NEC must be filed with the IRS and

Form 1099-MISC

IRS Form 1099-MISC is an IRS tax form that reports payments other than nonemployee compensation made by a trade or business to others. Form 1099-MISC is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more.

Recipient copies of Form 1099-MISC have two separate deadlines depending on the information in boxes 8 and 10:

Recipient copies with no data in boxes 8 or 10 are due by January 31, 2023.
Recipient copies with data in boxes 8 or 10 are due by February 15, 2023.

The electronic filing deadline for Form 1099-MISC is March 31, 2023.

IRS Form 1099-K

Form 1099-K is used to report electronic payments from credit cards, debit cards, PayPal, Uber, Lyft, and more. The businesses that facilitate these payments are required to file Form 1099-K.

Payment Settlement Entities (PSEs), Third-party Settlement Organizations (TPSOs), and Merchant Acquiring Entities (MAEs) are all examples of the types of businesses that are required to file this form with the IRS.

The new filing requirements for 1099-K have been delayed.

Initially, the threshold for the 2022 tax year was lowered:

PSEs and similar businesses would need to file a Form 1099-K to report any payment of $600 or more, regardless of how many transactions.

Now, the thresholds for the 2022 tax year will remain the same as the 2021 tax year.

PSEs and similar businesses will only be required to report payments exceeding $20,000 from over 200 transactions.

Businesses that are required to file this form must distribute copies to their recipients by January 31, 2023.

The deadline to file paper copies of Form 1099-K is February 28, 2023.

The deadline to file electronically with the IRS is March 31, 2023.

The following 1099 forms are also required to be postmarked and distributed by January 31, 2023:

Payroll Form 94x Deadlines for Tax Year 2022

94x forms are due on a quarterly basis. The following due dates are listed below:

First-Quarter (January, February, March) was due on April 30, 2022.

Second-Quarter (April, May, June) was due on July 31, 2022.

Third-Quarter (July, August, September) was due on October 31, 2022.

Fourth-Quarter (October, November, December) is due on January 31, 2023.

The due date for filing the following annual payroll tax forms is January 31, 2023.

Form 941

Form 941 is the Employer’s Quarterly Federal Tax Return and it is used to report income taxes, Social Security tax, and Medicare tax withheld from employee’s paychecks as well as pay the employer’s portion of Social Security and Medicare tax.

Form 941 (Schedule R)

CPEO’s and Section 3504 reporting agents are required to attach Schedule R (Form 941) to the aggregate Form 941. Schedule R simplifies the aggregate reporting process by allocating aggregate wages reported on Form 941 to each of their clients.

Form 941-PR

Employer’s Quarterly Federal Tax Return (Puerto Rican Version)

Form 941-SS

Form 941-SS is the US Territories Employer’s Quarterly Federal Tax Return filed by wage-paying employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the US Virgin Islands. If you own and operate a business with employees in US territories, you will need to file IRS Form 941-SS quarterly.

Form 940

Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Only employers pay FUTA tax and it is not deducted from their employees’ wages.

Form 940 (Schedule R)

CPEOs and agents of home care service recipients approved by the IRS under section 3504 are required to attach Schedule R (Form 940) to Form 940. Schedule R simplifies the aggregate reporting process by allocating aggregate wages, taxes, credits, deposits, and payment amounts to be reported on Form 940.

Form 943

Form 943 is used by employers in the agriculture industry to report tax withholding for farm workers. This form is required to be filed with the IRS on an annual basis.

Form 944

IRS Form 944 is specifically for small business owners to report annual federal income tax & FICA tax with the IRS. Small employers with an annual liability of $1,000 or less for Social Security, Medicare, and federal income tax have to file annual information returns instead of the quarterly form 941.

Form 945

Form 945, Annual Return of Withheld Federal Income Tax, is used to report tax withheld under backup withholding requirements from all non-employees, independent contractors, or freelancers.

Affordable Care Act Reporting Deadlines for Tax Year 2022

These deadlines will be here before you know it, get started now!

Under the Affordable Care Act, taxpayers must be enrolled in a minimum essential coverage health insurance plan. The administrators of these plans must report certain related information to the IRS.

Minimum essential coverage includes government-sponsored programs, eligible employer-sponsored plans, individual market plans, and other coverage, according to the Department of Health and Human Services.

Form 1095-B is reported to the IRS by health coverage providers who offer minimum essential coverage to any individuals during a calendar year as well as non-ALE employers offering self-insured coverage.

Due Dates for Filing Form 1095-B for tax year 2022:

Furnishing Employee Copies: March 02, 2023
Electronic Filing: March 31, 2023

Form 1095-C is filed with the IRS by applicable large employers (ALE).

Due Dates for Filing Form 1095-C for tax year 2022:

Furnishing Employee Copies: March 02, 2023
Electronic Filing: March 31, 2023

Manage your Year-end Filing with TaxBandits

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