The infamous year-end deadlines have arrived! That’s right, there are a number of forms due to the IRS and SSA today.
If you aren’t finished filing for your business, or you just want to double-check your requirements, you’ve come to the right place!
Here is a quick overview of what is due today, who it is due to, and some tips for accurate last-minute filing!
What Forms are Required to be Filed Today?
The following year-end forms are due today (January 31, 2023) to the IRS and SSA:
This is a wage statement that employers are required to file for each employee for whom they withheld taxes during the tax year. Form W-2 is filed with the Social Security Administration (SSA). This includes W-2 PR for employers in Puerto Rico.
This is a 1099 information return that should be used to report any payments of $600 or more that were made to non-employees throughout the tax year. “NEC” stands for non-employee compensation and that includes payments made to freelance workers and independent contractors. This is filed with the IRS.
This quarterly payroll form is used to report the Medicare, social security, and income taxes withheld from employee wages throughout the quarter; the fourth quarter deadline falls on January 31st. This is filed with the IRS. Employers in Puerto Rico should file Form 941-PR.
This form is filed annually with the IRS to report FUTA taxes, which are the federal unemployment tax act amounts that an employer paid during the tax year. Employers in Puerto Rico should file 940-PR.
There are a few other payroll forms that are due to the IRS today, this includes Forms 943, 944, and 945.
What about Furnishing Recipient Copies?
There are separate deadlines for filing and distributing copies of forms to your employees and recipients. This means that the employee or recipient must be provided with a copy of their form by law.
Both Form W-2 and 1099-NEC must be distributed to employees and recipients today.
In addition, the following forms also have a recipient copy deadline today:
Make Sure you Check your State Filing Requirements!
This is a key takeaway! While the federal deadlines for these forms apply to every applicable business, your state filing requirements can vary. Each state has its own filing requirements in place for W-2s and 1099s.
While some states require filing, others do not, it is always important to check your state’s department of revenue website each year or contact them if you have specific questions about your requirements.
Don’t Forget Upcoming Deadlines!
There are several other 1099 deadlines coming up in February and March. Just because they are not due on January 31, 2023, doesn’t mean it’s too early to begin completing them!
Affordable Care Act Forms are also a high priority. The state deadlines to distribute copies of 1099-HC with Massachusetts and 1095s with California are today.
Even if you are not required to file with either of these states, the federal ACA reporting deadlines are coming up. The deadline for distributing copies of 1095s is March 2, 2023, and the deadline to e-file with the IRS is March 31, 2023.
The ACA reporting process can be time-consuming, therefore the earlier you begin, the better. Don’t worry TaxBandits supports the filing and distribution of Forms 1094-B/C, Form 1095-B & Form 1095-C.
Quick and Easy Filing with TaxBandits
TaxBandits offers a streamlined e-file solution that can help you file today. Our application simplifies your e-filing with the IRS, SSA, and state. There are built-in error checks using the IRS Business Rules and our State Alerts let you know if your state requires filing.
When it comes to distributing recipient copies, TaxBandits has you covered. You can easily opt-in to postal mailing services, by doing this TaxBandits prints and mails your recipient copies for you. You can also choose Online Access for your recipients to view and download their form copies through the secure TaxBandits portal.
What are you waiting for? The clock is ticking! Create your free TaxBandits account today to begin your last-minute filing!