TaxBandits’ Coffee Break Series: Don’t Forget Serving Your Cup of Compliance to the State!

In addition to federal filing and copy distribution, you may also be required to file with your State! Learn more:

Stephanie Glanville | January 29, 2024 | Read time: 5 minute(s) | Deadline, Form 1099 Series, State Filings, W-2 Forms | No Comments

The countdown is on, and it’s time to wake up and smell the deadlines coming on January 31, 2024! While the filing process can be a whirlwind steeped in stress, TaxBandits is here to simplify your filing and help you stay ahead of your IRS compliance.

However, this is not necessarily the only component of your business’s and/or clients’ compliance. In many cases, businesses are required to file these forms at the state level. Additionally, some states require a reconciliation form.

Here is a quick, and overarching view of the state filing requirements and how TaxBandits can help you with this compliance process.

Sipping on the Significance of State Filing

Why is state-filing important? What makes it different from federal filing with the IRS and SSA? Let’s elaborate on those questions

It matters because accurate and timely filing of these forms is essential for both employers and employees. State governments use the information provided in these documents to track income, withholdings, and tax liabilities. Employers must accurately report wages, taxes withheld, and other relevant details to avoid penalties and maintain good standing with tax authorities.

For employees, receiving these forms on time is crucial for filing their tax returns accurately. Proper state filing not only helps avoid legal complications but also contributes to a transparent and efficient tax system, benefiting both the government and taxpayers.

Much like the 1099 and W-2 forms that are filed with federal agencies, state forms serve basically the same purpose, but on the state level.

Which States don’t require State FIling of 1099s

Let’s start with the simplest state filing requirements – the states that don’t have any! The following 11 states have no state filing requirements for Forms 1099 and W-2.

Alaska
Florida
Nevada
New Hampshire
New York
South Dakota
Tennessee
Texas
Washington
Wyoming

A Streamlined Blend: The CF/FS Program for 1099s

The Combination Federal/State Filing Program is a coordinated initiative that streamlines the process of tax filing for businesses operating in multiple states within the United States. This program facilitates the simultaneous submission of both federal and state tax returns, reducing administrative burdens for taxpayers and promoting efficiency.

By consolidating federal and state filings, businesses can navigate the complexities of complying with different state tax regulations seamlessly. The program aims to enhance compliance, accuracy, and overall ease of tax reporting, allowing businesses to manage their obligations effectively while minimizing the risk of errors

Brewing Accuracy: TaxBandits State Alerts

TaxBandits not only simplifies the filing process but also keeps you in the loop regarding any additional filing requirements specific to your state. Integrated state alerts act as a helpful reminder, notifying you about essential 1099/W-2 requirements for your state, and ensuring you stay on top of compliance.

Although designed to assist, we respect your autonomy. If you prefer to handle state filing independently, you have the flexibility to decline these alerts and manage the process according to your preferences. Just remember, January 30, 2024, is the cut-off for timely state filing.

As always, you can reach out to your State Department of Revenue with specific questions that are unique to your business’s filings.

See – there you have it, serving up state filings isn’t such a complicated process, not when TaxBandits is here to help you facilitate your federal and state filings as well as handle your recipient copy distribution.

Ready to start steeping a successful tax season? Create your free TaxBandits account today!