TaxBandits’ Coffee Break Series: Let Your Recipients Receive Their Copies Before it Gets ‘Latte’!
The deadlines are brewing, and this batch of Joe is just about ready to serve up. With the deadlines for filing and distributing recipient copies tomorrow, you are running out of time to maintain your IRS compliance.
While filing is vital, let’s talk about serving up your recipient copies. Whether you are distributing W-2 Forms to your recipients, or 1099s Forms to your vendors and independent contractors, this is also a major component of compliance.
In this blog we are going to dive deeper into recipient copy distribution, and what you can do now to ensure timely distribution from TaxBandits.
Postal Mailing – Tomorrow is too ‘Latte’
If you are planning to opt-in to TaxBandits’ Postal Mailing Services, today at 10 PM EST is the cut-off. What does this mean?
The IRS deems your business, or your clients’ business, compliant with the deadline for furnishing copies as long as your copies are postmarked by January 31st. For TaxBandits to ensure that your copies are postmarked and shipped from the SOC 2 facility, you must place the order by 10 PM EST.
Online Access – An Alternative Roast
If you can’t meet the deadline for postal mailing – there is another easy option. With TaxBandits’ Online Access option, you can allow your recipients to receive an electronic copy that they can access securely through our online portal. The only difference between the process of opting into Online Access as opposed to Postal Mailing is that you are required to provide the recipient’s email address.
When you opt-in to Online Access, your recipients will receive an email invitation instantly that will prompt them to give their consent to receive electronic copies. Once they’ve given consent, they will be prompted to create credentials to access their forms. This allows you to meet the requirement for furnishing copies.
Can I Select Both Postal Mailing and Online Access?
Yes, these services aren’t either/or, you can easily opt-in to both to ensure that you are providing all of your recipients with their preferred option to access their forms by the deadline.
Can I Enable Online Access if I’ve Already Transmitted Forms 1099/W-2?
Yes! By navigating to the Distribution Center in your TaxBandits account, you can add Online Access and Postal Mailing services as needed at any time. If you must meet the deadline for furnishing 1099 and W-2 copies, remember you’ll need to add Postal Mailing by tonight at 10 PM EST. If you are adding Online Access, do this on January 31, 2024.
What about State Filing? Is there a Cut-off?
Yes, in addition to Postal Mailing services, there is also a cut-off deadline for ensuring that your state forms can be submitted to the agencies by the deadline. Be sure to complete all state filing today, January 30, 2024, by 10 PM EST. In addition to 1099s and W-2s, this also includes the ACA state filing deadlines for California and Massachusetts.
Serve Up Your Copies Today with TaxBandits!
As the coffee beans of time grind down, remember that adding Online Access or Postal Mailing is a snap, even if you’ve already transmitted your forms. Just swing by the Distribution Center in your TaxBandits account. For Postal Mailing, tonight at 10 PM EST is the deadline; for Online Access, January 31, 2024, is the date to keep in mind.
If you need a helpful checklist for your e-filing deadlines, be sure to check out our previous blog in the Coffee Break Series. For more information on our easy options for importing form data, check out this blog.
In this brewing chaos, TaxBandits is ready to help you serve your compliance needs, ensuring your tax season leaves a lingering, satisfying taste.
Sign in to your account now to meet your deadlines and keep your compliance on track!
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