January has swiftly arrived, and with it comes the urgency of tax season. The new year’s festivities are behind us, and it’s time for businesses and CPAs to dive into the pressing IRS/SSA deadlines looming ahead.
Here’s a snapshot of the year-end forms essential for your business to file before today’s deadline:
Form W-2: Reporting Employee Wages and Taxes
The Form W-2 is a critical wage tax form, detailing the wages paid to employees and the corresponding tax withholdings, encompassing Social Security, Medicare, and income taxes.
Noteworthy Tip: Questions often arise about Box D on Form W-2, designated for the Control Number. While this number distinguishes a single W-2 from others an employer files, it’s essential to know that leaving it blank won’t lead to rejection by the SSA.
1099 Forms: Reporting Various Payments
Form 1099-NEC: Reporting Nonemployee Compensation
Previously reported under Box 7 of Form 1099-MISC, IRS Form 1099-NEC is now exclusively dedicated to payments ($600 or more) made to nonemployees. A crucial update for the 2020 tax year.
Today is the deadline to file 1099-NEC with the IRS and distribute copies to your recipients.
Form 1099-MISC: Reporting Miscellaneous Payments
IRS Form 1099-MISC serves as a comprehensive tax form, reporting payments beyond nonemployee compensation. It covers rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more.
Today is the deadline to complete the 1099-MISC and distribute copies to your recipients.
Payroll Form 94x Deadlines for Tax Year 2023
The following payroll-related tax forms are due to the IRS today
Form 941 – Employer’s Quarterly Federal Tax Return:
Used to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks.
*Fourth Quarter (October, November, December): Due on January 31, 2024.
Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return
FUTA taxes provide funds for unemployment compensation to workers who have lost their jobs. Only employers pay FUTA tax, not deducted from employees’ wages. This form is used to report the taxes that employers pay into the unemployment fund.
Form 943 – Annual Tax Report for Agricultural Employers:
Used by employers in the agriculture industry to report tax withholding for farm workers.
Specifically for small business owners to report annual federal income taxes. Applicable to small employers with an annual liability of $1,000 or less for Social Security, Medicare, and federal income tax.
Form 945 – Annual Return of Withheld Federal Income Tax:
Used to report tax withheld under backup withholding requirements from non-employees, independent contractors, or freelancers.
Affordable Care Act State Deadlines:
Providers and employers that offer health insurance coverage plans to residents of California must distribute copies of California Forms 1095.
Providers and employers that offer health insurance coverage plans to residents of Massachusetts are required to file Form 1099-HC (Health Coverage) with the state and distribute recipient copies.
TaxBandits Solutions for Last-minute Filing
Effortless E-filing – Today’s Saving Grace:
In the eleventh hour of tax season, TaxBandits simplifies the e-filing process, offering a streamlined platform for businesses to file critical tax forms, including 1099, W-2, and the 94x Series. Whether you’re caught in a last-minute crunch or planned ahead, TaxBandits ensures a smooth filing experience, eliminating the stress associated with today’s tax season deadlines.
Comprehensive Compliance on Deadline Day:
Today’s the day, and TaxBandits clients can rest assured in the platform’s unwavering commitment to compliance. Avoid potential penalties and ensure strict adherence to IRS and SSA regulations with the peace of mind that comes from utilizing a platform designed for accuracy. Explore secure Online Access services for electronic distribution, or opt for Postal Mailing services for a straightforward distribution option – all within today’s critical deadline.
User-Friendly UI: Navigating the Last-Minute Filing Maze
In the race against time, TaxBandits’ intuitive design is your game-changer. Quick data entry, efficient form customization, and an overall hassle-free e-filing process are at your fingertips. The user-friendly interface ensures that, even on this deadline day, businesses can navigate tax filings with unparalleled ease.
Flexible Data Import Options – Today’s Swift Solution:
TaxBandits understands the urgency of today’s deadline. Choose from various options – manual entry for a few forms, bulk uploads for high-volume filing, or seamless integration with popular accounting software such as Sage Intacct, QuickBooks, Xero, FreshBooks, and Zoho Books. Your choice today ensures a personalized and efficient filing process.
Outstanding Customer Support in the Final Stretch:
As the clock ticks down, TaxBandits’ commitment to excellent customer support shines. A personalized approach guides clients through the filing process, offering communication channels such as email, phone, or a Live Chat function – all ensuring prompt assistance directly from knowledgeable team members, especially crucial on this deadline day. Say goodbye to lengthy phone trees and automated bots – TaxBandits is here to ensure you cross the finish line confidently.
Today is the day to trust TaxBandits for your last-minute e-filing needs. Sign in or create your free account today to conquer the deadline!