Tomorrow is January 31st! Have You Met Your Filing Requirements?
The time has come to file your 1099, W-2, and 94x forms. Not just that, it’s also time to distribute the recipient copies of California ACA Form 1095-B/C and Massachusetts Form 1099-HC.
We know that January is a very hectic time for business owners and tax professionals, but TaxBandits is here to help you through the process! If you’ve waited until the last minute, don’t worry. Read this guide for everything you need to know to file accurate forms now!
What forms are due on January 31, 2023?
- Form W-2 is a wage tax form that reports wages paid to your employees and taxes withheld from their pay. This includes social security, medicare, and income taxes. The deadline to e-file, and distribute copies to employees is January 31, 2023.
- Form 1099 is used to report other payments made to people who have provided a service during the year. The two most common variants are
- Form 1099-MISC is an IRS tax form that reports payments other than nonemployee compensation made by a trade or business to others. It is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more. The deadline to distribute recipient copies of Form 1099-MISC is January 31st.
- Form 1099-NEC is an IRS tax form that reports payments of $600 or more made to nonemployees. This was previously reported on Form 1099-MISC, but as of 2020, the IRS has separated the reporting for non employee compensation
- Form 1099-NEC is unique because the deadline to both file with the IRS and distribute to recipients is January 31st, this isn’t the case for all 1099 forms.
- Form 1099-NEC is unique because the deadline to both file with the IRS and distribute to recipients is January 31st, this isn’t the case for all 1099 forms.
- Form 1099-MISC is an IRS tax form that reports payments other than nonemployee compensation made by a trade or business to others. It is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more. The deadline to distribute recipient copies of Form 1099-MISC is January 31st.
- 94x Forms are returns that are due on a quarterly basis. There are a few different versions of these forms, including
- Form 941 is the Employer’s Quarterly Federal Tax Return and is used to report income taxes, Social Security taxes, and Medicare tax withheld from employee’s paychecks as well as pay the employer’s portion of social security and medicare tax. The deadline to file this form for the fourth quarter is January 31st.
- Form 941 (Schedule R) is required for CPEOs and Section 3504 reporting agents in addition to the aggregate Form 941. This simplifies the aggregate reporting process by allocating aggregate wages reported on 941 to each of their clients. Although this is a quarterly form, the fourth quarter deadline falls on January 31, 2023.
- Form 941-PR is the Puerto Rican version of the Employer’s Quarterly Federal Tax Return, the deadline to file is January 31st.
- Form 941-SS is the U.S. 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 U.S. Virgin Islands. You will need to file this form quarterly if you own and operate a business with employees in U.S. territories. The fourth quarter deadline is January 31, 2023.
- 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 employees’ wages. The deadline to file with the IRS is January 31, 2023.
- Form 940 (Schedule R) is required to be attached to Form 940 for CPEOs and agents of home care service recipients approved by the IRS under Section 3504. This simplifies the aggregate reporting process by allocating aggregate wages, taxes, credits, deposits, and payment amounts to be reported on Form 940, the deadline for this is January 31, 2023.
- Form 943 is used by employers in the agriculture industry to report tax withholding for farm workers. This form is required to be filed on an annual basis on January 31st.
- Form 944 is specifically designed for small business owners to report annual federal income tax and 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 which must be filed on January 31st.
- Form 945 is the Annual Return of Withheld Federal Income Tax, used to report tax withheld under backup withholding requirements from all non-employees, independent contractors, or freelancers. The deadline to file with the IRS is January 31st.
- Form 941 is the Employer’s Quarterly Federal Tax Return and is used to report income taxes, Social Security taxes, and Medicare tax withheld from employee’s paychecks as well as pay the employer’s portion of social security and medicare tax. The deadline to file this form for the fourth quarter is January 31st.
Due Dates
Some forms will have different due dates depending on the information provided. For example, 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 box 8 or 10 are due by January 31st, 2023
- Recipient copies with data in box 8 or 10 are due by February 15th, 2023
Additionally, the following 1099 forms are required to be postmarked and distributed by January 31st, 2022
If you are filing Form 1099-MISC electronically, the deadline is March 31st, 2023.
Since 941 forms are due on a quarterly basis, the due dates will differ.
- The First quarter deadline (January, February, March) is April 30th, 2023
- The Second quarter deadline (April, May, June) is August 2nd, 2023
- The Third quarter deadline (July, August, September) is November 1st, 2023
- The Fourth quarter deadline (October, November, December) is January 31st, 2023
The due date for filing the 94x forms listed above is January 31st, 2023. This includes
- Form 941 and Form 941 Schedule R
- Form 941-PR
- Form 941-SS
- Form 940 and Form 940 Schedule R
- Form 943
- Form 944
- Form 945
ACA Forms
While there is some more time for the federal recipient copy deadline, the time to distribute the recipient copies of ACA forms has arrived for two mandated states.
January 31, 2023, is the recipient copy deadline for:
It’s important to note that the filing deadline for these two forms is March 31, 2023.
Penalties
If you fail to file any of these forms or file them with inaccurate information, you will most likely face some form of penalty. The penalty will differ depending on the form you file and how late it is. You can learn more about penalties for W-2 forms here. Information for 1099 penalties can be found here, and penalties for 94x forms can be found here.
E-file IRS tax forms with TaxBandits in minutes
TaxBandits can simplify your year-end IRS filing requirements. You can create a free TaxBandits account to get started. You can also take advantage of our helpful resources on our website, blog, or Youtube channel.
TaxBandits offers multiple features that help ease your experience. We can handle all of your postal mailings, and we provide online access to tax forms for you and your recipients’ convenience. We also have a built-in audit check that will check your form for common errors and notify you before you transmit to the IRS.
Remember, your forms are due SOON! Don’t risk facing penalties, get started today a TaxBandits.com!
