Is That Elephant in the Room Staring You Down?

The new year is full of new hope and expectations.  The new year also brings the headache and deadlines of taxes to small businesses.  The IRS has shared with us some tips on preparing for taxes if you have employees.

1. W-2s need to be given to employees by January 31, 2018. Form W-2 and W-3 are due on January 31, 2018 to the Social Security Administration. You can file W-2s online with the SSA.

2. Form 1099 MISC with an amount listed in Box 7 (non-employee compensation) are due to the independent contractor AND THE IRS by January 31, 2018.

Here are some additional articles that will help in understanding the process.  As always you can call us at the IWCC SBDC and we can help answer questions and help you navigate the process.  712-325-3350 or email us at spitts@iwcc.edu or mmitilier@iwcc.edu.

1. YouTube video:  W-2s, W-3s, 1099-MISC, Information Returns Due Date: January 31

2. Filing Forms 1099-MISC With NEC in Box 7 with the IRS

3. Get 1099s for free: Online Ordering for Information Returns and Employer Returns

4. Am I required to file Form 1099 for payments to sub-contractors or vendors?

5. Understanding Employee vs. Contractor Designation

6. 1099’s can be filed electronically with the IRS using “FIRE” (Filing Information Returns Electronically). If you file over 250 information returns, you MUST use FIRE. If you file less than 250, you are encouraged to use FIRE.