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.
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.
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 firstname.lastname@example.org or email@example.com.
Get 1099s for free: Online Ordering for Information Returns and Employer Returns
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.