A reminder to businesses with employees or anyone who has contracted for more thanÂ $600Â in work to a freelancer or subcontractor: you have untilÂ Jan. 31, 2014, to provide the appropriate wage and income reporting form â€“ a W-2 or 1099-MISC â€“ to all recipients.
For those who procrastinate, sorting through the various IRS reporting requirements at the last minute can make a tight deadline even more stressful.
Greatland Corporation, maker of several options toÂ help businesses file, print and mail W-2 and 1099 forms, includingÂ speedEfiler.com andÂ FileTaxes.com offers the following tips and answers to the most frequently asked filing questions:
- If filing with paper, always use current year forms, not last year’s leftovers.
- Businesses must ensure that recipients (the employees or contractors paid) have theirÂ CORRECT W-2 or 1099 form postmarked byÂ Jan. 31, 2014. The IRS also requires these forms to be sealed in an envelope that is marked “Important Tax Information Enclosed.”
- If you intend to print and mail the IRS its 1099-MISC copies, they must be theÂ RED Copy A and must be postmarked by February 28, 2014Â with a 1096 transmittal form to summarize the entire batch you are filing.
- If you intend to e-file to the IRS or the Social Security Administration, the deadline for doing so isÂ March 31, 2014.