A reminder to businesses with employees or anyone who has contracted for more than $600 in work to a freelancer or subcontractor: you have until Jan. 31, 2014, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – 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 to help businesses file, print and mail W-2 and 1099 forms, including speedEfiler.com and 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 their CORRECT W-2 or 1099 form postmarked by 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 the RED Copy A and must be postmarked by February 28, 2014 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 is March 31, 2014.