Are You Required to Send 1099 or W-2 Forms?

Along with the arrival of the new year have come new deadlines for tax filings. What do you have to do about it?

If your business paid a person or company at least $600 for services, rents, or other payments during 2018, then you may be required to provide that payee with a form 1099-MISC. Information reported on 1099 forms is also required to be filed with the IRS. There are some exceptions. For example, you don’t generally have to issue a 1099 for amounts paid to a corporation. Also, payments to employees should not be reported on a 1099 – those should be included on form W-2.

The deadline for distributing W-2 forms to your employees is January 31. The W-2 forms are also required to be to be sent to the Social Security Administration by January 31.

The 1099 forms are to be distributed to recipients by January 31. If the 1099-MISC form is reporting nonemployee compensation, then it is also required to be sent to the IRS by January 31.

If you have questions about your filing responsibility, or would like assistance with your 1099 and/or W-2 reporting, please contact us right away.

Also, please note the approaching deadlines for each of the following types of income tax returns:

March 15 –  S-corporation returns

March 15 –  Partnership/LLC returns

April 15 – C-corporation returns

April 15 –  Individual returns (except for residents of Maine or Massachusetts – April 17)

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