W-2/1099 Filing for 2016

NEW LAW:  W-2’s and 1099-MISC reporting nonemployee compensation are now required to be filed with Social Security or the IRS by January 31st.

In an effort to make W-2 filing more efficient and accurate, please review the names addresses and social security numbers of all your employees for the year.  If any information is incorrect or missing, the correct information should be requested immediately.

The IRS feels that 1099’s are not being properly filed.  They have added two questions to all business related tax returns asking whether you were required to file 1099’s and if you did so.  This new scrutiny means that you must file the appropriate 1099’s.

You should also determine who should get 1099’s and review the names, addresses and ID numbers (EIN or Social Security numbers) of possible recipients.  A form W-9 should be completed by anyone who is required to file an information return with the IRS (i.e. 1099).  A W-9 form can be downloaded from: https://www.irs.gov/pub/irs-pdf/fw9.pdf.  If you are not sure who should receive 1099’s feel free to contact us.

1099-MISC with nonemployee compensation are now due to the recipient and the IRS by January 31st.  Other 1099’s are generally due to the recipients on January 31st and to the IRS on February 28th (March 31st if filed electronically).

Filing your 1099’s and your W-2’s is your responsibility.   The penalties for not filing or for inaccurate or incomplete reporting have increased.   We will be happy to complete the required 1099’s and W-2’s if you furnish us with the correct information.