- January 6, 2017
- Posted by: Orkun Ozkaymak, CPA, MBA
- Category: Blog
The new year comes with new filing deadlines for employers. As of 2017, business owners will be required to file forms 1099-Misc and W2s by January 31 in order to avoid paying hefty late filing fees. The filing dates were updated in an effort to combat fraud with the passage of The Protecting Americans from Tax Hikes (PATH) act of 2015, which was passed by Congress and signed by President Obama.
1099 Reporting Checklist
*Make sure you have your signed and dated W9s from all of your contractors.
*Make a list of all payments made throughout the year to W9 contractors
*If backup withholding is required, withhold 20% from contractor and forward such payments to the department of treasury.
*File 1099-Miscs and 1096 with the IRS, State and SSA before January 31 2017.
W2 Reporting Checklist
*Make sure you have your signed and dated W4s from all of your employees
*File quarterly (or annual) payroll reports as required on due dates
*Forward all withholdings and employer contributions to the corresponding taxing agencies
*File W2s and W3 with the IRS, State and SSA before January 31 2017.
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