With the 2025 tax filing season underway, be aware that the W2 and 1099 deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: W2 Forms Form W-2, Wage and
There are two types of 1099 forms: Form 1099-NEC Form 1099-MISC Below, we’ll cover who gets a 1099, breaking it down by form type. Who gets Form 1099-NEC? Non-employee contractors Non-employee contractors are the most well-known recipients of 1099s. (Important: Here’s how to properly classify an independent contractor vs. an employee.) If you made payments
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. IRS Notices CP2100 and CP2100A are sent by the IRS twice a year to payers who filed information returns that are missing a Taxpayer Identification Number (TIN), have an incorrect
The past 18 months have been full of challenges for nonprofits. Adding on to the scope are several significant tax changes for nonprofits and updated guidance that has been released. Some changes can be traced back to the Tax Cuts and Jobs Act (TCJA) of 2017 and are just now receiving guidance or enforcement. Here
There’s a new IRS form for business taxpayers that pay or receive certain types of nonemployee compensation (Form 1099-NEC), and it’s due soon.
A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others.