GRAND RAPIDS, Mich., Jan. 24, 2012 /PRNewswire/ -- Reminder to businesses with employees or anyone who has contracted out more than $600 in work to a freelancer or subcontractor: you have until Jan. 31, 2012, to provide the appropriate wage and income reporting form – a W-2 or 1099-MISC – to all recipients.
And like millions of other businesses who procrastinate on this necessary task, sorting through the various IRS reporting requirements at the last minute can make a tight deadline even more stressful. Greatland Corporation, whose subsidiaries speedEfiler.com and FileTaxes.com file, print and mail 1099 and W-2 forms for small businesses (even at the last minute), offers the following tips and answers to the most frequently asked filing questions:
- Do I need to file with my state also? What are my requirements? The answer is: "it depends." If your state requires workers to file an income tax form, you most likely need to file a 1099-MISC or W-2 form with the state the worker / recipient resides in, and provide the worker with a copy to file with his or her return.
SpeedEfiler.com provides state W-2 & 1099-MISC filing for all states that require filing, and helps guide filers through the process. In the event you are still unsure about which states require filing, a complete listing of each state's requirements and deadlines can be found here.
- Do I need to file a 1096 or W-3 form? If you submit your forms electronically (e-file) with a provider like speedEfiler.com, you do not need to file a 1096 or W-3 summary form. If you choose paper-filing, you do need to supply this form to the federal agency.
- How late can I file and still meet my deadlines? When waiting to file, businesses should – ideally – leave ample time to get filings out. Make sure your provider clearly states when their deadline is for accepting filings to meet government deadlines. For recipient print and mail services, speedEfiler.com accepts filings until 3:00 p.m. ET on January 31 and will still guarantee compliance. For electronic filing with the federal government, businesses can file until 6:00 p.m. ET on the day of the deadline and still have filings completed in time.
- Can I e-file 940 and 941 forms? Yes, the federal government does accept electronic filings for both the annual 940 and 941 form. SpeedEfiler.com has support for both forms to be filed.
- I hear a lot about fraud. How do I make sure my filing is secure? Many cases involving fraud stem from paper-based reporting errors. Electronic-based filing is the most secure of filing systems, if you are using a reputable service. Make sure your provider maintains the proper levels of security (128-bit encryption) to ensure your data is never compromised.
Additional filing tips
- If filing with paper, always use official forms from the current year, not last year's leftovers.
- Recipients (the employees or contractors paid) must have their CORRECT W-2 or 1099 form postmarked by Jan. 31, 2012. The IRS also requires these forms are sealed in an envelope that is marked "Important Tax Information" – which can be in a pre-printed envelope or written by hand.
- 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 March 1, 2012 with a 1096 transmittal form to summarize the entire batch you are filing.
- If you intend to e-file the IRS its copies, the deadline for doing so is March 31, 2012.
Greatland (www.greatland.com) is one of the country's leading providers of W-2 and 1099 products for business and accountants. Through Greatland's subsidiaries – Greatland, Nelco, speedEfiler.com, FileTaxes.com and Broker Forms – the company offers an extensive array of specialized products for business: W-2 and 1099 forms and software, business checks and check writing software, presentation materials, income tax preparation supplies and software, and mortgage forms. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Follow us on Facebook or Twitter: @GreatlandCorp