Greatland Offers Clarity for Businesses Facing the Year-End Reporting Question: "Do I Need to File?"
Companies Can Avoid Penalties by Understanding Reporting Forms
GRAND RAPIDS, Mich., Nov. 7, 2017 /PRNewswire/ -- Most businesses are likely feeling fairly confident about reporting, but that does not mean you should get too comfortable year-over-year as deadlines and requirements do change annually. Greatland Corporation, one of the country's leading providers of W-2 and 1099 products for businesses, is reminding companies of the importance of fully understanding W-2 and 1099 tax forms in order to comply with 2017 reporting rules.
Greatland, with more than 40 years of IRS and SSA compliance experience, is trying to help businesses quell any confusion of "do I need to file" by reminding businesses to tap an expert for help, be cognizant of deadlines and ensure accuracy when reporting.
Last year, filers began sending W-2 and 1099-MISC recipient copies and submit to the SSA/IRS by January 31, regardless of method (paper or e-file) and the same holds true for reporting year 2017. In many cases, this is months earlier, increasing workload and stress for filers. To further complicate matters, certain states are requiring earlier filing to stay in line with federal guidelines.
A W-2 is the form employers use to report annual pay and withholding information. The filing deadline for employers to mail the 2017 Form W-2 to employees is January 31, 2018. Employees will receive four copies of this form to report federal, state and local income, and maintain a copy for their records. It is suggested that taxpayers hold on to W-2 forms for a minimum of three years to ensure proper documentation if needed.
There are a variety of 1099 forms that account for other sources of income. Issuers must mail out these 2017 forms to recipients by January 31, 2018. The most common form, Form 1099-MISC, must be provided to the non-employee and submitted to the IRS for everyone to whom you paid at least $600 or more during the tax year.
Filers can incur a penalty if employees do not receive their forms or if information is incorrect on the W-2 or 1099 forms. For more information on W-2 and 1099 reporting, visit Greatland's Yearli News Site.
About Greatland
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing information, products, and solutions for small to mid-size businesses and accountants. Greatland helps customers navigate annual reporting changes, including extensive expertise about ACA reporting. Through Greatland's subsidiaries – Greatland, Nelco, and Broker Forms – the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, 1095 forms, W-2 and 1099 software, online filing, business checks, presentation materials, income tax preparation supplies, and mortgage forms. Greatland also offers Yearli, a comprehensive W-2 and 1099 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Follow us on Facebook or Twitter: @GreatlandCorp
SOURCE Greatland Corporation
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