GRAND RAPIDS, Mich., Feb. 10, 2016 /PRNewswire/ -- Tax form filing season is often accompanied with a sense of dread for business owners. Greatland Corporation, one of the country's leading providers of W-2 and 1099 products for businesses, is reminding business owners of this all-too-simple step that can reduce anxiety and prevent costly fines: double-check all reporting documents and deadlines.
Doing what you did last year is never enough, as forms, deadlines and regulations can change in subtle ways every single year. While checking these fundamental facts seems simple, it is one of the most neglected actions among small- to mid-sized companies. It is vital to double-check the information on tax forms for accuracy, while also reviewing all year-end deadlines to avoid fines or other penalties.
Raising the stakes, in recent years, the Internal Revenue Service (IRS) has increased penalties for misfiled or late tax forms. As a result, Greatland advises businesses to be vigilant in assembling and reviewing reporting documents.
"Business owners manage enough stress in their daily lives, the last thing they need is to worry after the fact if every box was checked and if they were fully compliant with deadlines and regulations," says Janice Krueger, a tax and reporting expert at Greatland. "We want to help businesses alleviate concerns about being fined by the IRS for not complying with new regulations. We are dedicated to providing necessary information about filing requirements and deadlines, along with the ramifications of errors, late filings and failure to file."
Last summer, the IRS increased penalties for failure to file correct information returns and failure to provide correct payee statements for information returns filed after December 31, 2015, with maximum penalties on small businesses increasing from $500,000 to $1 million. These changes apply to 1099, W-2 and 1095 filings.
The penalties (Section 6721) are revised as follows:
- $50 per information return if you correctly file within 30 days; maximum penalty $500,000 per year ($175,000 for small businesses).
- $100 per information return if you correctly file more than 30 days after the due date but by August 1; maximum penalty $1,500,000 per year ($500,000 for small businesses).
- $250 per information return if you file after August 1 or you do not file required information returns; maximum penalty $3,000,000 per year ($1,000,000 for small businesses).
To make sure your business has all of the accurate information needed, you can find a full list of federal and state filing regulations to remember on Greatland's W-2 and 1099 fact center website.
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, business checks, presentation materials, income tax preparation supplies, and mortgage forms. Greatland also offers Yearli, a comprehensive W-2, 1099, and 1095 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Greatland has an extensive W-2 & 1099 fact center located on its website with answers to many of the top filing questions. Follow us on Facebook or Twitter: @GreatlandCorp
SOURCE Greatland Corporation