Click here to close now.




















Welcome!

News Feed Item

What Small Businesses REALLY Need to Know When it Comes to W-2 and 1099 Forms

GRAND RAPIDS, Mich., Jan. 22, 2014 /PRNewswire/ -- Annually, tax form filing season comes with a lot of headaches and stress, whether you do your own taxes or rely on outside help. Keeping track of all the necessary year-end forms can be not only confusing, but time-consuming.

Businesses are constantly evolving, which can change how they hire employees, conduct business or utilize outsourcing tasks that were traditionally handled in-house. Assuming your business has experienced one or all of these changes, you need to ask yourself, "Is there a form for that?"

To help alleviate the anxiety of simply crossing your fingers and hoping you have covered your bases, Greatland Corporation, a company that provides W-2 and 1099 forms and e-filing services to small and mid-size businesses, has compiled a list of the most frequently used forms to be sure you stay on top of all the paperwork.

According to the experts at Greatland, there are more than 20 year-end reporting forms a taxpayer could potentially receive but for brevity's sake (and your sanity), listed below are more common forms used by small businesses:

  • A W-2 is the form your employer will use to report your annual pay and withholding information.  The deadline for employers to mail you this form from the previous tax year is January 31.  You will receive four copies of this form to report federal, state and local income, and maintain a copy for your own 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 forms 1099 that account for other sources of income. Issuers must mail out these forms to recipients by January 31. However, 1099 forms do not have to be issued to the IRS until February 28, allowing businesses to catch potential mistakes and correct them.  This is also true for W-2s, although they are issued to the Social Security Administration rather than the IRS. The most often used 1099 forms are listed below:

  • A 1099-MISC is the form used to report miscellaneous income, such as income earned as a contract or freelance worker, as well as fees, royalties, commissions and rental income.  Payments for prizes, awards, attorney fees, and other non-employee reimbursements (mileage, automobile, etc.) may be reported on this form as well. If you used a contractor or freelance worker and paid them more than $600 in 2013, your business must issue them a 1099-MISC form. 
  • Form 1099-DIV is a statement that shows the dividends and capital gain distributions received by an account holder in the most recent tax year. It is sent by mutual fund companies to shareholders for tax return purposes.
  • 1099-G forms are used to report unemployment compensation, state and local income tax refunds, agricultural payments, and taxable grants.
  • Form 1099-INT is used to report interest income received from your bank or from other financial institutions or investment companies. Payers must fill out one of these forms to every party they paid interest to throughout the year. Alternately, form 1098 reports mortgage interest or mortgage insurance premiums paid, which can be used as deductions on an income tax form.
  • Payment service providers, such as banks that handle credit card transactions and "third party payment processors" such as PayPal, Amazon, and eBay Inc., are required to submit 1099-K forms to the IRS for sellers with more than $20,000 in annual sales and more than 200 transactions during the calendar year. Also, a Payment Settlement Entity will issue a 1099-K to the IRS for payment card sales, and there is no threshold. The recent reporting requirement was created as part of the Housing Assistance Tax Act of 2008 to increase compliance in reporting sales income by merchants.

For additional information about W-2s and 1099 forms along with a full list of year-end reporting forms, instructions and deadlines, visit www.greatland.com.

About Greatland
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing guidance, products, and solutions for small to mid-size businesses and accountants.  Through Greatland's subsidiaries – Greatland, Nelco, FileTaxes.com and Broker Forms – the company offers an extensive array of specialized products for business: W-2 forms, 1099 forms, W-2 and 1099 software, online filing, business checks and check writing software, presentation materials, income tax preparation supplies, 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

 

SOURCE Greatland

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what...
eCube Systems has released NXTmonitor, a full featured application orchestration solution. NXTmonitor, which inherited the code base of NXTminder, has been extended to support multi-discipline processes and will act as a DevOps utility in a heterogeneous enterprise environment. Previously, NXTminder was packaged with NXTera middleware to configure and manage Entera and NXTera RPC servers. “Since we are widening the focus of this solution to DevOps, we felt the need to change the name to NXTmon...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...