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
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
21st International Cloud Expo, taking place October 31 - November 2, 2017, 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. Me...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.