|By PR Newswire||
|January 22, 2014 03:00 PM EST||
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.
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
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Jun. 30, 2015 01:30 PM EDT Reads: 2,031
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Jun. 30, 2015 01:15 PM EDT Reads: 1,970
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
Jun. 30, 2015 12:30 PM EDT Reads: 1,756
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
Jun. 30, 2015 10:30 AM EDT Reads: 1,834
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
Jun. 30, 2015 10:20 AM EDT Reads: 384
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
Jun. 30, 2015 10:15 AM EDT Reads: 743
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Jun. 30, 2015 09:45 AM EDT Reads: 779
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jun. 30, 2015 09:15 AM EDT Reads: 741
SYS-CON Events announced today that JFrog, maker of Artifactory, the popular Binary Repository Manager, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based in California, Israel and France, founded by longtime field-experts, JFrog, creator of Artifactory and Bintray, has provided the market with the first Binary Repository solution and a software distribution social platform.
Jun. 30, 2015 09:00 AM EDT Reads: 730
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jun. 30, 2015 08:45 AM EDT Reads: 681
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Jun. 30, 2015 08:30 AM EDT Reads: 1,943
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Jun. 30, 2015 08:30 AM EDT Reads: 953
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
Jun. 30, 2015 08:30 AM EDT Reads: 2,350
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Jun. 29, 2015 06:00 PM EDT Reads: 1,772
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
Jun. 29, 2015 03:00 PM EDT Reads: 2,275