Last year I published a podcast about W-2's and 1099's that I think is worthrepeating. It's getting to be that time of year and we need to be thinkingabout some of the things we have to do to get ready. As a business owner withemployees or subcontractors you will be required to issue W-2's to employeesand 1099-Misc to non-incorporated, non-employee service providers.
Subcontractors and service providers who are not incorporated must provide aform W-9 to you. You'll use this information to issue a 1099 to them if theywere paid $600 or more in the tax year. You can download form W-9 at IRS.GOV. I generally mail this form to all subcontractors withtheir first payment. If you haven't done this yet, then it would be a good ideato mail or fax these out now so you will be prepared to process forms nextmonth.
Form W-2 for Nevada employers is a 4-part document. You will issue 2 copies tothe employee, keep one file copy with your payroll records and submit one copyalong with transmittal form W-3 to the Social Security Administration.
Form 1099 in Nevada is a 3-part document. One copy remains with your payroll orvendor records, one is mailed to recipient, and one copy along with atransmittal form 1096 is mailed to the IRS. Employee and vendor copies must bedistributed or postmarked no later than 1.31.13 and federal transmittals aredue no later than 2.28.13.
In Nevada, we don't have personal income tax, so be sure to become familiarwith your state's filing requirements now to assure that you are compliant.
Here'sa simple checklist I use each Fall to get ready:
1 - Verify current employee information -create a simple form thatyou can attach to the next paycheck for each employee requesting their name, currentaddress, social security number. I also include a line for their signature andthe date they complete the form.
2 - Download Form W-9 -you can fill out this form online, then print multiple copies for distributionto any vendors who will receive a 1099 form. Independent contractors and othernon-incorporated vendors who received $600 or require issuance of a 1009. Ilike to get these mailed or faxed no later than November 15th. I create acheck-list of all that I submit and then attach returned forms to the list. Youcan download this form at www.irs.gov.
3 - Order forms now -order W-2's, 1099's and corresponding envelopes now. You can go to my websitefor special money saving offers. If you issue W-2's or 1099's for multiplecompanies, you may want to contact the IRS to order extra W-3 transmittal and1096 transmittal forms. Additionally, if you issue 1099 Interest forms, you maywant to order those directly from the IRS. Go to the IRS website for moreinformation.Office supply stores will not, however, offer W-3 transmittals or1096 transmittals separate from kits or bundles. When you purchase a package of50 W-2's or 1099's, the manufacturer includes 1 or 2 transmittals. I like toorder extra transmittals directly from the IRS at 800-829-FORMS; they're free.By the way, you can order any tax related form from the IRS, but remember, theyare not computer friendly! Pay for the forms; order the transmittals only fromthe IRS.
4 -Make sure your tax tables are up to date - If you are using QuickBooks, be sure yoursubscription is up to date and that you are downloading updates when prompted.Peachtree users - make sure you order the tax tables for 2013 soon to assurethat you are ready for end of year processing.
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