IRS FormsMaintaining a good set of books is about more than employing solid accounting practices and implementing solid systems of checks and balances.  While accurate financial data is important to the long-term success of any business, compliance with federal and state regulations is critical in the short-term.  

That’s why it’s important to understand and adhere to all filing requirements, and that’s why we remain vigilant in making sure our clients are fully aware of pending deadlines.  Here are the upcoming IRS filing requirements for early 2013:

First, quarterly and year end 1099s and W-2s are required for all contractors and employers by January 31, 2013.  

Four copies of each 1099 must be made (one for payer, one for payee, one for the IRS and one for the appropriate tax department) and filed to report non-wage/salary/tip income paid out to non-employees.  If your company is filing more than 250 1099s, you are required by the IRS to file these electronically.   If your company is filing less than 250 1099s, you may file via paper, but must also file a Form 1096 (a summary of your 1099 information forms).

Similarly, 4 copies of each W-2 are made (one for payer, one for payee, one for the IRS and one for the appropriate state tax department) to quantify all salaries, wages or other compensation paid to any and all employees.  The January 31st deadline allows taxpayers a little more than 2 months to prepare and submit their personal income taxes on April 15th.  

Second, quarterly and annual payroll tax forms (940 – Employer’s Annual Federal Unemployment (FUTA) Tax Return, 941 – Employer’s Quarterly Federal Tax Return, statement unemployment and withholding) for January are due by January 31, 2013. 

If you paid more than $1,500 to employees during 2011 or 2012, or have one or more employees for some part of the day in any 20 or more different weeks in 2011 or 2012, you must file form 940.

You must file form 941 to document all wages paid, tips received, federal income tax withheld, social security and medicare taxes withheld, and COBRA assistance credits.

As always, if you have any questions about which forms are required, don’t hesitate to contact Lescault and Walderman at 866-496-2042.  We’re here to help!