ROCK HILL, SC / ACCESSWIRE / January 31, 2024 / Nationwide, businesses employing both employees and independent contractors face tight deadlines for filing and distributing Forms W-2 and 1099-NEC, and more. The crucial deadline mandates that all forms be submitted to the SSA and IRS today, with recipient copies postmarked no later than January 31, 2024. Additionally, payroll forms falling under the 94x series must also reach the IRS today. Many states require the filing of 1099 and W-2 forms with their agencies by today.
TaxBandits streamlines this process for business owners, tax professionals, and payroll providers. They can effortlessly e-file necessary forms with federal and state agencies, ensuring a secure and seamless distribution of recipient copies.
An Overview of IRS Forms Due Today
- Form 1099-NEC requires filing with the IRS for payers who have paid $600 or more to independent contractors; recipients must receive a copy of this form.
- Form 1099-MISC is crucial for payers filing with the IRS when payments of $600 or more are made for miscellaneous payments such as rent, prizes, medical and health care payments, etc. To meet IRS deadlines, it's essential to complete this form by January 31st and provide recipients with a copy, ensuring tax compliance and accurate income reporting for both payers and recipients.
- Forms 1099-INT, DIV, K, and R are also required to be distributed by January 31, 2024.
- Form W-2 must be filed by employers with the SSA to report wages paid to employees, including income taxes, social security taxes, and Medicare taxes withheld. Copies of W-2 must be provided to all employees.
- Form 940, also known as the FUTA tax form, should be filed annually with the IRS to report Federal Unemployment Taxes.
- Form 941, a quarterly filing, must be submitted to the IRS by January 31, 2022, for the fourth quarter of 2023. Employers utilize Form 941 to report all employment taxes, encompassing Social Security and Medicare taxes.
- Form 943, IRS Form 943, also known as the Employer's Annual Federal Tax Return for Agricultural Employees, is a tax document used by employers to report and pay federal income tax withheld, Social Security, and Medicare taxes for agricultural workers.
- Form 944 allows employers the convenience of filing annually instead of quarterly, streamlining the process of reporting employment taxes. However, filing this form must be requested and approved by the IRS.
- Form 945 is employed by businesses to report federal income tax withheld from non-payroll payments, such as pensions and gambling winnings This form is also applicable for reporting any backup withholding amounts retained by a business.
Affordable Care Act State Deadlines:
- California - Providers and employers that offer health insurance coverage plans to residents of California must distribute copies of California Forms 1095.
- Massachusetts - Providers and employers that offer health insurance coverage plans to residents of Massachusetts are required to file Form 1099-HC (Health Coverage) with the state and distribute recipient copies.
Seamless E-filing Solutions at the Last-minute with TaxBandits
TaxBandits provides a streamlined platform for businesses to file essential tax forms, including 1099, W-2, 94x Series, and ACA 1095 forms ensuring a smooth, last-minute filing experience. TaxBandits also supports state filing requirements and offers TIN Matching services for increased 1099 filing accuracy.
TaxBandits clients can trust in the platform's commitment to compliance, avoiding potential penalties and ensuring adherence to IRS and SSA regulations. Additionally, their clients can opt-in to secure Online Access services to ensure that their recipient copies are distributed electronically today via a secure portal. Postal Mailing services also offer a simple option for distribution. TaxBandits doesn't charge expedited fees for last-minute distribution.
User-Friendly UI: The intuitive design of TaxBandits allows for quick data entry, efficient form customization, and an overall stress-free e-filing process.
Flexible Data Import Options:
TaxBandits allows for simple imports of filing information. Clients can choose to bring their data to the TaxBandits application manually, in bulk, or through integrations with the following popular accounting software: QuickBooks, Xero, FreshBooks, and Zoho Books.
In addition to these integrations, TaxBandits is the exclusive 1099 e-file partner of Sage Intacct. The partnership enables Sage Intacct customers to transfer their 1099 data to TaxBandits directly from their Sage account.
Outstanding Customer Support:
At TaxBandits, we adopt a personalized approach to guide clients through the filing process, providing various communication channels, including email, phone, or a Live Chat function. Unlike navigating through lengthy phone trees and interacting with automated bots, TaxBandits is dedicated to delivering prompt assistance directly from a knowledgeable member of our team.
Exclusive Features for Tax Professionals
Tax professionals can enjoy the following features included for free in their PRO account:
- Staff Management -Tools for inviting team members and delegating filing tasks.
- Client Management - Tools for streamlined management of client filings.
- Reports - Generate reports for tax season insights.
- Volume Pricing - Savings increase with form filing volume.
- Dashboard - A central location for managing all clients.
When asked about today's IRS filing and distribution deadlines, CEO and CO-founder of SPAN Enterprises, Agie Sundaram, responded, stating "At TaxBandits, we're not just meeting deadlines; we're exceeding expectations. As the clock ticks on the 2023 Form 1099, W-2, and 94x Series deadlines, our commitment to providing extended support hours remains paramount. We understand the urgency of the moment, and our dedicated team is here for extended support hours, to ensure our clients can navigate the last-minute filing process with confidence."
Business owners and tax professionals can create a free account and begin filing now at taxbandits.com.
TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in Form 1099, Form W-2, 1095-C, 1095-B, Form 940, Form 941, and Form W-9. Serving businesses, service providers, and tax professionals, TaxBandits offers a comprehensive solution for year-end filings.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises:
Headquartered in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software tools for e-filing and business management for over a decade. The SPAN Enterprises portfolio includes Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
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