Information returns, including W-2s and 1099s, are an important piece of year-end planning. If these forms are not filed correctly, there can be substantial penalties for your organization. This includes penalties for late filing or missed deadlines, incorrect submission of information or missing information.
There are two separate penalties your business can face for information returns.
1. Penalties for not filing correct information returns may apply to you if:
2. Penalties for not providing correct payee statements may apply to you if:
There are different filing requirements based on what type of form you’re filing.
W-2 and W-3
Employers must send Copy A of Forms W-2 and W-3 to the Social Security Administration by January 31, 2023. This is for both paper and electronic forms.
Employers must give Copy B and any other applicable copies to the employee by January 31, 2023.
Businesses must send Copy A of Form 1099-NEC to the IRS and Copy B and any other applicable copies to the recipient by January 31, 2023.
Businesses must send Copy A of Form 1099-MISC to the IRS by:
Payers must provide Copy B and any other applicable copies to the recipient by January 31, 2023.
There are several other types of information returns that may be required to be filed by your business.
Filling out the correct information takes time. Make sure to walk through each form and box to ensure you have the correct information listed for that specific section.
Get tips for how to fill out W-2 & 1099 forms correctly the first time.
Information return penalties will vary depending on when the return was due, how late it was filed and the size of your business based on gross receipts.
These forms can’t be rushed; they take time to fill out. There can be substantial penalties for not filling them out correctly and not submitting them to the proper parties by the necessary due dates.
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