As the end of January approaches, it is important for all the employers to prepare and issue 1099s to the recipients, and file them to IRS responsibly without any delay.
1099 tax form, referred to as “Information Returns,” should be send by the company to the independent contractors if it paid more than $600 to them in 2017. Since there are many types of 1099 forms, the common forms are 1099-MISC, 1099-INT, 1099-S, 1099-C, 1099 B, 1099-R and 1099-DIV.
Every year payroll processing becomes more complicated with revised tax tables and new requirements from the IRS. To pay your employees on time and ensure that taxes are filed accurately it is critical that you maintain up-to-date payroll software. Continue reading
This blog is a part of our educational campaign on the occasion of National Payroll Week. In this blog, we will try to help you understand the basics of paycheck i.e. benefits, deductions, check, and direct deposit.
- What is a Paycheck?
- Difference between Gross Pay and Net Pay
- Deductions and Benefits
- Direct Deposit
CheckMark wishes you all the joys and wonders of Christmas. May this festive season fill your life with bright and precious moments.
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Form W2 is a multi-part standard tax form that an employer must send to the employees as well as Internal Revenue Service (IRS) at year end. The form contains employee’s annual wages, Social Security earnings, Medicare earnings, and federal and state taxes withheld from the employee’s paycheck.
At which point you would need a switch over to new payroll service provider?
More often companies reach crisis point before making a decision to change. This puts people, systems and relationships under pressure, which shadows the business growth and at times most valuable employees may under perform and this may result in business losses.
Form 1099-MISC primarily gives information about independent contractors to the IRS.
As per the guidelines from the IRS businesses are required to submit information returns. Form 1099 is used to report remuneration earned by an independent contractor. There are 17 types of 1099 forms, and IRS defines small businesses as the ones having gross revenues of $5 million or less. Form 1099-MISC is used by these small businesses.
Tax filing dates for 2016 Forms W-2 and 1099 has changed. The latest notification from IRS states that the filing deadline for 2016 W-2 and 1099 forms (incl. Form 1099-MISC) is January 31st, 2017. Evidently, this is a month earlier than the filing date of last year. But, this doesn’t change the deadline for furnishing W-2 forms to employees and 1099-MISC to other workers for 2016. Also, the dates for E-Filing and paper filing remain the same.
On August 1, 1876, President Ulysses S. Grant signed a proclamation admitting Colorado as a state. Colorado Day was celebrated as a state holiday on August 1 for many years, and then was moved to the first Monday in August, most likely after the time the U.S. Congress passed the Uniform Holidays Bill in 1968. The day no longer became a public holiday, but rather an observance, when the state started observing Martin Luther King Jr. Day as a public holiday in 1985.
CheckMark is proud to celebrate Colorado Day, the commemoration of Colorado’s acceptance into statehood.