LATE REPORTING IS NOW SUBJECT TO IRS PENALTIES
Important dates for forms and employer forms January 31, 2025 Note for non employee compensation 1099MISC has been replaced with the 1099 NEC. Lets add 1099K for $600 or more
· 1099-NEC AND MISC to recipients
· W-2 to employees
· 1099-INT to recipients
· 1099-DIV to recipients
1099K to receipients
January 31, 2025
· 1099-MISC e-Filed to IRS
· W-2 e-Filed to SSA and IRS
· 1099-INT e-Filed to IRS
· 1099-DIV e-Filed to IRS
Forms 1099 NEC and MISC
Starting in tax year 2020, Form 1099-NEC will be used to report non-employee compensation totaling more than $600 in a year paid to a non-employee for certain payments from the trade or business. Previously, business owners would file Form 1099-MISC with an amount in box 7 to report non-employee compensation.
For tax pros who have been around for a while, you might be familiar with Form 1099-NEC; it was used until 1982 when the IRS added box 7 to Form 1099-MISC and discontinued Form 1099-NEC to simplify filing.
Use 1099 MISC to report Rents, Royalties, Tribal income, etc...
W-2
Used to report an employee's pay and how much tax has been withheld. 29 Palms Tax Service will e-File the W-2’s with the Social Security Administration. A W-3 is not needed when you e-File the W-2.
W-2C (W-3C included)
If you've previously filed a W-2 form that had something missing or incorrect on it, you'll need to fix it. The W-2c is used to make this correction. 29 Palms Tax Service will walk you through creating a W-2c and provide you with instructions on how to file with the Social Security Administration. We will print and you will need to mail the W-2c and the W-3c to the Social Security Administration to file.
1099-INT
The 1099-INT is used to report interest income paid to an individual or business. 29 Palms Tax Service will guide you in preparing the form and submitting the required copy to the recipient and we will e-File them to the IRS.
1099-DIV
The 1099-DIV is used to report distributions paid, including dividends or capital gains paid on stock and liquidation distributions. The form needs to be prepared and submitted to the distribution recipient and to the IRS. We can easily and quickly prepare and e-File this form for you.
1099K
Reports income from third pary trasactions such as CashApp, Square, Intuit Merchant, QuickBooks, Venmo, and Zelle etc...reported as ordinary income, business income or capital gain from the sale of personal property.