1099, W2 and 4th Quarter Payroll Information
We hope you are healthy and ready for the new year! Our systems and staff have adapted to combine remote work and time in the office. There is an administrator in the office every day and efforts are coordinated to insure we are serving our clients' needs.
Requirements & services for 2021 tax season
Payroll Information for 2022, 1099 Requirements, TBC's preparation services and a fillable form are all available by clicking the buttons at the bottom of this message. The PDF for Payroll Reference has crucial information. We recommend you save this to use throughout the year. 1099 requirements are outlined along with our services, deadlines and fees for processing these forms. You can use the fillable PDF and send us your data for processing per the instructions on the form via our website or fax.
It is important to comply with the IRS and EDD requirements. The potential penalties are steep and could be devastating to your business.
It is most important to be sure your subcontractors are not employees and to have your subcontractors and independent contractors complete a W-9 prior to paying them for the first time. We stress the importance of this requirement.
Last year the IRS introduced the 1099-NEC, 1099-NEC, is short for Non-Employee Compensation, used when you pay contractors and has replaced “Box 7” on the 1099-Miscellaneous form.
The 1099 miscellaneous form is still required for reporting other income such as rent, royalties, healthcare payments, etc., which means you may have to file two separate forms.
TBC can help you prepare your 1099s
If you choose to have TBC prepare your 1099s, please open, save and use all the documents below for requirements, instructions, deadlines and fees. A 1099 Worksheet you can complete and send back to us is included. We need your information in our office by Monday 1/10/22 for on-time preparation and filing by the IRS deadline of January 31st.
After you review the information, please let us know if you have any questions.