Penalties for Failure to File 1099 and W-2 Forms

The January 31^st deadline has passed for filing 1099 and W-2 forms to your employees, but you’ve still got some that haven’t been filed. So what happens now?

If you’ve forgotten to file, or simply become too bogged down with work to get all of your forms filed, there are penalties you will have to deal with. Within 30 days of the deadline, penalties will run about $30 per form that you haven’t filed or have incorrectly filed, with a maximum penalty of $250, 000 for larger businesses. If you’re running a small business, your maximum yearly penalty will be $75,000.

After 30 days, the penalties for not filing become much more expensive. With this set of penalties, you have until August 1 to file, but you will be charged $60 per correct return. The maximum charge for a large business is $500,000 and a small business is $200,000.

Once the August 1 deadline has passed, you’re looking at quite a costly endeavor. With fines weighing in at $100 per form and potential maximum penalties at $1.5 million for large businesses, this is absolutely a time sensitive situation. Even small businesses may have to deal with a maximum fine of $500,000, which has the potential to do serious damage to your bottom line.

We can still help! Online File Taxes is set up to easily and efficiently process your 1099 and W-2 forms even after the deadline has passed. We can help you right your failure to file before it becomes too expensive to correct. Our system is simple and affordable, and we’ve got the ability to process hundreds of forms.

At Online File Taxes, we pride ourselves on being a one stop solution for your form filing needs. Stop by our website today and save yourself from harsh penalties!

Deadline for 1099s and W2s: January 31st

The deadline to file 1099s and W2s is January 31, which is rapidly approaching! If you’re still at your desk buried under a mass of paperwork, no worries! Online File Taxes can help you, and quickly!

We want to simplify the process of filing taxes and alleviate some of the stress associated with this time of year! With computer software there is still a massive amount of work to be done on your end, so let us help! We can process, file, print, and mail all of your data in three easy steps! We’re ready and waiting to handle hundreds of forms in a short period of time.

Failure to file these forms or filing late can be a costly mistake. If the IRS feels that you don’t have reasonable cause for filing late, penalties start to add up. Penalties for filing late can be as much as $30 per form within the first 30 days. Those types of fees can add up, and the same penalty goes for mistakes as well!

If you’re a CPA and you’re overwhelmed at this point, please contact us. We have a wonderful referral incentive for you and your clients. Your clients will get a 10% discount on their first order, and we will give that 10% right back to you! You can’t lose!

For more information on what we do, and how we work please check out our helpful video: http://bit.ly/L4xWIA

For assistance will all of your tax filing needs, visit us on our website!

Tax Preparation Deadline Approaches

The January 31, 2014 deadline for filing your tax forms for your small business is quickly approaching! Don’t let yourself and your business fall victim to massive penalties for untimely tax filing. It seems daunting, but don’t worry! Whether you have one or hundreds of forms to file, we are here for you!

At Online File Taxes, we’ve set a personal goal of making tax filing as hassle free as possible. We’ve narrowed down the process of filing all of the different 1099 forms and W-2s into three easy steps. Our simple end-to-end online solution eliminates the need for printing on preprinted forms, stamps, envelopes, and the general confusion associated with filing with paper returns. There is no software to download and no forms to purchase. Simply register with us and begin entering your 1099 form information; we’ll take care of the rest.

We also eliminate the concern of making sure the forms get to your employees. Our services include both e-filing with the IRS and printing and mailing recipient copies. You can also select the option of having your employee receive their forms online. Our pricing starts at just $3.50 per form and pricing discounts come with quantity. However, the discounts apply per order so if you’ve got multiple forms to file, it is suggested you do it all at once!

For the CPAs out there buried in a mountain of W-2s and 1099s, we also offer a referral service. If you refer your clients to us, they will receive 10% off their order, and you will receive a referral bonus of 10% of the total cost of their order!

Time is running out, so please don’t hesitate to open an account with us and start filing today!

Relief to CPAs

Being a CPA at this time of year can be a harrowing experience. Being neck deep in paperwork for a bunch of different clients makes becoming overwhelmed an easy feat. Don’t worry, we can help!

If you can’t possibly take on more work, refer your clients or friends to us and we’ll give both of you a 10% referral discount. That means, they get 10% off their total first bill, and you get that 10%! All it takes is a few simple steps!

First, register for an account with us and we will give you a coupon code that is unique to you. You put this code on your web site or email it to anyone you want to refer. Your clients use the coupon code at the time of registration and they receive a 10% discount at checkout. Then, at the end of each month we pay you 10% their purchase price. You can access your account at any time to see which of your clients has used the coupon code you provided to them and how much they paid as part of their first purchase.

We can help take the stress out of tax time! For more information about us, check out this video or visit us on our new website!

Online File Taxes Launches New Site

Just in time for the tax season Online File Taxes launches a new user friendly website!

Some new features include:

Corresponding buttons to each of the forms we process to make information gathering and filing a snap!
Testimonials from our clients so you know what to expect from Online File Taxes!
A quick access “Start Filing” section for your convenience.
A handy deadline calendar to keep you posted on upcoming tax deadlines.
An FAQ section for helpful advice and answers to your questions
Our pricing schedule for added simplicity

Easy filing is just around the corner with our new site! Stop by today and check it out!

3 Year-End Tax Tips

Now’s the time for business owners to take stock in preparation for the end of the 2013 tax season. We want to make sure your I’s are dotted and T’s are crossed, so we’ve compiled a list of the top three tips for your reference.

Confirm your employees W-2 and 1099 information. When it comes to the IRS, mistakes are costly and can add unnecessary red tape to the process. Also notify your tax preparation specialist as soon as possible so they can update the information as well.

Know the difference between employees and independent contractors. The difference is crucial in terms of what your responsibilities are. For more information on the topic, please reference our blog http://bit.ly/18rOYbW.

Know your deadlines. Know when your forms are due to the IRS and know when the forms are due to your employees. Otherwise, there could be penalties accrued for late filing. IRS penalties can be costly, so stay informed of new rules and deadlines.

For assistance with your W-2 and 1099 forms, we are here to provide seamless and efficient filing. Check out our website for more information.

Resources:

http://entrepreneurs.about.com/od/beyondstartup/a/Avoiding-Mistakes-With-Your-Small-Businesss-Tax-Planning.htm

http://www.adp.com/media/press-releases/2012-press-releases/adp-offers-year-end-payroll-tax-tips-to-small-business-owners-and-their.aspx

http://ais-ss.usc.edu/empldoc/faq/faq9.html

Tax Preparation Software: What You Need To Know

Every year we see hundreds of commercials promising simple tax preparation. Yet, many say the process has not been simplified. It’s still complicated and time consuming.

With the looming January 31 deadline for filing W-2s and 1099s, tax preparation software is in review by professionals to evaluate ease of use. According to tax preparation professionals, the best programs feature the ability to mail copies of forms straight to employees. They also tout the benefits of everyone’s main concern – accuracy.

E-filing is considered to be far more accurate than the standard paper filing option. As a business owner, you still have the option to file W-2s and 1099s by hand, but the potential for mistakes increases greatly. Reviewers of 2012 tax software found it rife with problems that caused for a great deal of hassle in software preparation specialists systems. The software also did not allow for business owners to file prior to January 30, causing great inconvenience to businesses across the country.

One system that allows for ease of use is the system offered at OnlineFileTaxes.com. Business owners can effortlessly file thousands of forms with no complications and can eliminate the need to purchase complicated or expensive tax preparation software.

This service also features a print and mail option. We offer the most economical and efficient way to e-file your tax forms. Check out our website for more details.

Tax Season Delayed

Our government recently made history with the first government shut down in over a decade and a half. The shutdown cost close to two billion dollars over sixteen days, due to the amount of workers that were temporarily out of work. Sixteen days may not seem like a great deal of time to those not employed by the government, but it certainly gummed up the works for the tax system. The tax season is going to be delayed by a little over two weeks in 2014.

While two weeks sounds like next to nothing, it certainly isn’t. So what does the delay mean for you the business owner? Because of delays in their day to day operations during the shutdown, they feel the two week extension is necessary to successfully get their programs up to date. The IRS will not begin accepting tax returns until January 28, 2014 at the very earliest.

Does this mean you have two extra weeks to file your taxes? Certainly not, the delay is solely for the benefit of the IRS, not the taxpayer. The IRS states that they are working to shorten this delay as quickly as possible but details the process as necessary. American taxpayers will be notified of all changes in this delay by December, at the traditional start of the tax season.

Delay or no delay, processing your tax forms in a timely fashion in necessary. If you’ve been avoiding that stack of forms on your desk in hopes that the tax season stoppage would allow you some extra time, don’t wait any longer. We are here to help with a team, ready to e-file your 1099, 1098 and W-2 forms efficiently and accurately. Contact us today to get started!

Sources:

http://www.irs.gov/uac/Newsroom/2014-Tax-Season-to-Start-Later-Following-Government-Closure;-IRS-Sees-Heavy-Demand-As-Operations-Resume

http://www.convey.com/1099-news-tax-blog/irs-regulation-updates/tax-season-will-be-delayed-in-2014/#axzz2k0nkzdiT

Tax Penalties for Not Filing

With everything you encounter in life, there are rewards if you complete a task and penalties if you don’t. The IRS is no exception. Failure to file or filing your 1099 forms and W-2s will cost you and the punishment is pretty serious.

Filing a W-2 a day late probably won’t cost you all that much, but file it thirty days late and you may be looking at a fine of up to $30 per W-2. This fine is only counting on the W-2 being correct when it is filed too. If you file your W-2s between 30 days after the due date and August 1, the rate of penalty increases to $60 per W-2. Anything filed after August 1^st, and you’re looking at $100 per W-2. The maximum penalties for these items range from $250, 000 to $1,500, 000 per year. Can your business afford that?

Filing 1099 forms is no exception. There are stiff punishments doled out for those failing to file these forms as well. With these, you’re looking at a $50 fine per unfiled form. Should the IRS believe you haven’t filed intentionally? Well then the rate increases to $100 per form or 10 per cent of the tax amount that should have been filed.

Essentially, penalties will happen both for late filing and failure to file at all. The IRS allows extensions to be granted for those having issues meeting deadlines, so they are hesitant to accept excuses from businesses that are failing to file.

Fortunately, we’re here to help! We take the hassle out of filing your tax forms so you don’t have to worry about extensions or penalties. We have the ability to e-file large numbers of W-2s and 1099s thus avoiding any punishments from the IRS. Stop by our website and check out the numerous services we offer to help you prevent penalties.

Sources:

http://www.irs.gov/instructions/iw2w3/ch01.html

http://smallbusiness.chron.com/penalties-company-face-not-filing-1099s-subcontractors-31665.html

Online File Taxes

Tax forms and filing are a necessity, there’s no way around it. In the past, you may have seen an accountant or even tried to file the forms yourself. You are likely well aware of the hassle and hardship of trying to file the forms on your own. There’s an easier way!

We offer the ability to e-file not one, but hundreds of forms with ease. We also simplify the process by eliminating the need to purchase expensive software and upgrades. We allow you to import your information so you can avoid the tedious process of filling out extensive forms by hand. Another simple convenience offered by Online File Taxes is that the forms you file will automatically be e-filed with the IRS and your 1099 forms will be mailed to the recipients.

At Online File Taxes, we provide our customers with online access to your account as well, so filing and updating your information is a snap. Through our account management system, you not only have the ability to keep your personal information current, but you can also manage your recipients and view files you’ve already submitted.

We can provide filing services for dozens of different IRS forms, for your added convenience. Online File Taxes can file any manner of 1099 forms, 1098’s, and W-2 forms. We have the ability to ensure all paperwork is properly filed and sent off immediately to the IRS. All of our programs are made for simple, secure, and efficient use.

Our pricing structure makes for affordable filing, but in order to maximize discounts, be sure to file all of your forms at the same time. We can process over a thousand forms at any one time to allow for larger businesses to have maximum convenience and ease.

During tax time, please think of us for all of your filing needs. We can simplify the process and make your business life easier!