Monthly Archives: October 2013

Tax Penalties for Not Filing

Online File TaxesWith 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 1st, 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

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Online File Taxes

Online File TaxesTax 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!

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E-File Your W-2

w-2 formsIf you’re over the age of 16 and working, then you most likely already know what a W-2 is, but do you know all of the rules and regulations behind them?  Do you know what’s new as of 2013? As an employer, are you aware of the deadlines for filing and getting W-2’s to your employees?  No worries, we can help simplify the process!

If you’re an employer, you owe a W-2 to any employee who earned over $600 while working for you.  As an employer it is recommended that you e-file your W-2s for more accurate and faster information.  If you’ve got more than 150 employees that require a W-2 from your company, you are required to e-file.  We can help!

As an employer, it is also important that you know the changes made to the W-2 as of January 2013.  There was a limit placed on the amount of flex spending contributions that an employee could make pre-tax.  There was also an increase in the Medicare tax withholding amount for any employee that makes in excess of $200K during the year.

The IRS has strict penalties for employers that do not meet the deadline for filing W-2s or file incorrect W-2s.  Penalties start at $30 per W-2 for large businesses.  Fines are applicable for small businesses as well, but can be avoided in both cases by filing for a 30 day extension.

If you’re an employee, your employer must have a copy of your W-2 mailed to you by the end of January for your tax filing purposes.  Should your employer fail to meet this deadline, the IRS penalizes your employer for their neglect.

As always, we are here to help.  Don’t let the hassle of late filing effect your bottom line.  Be sure to E-file your W-2 with us and allow us to e-file the federal copy, mail the recipient copy, and create a PDF form of the payer copy!

Sources:

http://www.onlinefiletaxes.com/

http://www.irs.gov/pub/irs-pdf/iw2w3.pdf

http://smallbusiness.chron.com/businesses-fined-not-mailing-w2s-26359.html

http://taxes.about.com/od/formw2/a/IRSFormW2.htm

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