Category Archives: W-2

Penalties for Failure to File 1099 and W-2 Forms

Online software for 1099The January 31st 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!

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Deadline for 1099s and W2s: January 31st

Online software for 1099The 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!

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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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