1) 1099-MISC: Basically all companies are required to send anyone that you paid services to that total over $600 for the year, a 1099-Misc. This can be your cleaning service, yard service, tax service, lawyers, building repairs, casual labor. Those that you paid with cash/check, you still need to prepare a 1099-MISC.
2) 1099-K: If you paid any of these individuals or unincorporated companies using a credit card, you no longer send them a 1099. The credit card companies are obligated to prepare their 1099 on a form called 1099-K.
3) Did you know you didn’t need to buy a big bulk set of forms for processing W-2s? Printing the “pink forms” has become a thing of the past.
This applies to those who have subscribed to QuickBooks Enhanced Payroll.
You can electronically send these in when you process your payroll. It’s super easy and we can show you how!!
In fact you can process all of your W-2s without having to purchase those 4 or 6 part sets. All you need to purchase is the perforated EMPLOYEE form with the words on the back. We can save you lots of $$ in form costs.
PRELIMINARY TASK REQUIRED BEFORE GENERATING FORMS:
Order year-end supplies.
Verify active employee data.
Perform any year end bonuses.
Verify terminated employee data.
Verify and review benefit information for your employees.
Review employee wages, sick time, and vacation hours.
Verify and update your State Unemployment and State Disability Insurance rates.
Verify 1099 Vendor Information for 1099 and 1096 form filing
IMPORTANT DATES:
Jan 31: Final Dates
Feb 28: Last day to file 1096 and 1099 forms with the IRS by mail
March 31: Last day to file 1096 and 1099 forms with the IRS electronically
Are You Finally Ready to Take the Payroll Monkey Off Your Back Forever?
Have you:
Ever made a mistake or missed a deadline on your payroll that cost you big money?
(If so, you’re not alone: 1 in 3 companies has been charged with a payroll mistake, and the penalty averages hundreds of dollars.)
Rather be anywhere but chained to your desk on Friday when you had to get the payroll out?
Been using ADP or Paychex but are wondering if you’re paying too much (Hint: you are; on average, we can often beat their prices by 35%) tired of training the rotating door of reps servicing your account?
Grown weary of calculating yet another last-minute termination check or other adjustment?
Wondered when you’re going to fall behind in some new rule and get penalized for not complying with something you didn’t even know about?
If you said yes to any of these questions, it’s time to give your payroll headaches to us. We actually like doing payroll!
The good news is we have two QuickBooks payroll solutions for you to choose from that we feel are superior for small business compared to many of the other options available in the marketplace. Some of the many benefits you’ll receive with our QuickBooks payroll solutions include:
No more double-entry of payroll transactions; payroll is handled right inside your QuickBooks software.
A “No Penalties Guarantee.*” We guarantee to make your payroll tax deposits and filings accurately and on time based on the data you supply*, or we’ll pay the resulting payroll tax penalties.
More control. You can cut checks anytime you need one, or leave it to us.
Better job costing. Find out where those payroll costs are going so you can manage your business better.
Lower cost. On average, we can save you 35% of what you’re paying ADP or Paychex.