The day business owners, accountants, and CPAs have been preparing for is finally here: the February 1, 2021 deadline! Tax season can be a stressful time for any business, but we’re here to help. Here is an overview of the forms that are due and how you can still meet your IRS and SSA deadlines.
Form W-2
The first form that is due today is the famous Form W-2. Form W-2 is a wage tax form that employers use to report how much they paid their employees and the amounts withheld from their employees’ paychecks for income tax, social security, and Medicare.
If your business has one or more employees, you will need to file Form W-2 and send your employee a copy for their personal taxes. Form W-2 is due by February 1, 2021, and so are the employee copies that go with it.
Form 1099-NEC
Form 1099-NEC is a new one. The IRS released the new form 1099-NEC for reporting nonemployee compensation for 2020.
If your business hired out a job, made repairs, or paid a nonemployee more than $600, you need to file this form. IRS Form 1099-NEC and the recipient copies that go with it are due February 1, 2021. Click here for more information on filing Form 1099-NEC. For Form 1099-NEC filing instructions, visit this blog.
Form 1099-MISC
Employers file Form 1099-MISC to report miscellaneous payments. Miscellaneous payments could be fishing boat proceeds, rents, prizes and awards, and more. The recipient copy deadline for Form 1099-MISC is February 1, 2021. Employers need to send their recipients a copy of this form by the end of the day!
Form 940
Form 940 is an annual form for reporting unemployment taxes. These tax payments are used to compensate workers who have lost their jobs. Employers need to file Form 940 with the IRS by February 1, 2021.
Form 941
Form 941 is the Employer’s Quarterly Federal Tax Return. Businesses file this form four times a year to report the amounts withheld from employee paychecks for income tax, social security, and Medicare. It’s time to file Form 941 for the fourth quarter of 2020. This form is due–you guessed it–by midnight.
How to Meet Your Deadline
At this point, mailing your forms to the IRS is out of the question, but you can still meet your business’s IRS and SSA deadlines by e-filing! E-filing is simple and, most importantly, fast. With ExpressEfile’s internal audits, you are also less likely to make last-minute mistakes.
Technically, IRS Forms are due by midnight but business owners should try to file their forms before 6 PM EST to avoid day-long IRS and SSA delays.
When you meet your deadlines with ExpressEfile, you can turn over the responsibility of sending out copies. If you place your postal mailing order before 1 PM EST, you can still let our team print and mail recipient copies on your behalf.
Time is ticking! Start filing your W-2, 1099, Form 941, Form 940, and other 94x forms now to stay IRS compliant and avoid penalties this year.
