Unfortunately, we had to cancel our live webinar today, but fortunately, we were able to get a pre-recorded version for you!
Alisha Rocks, Greenshades’ Tax Product Manager, presents Types of Forms and Deadlines as a part of our 2022 Year-End Webinar series.
This webinar is comprised of four important topics:
- Intro to Greenshades
- Types of Forms
- Greenshades Year-End Forms
Legal Disclaimer: This content and the webinar series are not formal legal advice, and you should always consult your organization’s legal and accounting teams. Greenshades partners with myHRcounsel to provide affordable, online, and on-demand legal advice.
Watch the replay:
Read the recap:
1. Intro to Greenshades
Greenshades offers cloud-based, all-in-one solutions for tax, compliance, payroll, and HR. With over 20 years of experience and over 3,800 mid-sized organizations, Greenshades is a leader in payroll and HR technology. Our Year-End Webinar Series focuses on our Tax and Compliance products and Year-End Forms services.
2. Types of Forms
W-2s: a wage and tax statement; the W-2 is a form that employers must fill out for any employees withheld social security, income, or Medicare taxes.
W-4s: a form completed by an employee upon hire, the W-4 informs the employer of how much federal tax to withhold.
1099s: used by independent contractors, freelancers, or self-employed people; the 1099 is used to document compensation given to the person providing services by an individual or business.
1099-NEC: specifically used to document non-employee compensation (NEC). From 2020, the 1099-NEC is its own form rather than reporting non-employee compensation on the 1099-MISC. Businesses must fill out a 1099-NEC is they have paid an independent contractor/freelancer more than $600.
1099-MISC: the form used to report miscellaneous (MISC) income, 1099-MISC does not include the payments made to non-employees.
Form 940: reports the annual Federal Unemployment Tax Act (FUTA) tax. Only business owners/employers pay this tax – FUTA provides the funds for unemployment.
Form 941: quarterly form used to report Social Security tax, income tax, and Medicare tax withholdings.
Something to note, your quarterly 941s and annual W-2s must match up at the end of the year so it is recommended and best practice to reconcile any issues before filing.
Form 1095-B: health coverage form; the 1095-B is used to provide information to the IRS and to taxpayers about those covered by the minimum essential health coverage. If your business offers health coverage, 1095-Bs must be sent to the IRS and your employees.
Form 1095-C: health coverage form; 1095-C is used to provide information about health coverage provided by an employer and helps determine eligibility for the premium tax credit.
File On Time
Recipient Copies and filed copies, both paper filing and e-file, are due January 31, 2023.
Consider electronic filing with the SSA even if you do not have the form count that would make it required. Electronic consent and distribution of forms like the W-2 is a great way to reduce liability and avoid issues with delivery (I.e., misdelivered, missing, or late recipient copies) while also reducing the accessibility of information through mail fraud.
The Taxpayer First Act allows for increased electronic filing of IRS forms, including W-2s AND 1099S.
In 2022, if you send 100 or more W-2s to the SSA, you must file them electronically. If you send 100 or more 1099s to the IRS, you must file them electronically.
In 2023, the limit for W-2s is lowered to 10.
Disclaimer: This information is pending as the IRS has not issued final regulations, and the threshold for electronic filing is currently 250 or more W-2s. There has been an effort to lower the threshold for years now, and it appears to be getting closer. However, the IRS regulations have not been updated yet and if you choose not to file electronically, proceed with caution.
Increasing Penalties for the W-2s
Penalties can be easily avoided by keeping an eye out for deadlines.
- $50 per form if filed within 30 days of the due date
- $110 per form if filed after 30 days but before August 1
- $290 per Form W-2 if you file after August 1, do not file corrections, or do not file required Forms W-2
- $580 per form for intentionally disregarding filing
When are 1099s due?
1099s are due to recipients on January 31st.
If filing electronically, the filing must be to the IRS by February 28, 2023, for paper returns or March 31, 2023.
1099-NEC recipient copies and IRS files are due January 31, 2023.
Instructions are still in draft for 1095-Cs
Electronic filing is required for employers with 250 returns or more.
An ALE Member must furnish a Form 1095-C to each full-time employee by January 31, 2023, for the 2022 calendar year.
For the calendar year 2022, Forms 1094-C and 1095-C are required to be filed by February 28, 2023, or March 31, 2023, if filing electronically.
4. Greenshades Year-End Forms
Greenshades can print, stamp, and mail year-end forms for you...including to independent contractors. This process is easy, secure, and ERP-agnostic!
We support multiple form types, including:
- ...and more
Register for Year-End Webinars
- We have plenty of great webinars planned through the end of the year to keep you informed and help you prepare come January.
Look out for our Upcoming eBook
- Need more information? The Beginner’s Guide to Year-End Forms will be released soon!
Watch the pre-recorded webinar, Types of Forms and Deadlines.
Visit go.greenshades.com and click on the resources tab, where we will inform you about future webinars.