When it comes to year-end filing in the state of Florida, understanding the requirements can save your business time, money, and compliance headaches. Florida's unique tax environment means there are fewer state-level obligations compared to others, but federal filing requirements still apply. Here’s what you need to know:
Florida Does Not Require W-2 Filing
Since Florida does not have a state income tax, employers are not required to file Form W-2 with the state. Additionally, there is no required, state year-end reconciliation. However, this does not exempt employers from federal filing requirements.
The IRS and Social Security Administration (SSA) mandate that all employers file Form W-2 to report wages and taxes withheld for each employee annually. This ensures compliance with federal tax laws.
Simplify Your W-2 Filing with Greenshades
As an IRS-authorized e-file provider, Greenshades makes W-2 filing seamless and secure. Whether you need to e-file with the IRS or print and mail forms to employees, Greenshades provides you with a reliable, user-friendly solution.
Florida’s 1099-K Filing Requirements
While Florida doesn’t require the filing of most 1099 forms, it does require the filing of Form 1099-K. Here’s what you need to know:
- Who Needs to File: Payment settlement entities, electronic payment facilitators, or contracted third parties must file Form 1099-K with the Florida Department of Revenue if required by the IRS under section 6050W of the Internal Revenue Code.
- Deadline: The 1099-K must be submitted to the Department within 30 days after the federal return is filed.
- Penalties for Non-Compliance: Failure to file can result in penalties of $1,000 per month, capped at $10,000 annually.
2024 Changes to IRS Thresholds for 1099-K Reporting
Florida adheres to the IRS guidelines for threshold amounts related to 1099-K filings. These thresholds, which apply to payment card companies, payment apps, and online marketplaces, are subject to change. It’s essential to consult the IRS for the most up-to-date threshold amounts to avoid filing errors.
The IRS has adjusted the thresholds for third-party payment reporting, creating significant implications for businesses and platforms that facilitate payments. Previously, a 1099-K form was required only for individuals or entities receiving over $20,000 and completing more than 200 transactions annually through processors like PayPal or Venmo. However, for the 2024 tax year, the threshold has been drastically reduced to $5,000, with no minimum transaction count.
How to File Form 1099-K in Florida
To file Form 1099-K with the state, follow these steps:
- Register on the Department’s Reporting Application: You’ll need your company’s details, such as name, address, phone number, EIN, and TCC number.
- Upload the Form: Once registered, upload your 1099-K using the state’s reporting system.
If you don’t have a Transmitter Control Code (TCC) or don’t e-file your 1099-Ks electronically with the IRS, contact the Florida Department of Revenue at 850-488-6800 for assistance.
Greenshades Streamlines 1099 Filing
With Greenshades, there’s no need to obtain a TCC code. Our solution handles the complexities of federal and state filing, ensuring compliance while saving you valuable time. We are one of the best 1099 software providers, trusted by businesses nationwide.
Why Choose Greenshades?
Greenshades offers everything you need for seamless year-end filing:
- Online 1099 Filing: File your 1099 forms effortlessly with our secure e-file platform.
- Best 1099 Tax Filing Software: Simplify your tax reporting with intuitive tools.
- Mailing W-2 Forms: Print and mail W-2, 1099, and other year-end forms directly to employees without hassle.
- Software for Printing 1099 Forms: Greenshades provides a complete solution for generating and submitting 1099s, including Form 1099-K.
Don’t wait until the last minute—ensure your year-end compliance with Greenshades, one of the leading 1099 service providers for businesses of all sizes.
Ready to File?
Visit Greenshades today to discover why we are the best 1099 online filing service for businesses looking for reliability, compliance, and ease of use. Let us handle your year-end filing needs so you can focus on running your business with confidence!
