It comes sooner every year and only seems to get more complex each time. Well, here are 5 things that may keep you on track this season:
1. Deadline for employee distribution.
Have you distributed W-2's to your employees yet? If not, you better get going because the deadline of January 31st is looming.
2. Deadline for reporting employee's earning to the IRS.
After that, don't forget you also have to report your employee's earnings to the IRS by February 28th.
3. Penalties if not done correctly.
Miss the deadline? You could get hit with some hefty penalties costing you a great deal of time and money to correct. The IRS has strict rules on how this must be done and for which employees. Not only will they penalize you for being late but they may also penalize you for filing incorrectly or even writing illegibly!
4. Who get's what?
The IRS requires copy "A" along with Form W-3. Copy "D" belongs to the employer. Lastly, employees receive copies labeled "B," "C," and "2."
5. How to avoid all-together.
Payroll taxes are just one of the many reasons to outsource your payroll, and businesses who choose to use Capital Payroll rest easy knowing that their employee's taxes have been submitted on time and for the correct amounts.
Have questions? Don't hesitate to contact us.