As January 31 approaches, we would like to remind you that it’s time to prepare and furnish information tax forms such as W-2’s, 1099-MISC and 1099-DIV to your employees, independent contractors and/or shareholders.
If you use independent contractors to perform services for your business and you paid them $600 or more in 2012, then you are required to issue them a Form 1099-MISC to avoid facing the loss of the deduction for their labor and expenses, and to avoid a monetary penalty.
These information tax forms must be provided to the recipient no later than January 31, 2013 and must be filed electronically with the IRS by April 1, 2013.
Let Gedeon Law & CPA help your business remain tax compliant and further simplify your year-end procedures. Contact us today to process your year-end information tax forms.