• About
    • Our Team
    • International
    • Life @ Botwinick
  • Services
    • Accounting
    • Assurance & Attestation
    • Business Consulting and Advisory
    • Contract Compliance
    • Forensic Accounting
    • Tax Compliance & Planning
  • Industries
    • Contractors
    • Dental Practices
    • Distribution, Logistics & Warehousing
    • Manufacturing
    • Medical
    • Professional Services
    • Real Estate
    • Retail
    • Sports & Entertainment
    • Technology
  • Careers
  • Insights
  • Client Access
  • Contact
  • Client Login
  • Pay Online
  • Visit Our Office
  • LinkedIn
  • Facebook
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
    (201) 909-0090
Botwinick-Logo
  • About
    • Firm Overview
    • Our Team
    • International
    • Life @ Botwinick
  • Services
    • Accounting
    • Assurance & Attestation
    • Business Consulting and Advisory
    • Contract Compliance
    • Forensic Accounting
    • Tax Compliance & Planning
  • Industries
    • Contractors
    • Dental Practices
    • Distribution, Logistics & Warehousing
    • Manufacturing
    • Medical
    • Professional Services
    • Real Estate
    • Retail
    • Sports & Entertainment
    • Technology
  • Careers
  • Insights
  • Client Access
  • Contact
  • Show Search
Hide Search

Insights

Forms W-2 And 1099-NEC Are Due To Be Filed Soon

Ken Botwinick, CPA 01/24/2023

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023, employers must file these forms:

Form W-2, Wage and Tax Statement. W-2 forms show the wages paid and taxes withheld for the year for each employee. They must be provided to employees and filed with the Social Security Administration (SSA). The IRS notes that “because employees’ Social Security and Medicare benefits are computed based on information on Form W-2, it’s very important to prepare Form W-2 correctly and timely.”

Form W-3, Transmittal of Wage and Tax Statements. Anyone required to file Form W-2 must also file Form W-3 to transmit Copy A of Form W-2 to the SSA. The totals for amounts reported on related employment tax forms (Form 941, Form 943, Form 944 or Schedule H for the year) should agree with the amounts reported on Form W-3.

Failing to timely file or include the correct information on either the information return or statement may result in penalties.

Independent contractors

The January 31 deadline also applies to Form 1099-NEC, Nonemployee Compensation. These forms are provided to recipients and filed with the IRS to report non-employee compensation to independent contractors.

Payers must complete Form 1099-NEC to report any payment of $600 or more to a recipient.

If the following four conditions are met, you must generally report payments as nonemployee compensation:

You made a payment to someone who isn’t your employee,
You made a payment for services in the course of your trade or business,
You made a payment to an individual, partnership, estate, or, in some cases, a corporation, and
You made payments to a recipient of at least $600 during the year.
Your business may also have to file a Form 1099-MISC for each person to whom you made certain payments for rent, medical expenses, prizes and awards, attorney’s services and more.

We can help

If you have questions about filing Form W-2, Form 1099-NEC or any tax forms, contact us. We can assist you in staying in compliance with all rules.

© 2023

Accounting, Business Consulting and Advisory, Tax Compliance & Planning business accounting, business taxes, tax season, business advisory

About Ken Botwinick, CPA

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Many Tax Limits Affecting Businesses Have Increased For 2023

02/06/2023 . Business Consulting and Advisory, Tax Compliance & Planning

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of …

Read More about Many Tax Limits Affecting Businesses Have Increased For 2023

Dental Practice Acquisition – Financial Due Dilligence

01/16/2023 . Business Consulting and Advisory

Are You Ready To Buy A Dental Practice? You’ve taken the time to refine your clinical skills since dental school graduation.  You’ve registered with the top regional dental practice brokers. You’ve asked for help from anyone who might be able to …

Read More about Dental Practice Acquisition – Financial Due Dilligence

Employers Should Be Wary Of ERC Claims That Are Too Good To Be True

01/11/2023 . Business Consulting and Advisory

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might …

Read More about Employers Should Be Wary Of ERC Claims That Are Too Good To Be True

Subscribe to our Newsletter

This field is for validation purposes and should be left unchanged.
Botwinick-Logo

Quick Links

  • Home
  • About
  • Services
  • Industries
  • Careers
  • Insights
  • Contact

Contact Us

201 West Passaic Street
Suite 200
Rochelle Park, NJ 07662
info@botwinick.com
(201) 909-0090
(201) 909-8533

Follow Us

Visit Us

Footer-Map
© 2022 Botwinick & Company, LLC. All Rights Reserved. | Privacy Policy | Terms & Conditions
Website Design & Development by SHJ