Filing Tax Forms for Employees and Contractors
Tax day comes sooner than expected for many taxpayers that have been procrastinating. One thing that should not slow them down is receiving their tax form from the employer that paid them. Under federal tax regulations, employers and companies that use the services of independent contractors must upload tax information to the IRS no later than January 31 of each year. Employees will receive a W-2 form, while independent contractors are each sent a 1099. The employer can use Business Services Online to submit the information to the IRS. They could then send an electronic or paper copy to the employee or an independent contractor. It is essential that businesses prepare early to meet these deadlines. The IRS can assess a penalty on the employer when they do not submit…