Year-End Reminders for 1099 & W-2 Reporting
It's time to start thinking about year-end reporting. Here's a couple reminders from our office...
Is Your Ranch or Business Required To Issue 1099s?
Form 1099 is required to be issued to individuals and LLCs who provided at least $600 in services for your trade or business throughout the year. Those services may include rent, custom hire, attorney fees, repairs, payments made to independent contractors or payments to anyone with whom you split a portion of your crop or livestock sales. The IRS and State of MT impose harsh penalties for failure to file Form 1099 and more emphasis than ever is being placed on their correct filing.
The 1099 distributing deadline is January 31st, so we must receive your information as soon as possible. If you wish our office to prepare your 1099s, please provide the following information by January 20th to give us time to prepare your forms:
- Name, Address, SSN/EIN, Total Amount Paid, Service Type (rent, NEC, etc)
- Record from which we can compile the1099s (bank stmts, QuickBooks, etc)
Does Your Ranch Have Employees That Receive W-2s?
The W-2 distributing deadline is January 31st , so if you have employee payroll information that has not been turned into our office on an on-going basis, we will need your payroll record as soon as possible. If you have new employees that have not previously received a W-2, please provide the following information in addition to the payroll record:
- Completed Form W-4
- Employee Name, Address, SSN
You do not have to wait for your tax appointment or for your tax information to be complete before you send in the above mentioned 1099 or W-2 information. Verifying and compiling these reports/forms takes time and we appreciate having your information shortly after the close of 2015. Please contact our office with any questions you may have on this process at 436-2583 or 436-2855