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Any tax information or written tax advice contained herein (including any attachments) is not intended to be and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. (The foregoing legend has been affixed pursuant to the U.S. Treasury Regulations governing tax practice.)
The matters highlighted on this website are presented in general terms and cannot be applied without consideration of all circumstances. NSBN will provide additional details upon request and will be pleased to discuss with our clients or their attorneys the possible effects of these matters in specific situations.
Email Alert
Forms W-2 & Forms 1099 Due
January 2, 2008
Employers must provide Form W-2 to each employee by January 31, 2008 for wages paid in 2007. The government copies of Forms W-2 must be filed by February 29, 2008 and accompanied by Form W-3.
Forms 1099 must be issued to payees by January 31, 2008 for payments made in the course of your trade or business, including rental properties and nonprofit organizations.There are many types of Forms 1099. Most commonly required to be issued by our clients are:
FORM 1099 MISC- filed for each independent contractor to whom you have paid at least $600 in services, fees, rents, awards, medical and health care payments and other income payments. Form 1099 MISC is generally not required to be filed for payments made to corporations, except for payments made to attorneys.
Form 1099 INT- used to report interest payments made.
The government copies of Forms 1099 must be filed by February 29, 2008 and accompanied by a Form 1096.
Please contact us for assistance in preparing your Forms W-2 and Forms 1099, determining independent contractor vs. employee status, or other questions about W-2 or 1099 filings.
