January is here, bringing with it a new tax year and (you guessed it) new tax deadlines. W-2 and 1099 filings can be especially important for smaller organizations, who can be caught unaware that failing to file these forms timely causes stiff penalties.
According to IRS’s instructions, employers must complete Form W-2, furnish a copy to employees, and send a copy of Form W-3 to the SSA by January 31st. Failing to file by the due date can cost you between $50 and $270 per W-2, depending on how late you are. Even worse, intentionally failing to provide a correct W-2 to an employee has a penalty of $540 per W-2. These penalties can add up quickly!
Are you new to filing W-2s and 1099s?
Do you need to correct a W-2 with a W-2C form?
Or are you dealing with more complex issues like Honoraria paid by a church, severance, debt forgiveness, or sabbatical compensation?
Clergy Financial Resources offers a simple W-2, W-2C and 1099 online reporting program for your needs. For more information on how you could be done with your filing requirements in minutes, visit our website at https://www.clergytaxnet.com/store/new/w-2-filing.html/.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (763) 425-8778
Fax: (888) 876-5101