It’s that time of year again. It’s late January and for us business owners, that signals the time to close out 2009. What that translates to is simple to say, but a pain to complete. If you have not already done so, get ready to complete the following:
Issue 2009 W-2’s
If you have employees, you have to run reports from your accounting software and print your W-2’s. Many companies buy the package from a local office supply, but did you know you can order the forms from the IRS for free? You just have to do this in advance to allow for shipping to your location. While the W-3 does not need to be sent to the Social Security Administration until March, you do have to give the employee their copies by January 31.
Issue 1099’s
If you use contractors in your business, and paid them over $600 over the course of the year, you need to issue them a 1099. Most businesses use the MISC form, but the type of industry, services offered or the vendor may dictate otherwise. Check with you local CPA to get good advice. Again, the forms need to be sent to the government within the next few weeks, but the contractor copies should be mailed by January 31 as well.